The share price of GRSE increased by 20% to $789. It was additionally breaking the 52-week high. After the company reported a 52 per cent profit increase for the quarter ending June 30, 2023, at 76.68 crore compared to 50.17 crore during the same quarter last year.
Revenues for the company increased by 30% to Rs755.90 crore from 579.77 crore the previous year. The company’s profits increased by 38% over the last quarter’s $55.29 crore.
Additionally, Cochin Shipyard also increased 20% to Rs. 822.
GRSE Share Price: More About the Company
Garden Reach Shipbuilders and Engineers (GRSE) is a company that started way back in 1884. They began by fixing ships for the River Steam Navigation Company in a small workshop. Over time, in 1934, they officially became the Garden Reach Workshop (GRW) Limited under the Indian Companies Act of 1913. During the Second World War, they were significant in repairing roughly 4,000 ships. In 1960, the Indian government took control of the company.
A major achievement for GRSE happened in 1961 when they built their first warship, the INS Ajay, for the Indian Navy. They also made India’s very first indigenous warship for export, the INS Barakuda. They even helped Mauritius by providing a ship called FPV “ASCG PS Josorstar” and built a ship named “MV MA Lisha” for Seychelles and Guyana.
For the Indian Navy, the Indian Coast Guard, and coastal security services in Mauritius and Seychelles, GRSE has been busy during the past 60 years, constructing more than 785 platforms, including more than 100 warships.
GRSE is certified with ISO 9001, 14001, 18001, 45001, 50001, and PCMM Level 2 accreditations. For the Indian Navy and Coast Guard, they are renowned for producing warships and other watercraft.
After making things better and bigger, now GRSE can build up to 20 ships at the same time. The Raksha Mantri Award for the Silent Operative Design of ASW Corvettes for the Indian Navy is only one of the accolades they have received for their designs. The CGS Barracuda from Mauritius is also a success story built by GRSE.
Apart from building and repairing ships, GRSE has expanded into making bridges, and machinery, and even testing and fixing marine diesel engines.
GRSE Share Price: Product of Company
The shipbuilding division of Garden Reach Shipbuilders and Engineers (GRSE) is involved in constructing ships for customers in the defence sector of the shipping industry.
Ships Built by GRSE: Frigates, Anti-Submarine Warfare Corvettes, Missile Corvettes, Tanks for Ship Landing, Landing Craft Utility, Survey Vessels, Navy’s Tankers, Fast Attack Crafts, Coastal Patrol Boats, Fast Interceptor Boats, Hovercraft (WFSC), Tez-class Interceptor Boats. Most of the products manufactured by GRSE are supplied to production centres owned and controlled by state and central government agencies. A substantial share of the company’s earnings originates from providing shipbuilding resources to both the Indian Navy and the Coast Guard.
In addition to the shipbuilding products mentioned above, in recent years, GRSE has also supplied various types of boats, pontoons, barges, fishing trawlers, fire floats, tugs, dredgers, passenger ferries, motor cutters, deck whalers, launches, and more to different customers.
Products from Garden Reach Shipbuilders and Engineers (GRSE) Ltd. include portable bridges, marine pumps, and deck equipment. This division of GRSE was started in 1970 with the main goal of localizing cutting-edge deck machinery components.
In partnership with MTU, Germany, GRSE’s state-of-the-art Ranchi plant is devoted to the assembly, overhaul, and testing of MTU diesel engines. The Diesel Engine Plant in Ranchi is staffed by qualified service personnel and has a complete test bench setup. As part of the Make in India Initiative, the shipyard recently refurbished this facility and formed a cooperation with MTU Germany to localize the production of 40% of engine parts. These plans cover the next four to five years.