Garden Reach Shipbuilders & Engineers Ltd - Stock Valuation and Financial Performance

Garden Reach Shipbuilders & Engineers was incorporated at Calcutta under the Companies Act, 1913 with the Registrar of Companies, Calcutta, as ‘Garden Reach Workshops Limited’ on February 26, 1934. The company changed its name to ‘Garden Reach Workshops Private Limited’ on November 5, 1957 after the promulgation of the Companies Act, 1956. Thereafter, the company changed its name to ‘Garden Reach Workshops Limited’ on November 30, 1961 pursuant to the acquisition of the company by the Government of India and the status of the company was changed from ‘private limited company’ to ‘deemed public limited company under the provision of Section 43(1A) of the Companies Act, 1956 with effect from January 8, 1976. The name of the company was again changed from ‘Garden Reach Workshop Limited’ to ‘Garden Reach Shipbuilders & Engineers Limited’ on December 31, 1976 by the Registrar of Companies, West Bengal. The company became a public company pursuant to a special resolution of the shareholders at an Annual General Meeting held on August 25, 2017.

Over the years, the company has established capabilities for in-house design and shipbuilding and has made considerable contributions to the indigenous warship construction program of the country. Its shipbuilding product line spans from technologically sophisticated Frigates and Corvettes to Fast Patrol Vessels. In last five decades, it has built and delivered ships ranging from small to large and advanced vessels including frigates, anti-submarine warfare corvettes, missile corvettes, landing ship tanks, landing craft utilities, survey vessels, fleet replenishment tankers, fast patrol vessels, offshore patrol vessels, inshore patrol vessels, WJ-FAC, hover crafts and fast interceptor boats to the Indian Navy, Indian Coast Guard, MHA and Governments of other countries.

Business area of the company

Garden Reach Shipbuilders & Engineers is a ship-building company in India under the administrative control of the MoD and primarily adhere to the shipbuilding requirements of the Indian Navy and the Indian Coast Guard. In addition to its ship and warship building capabilities, it is engaged in engineering and engine production activities. As a part of its engineering division it manufactures deck machinery items, pre-fabricated portable steel bridges and marine pumps. The company’s shipbuilding division contributes a significant majority of its revenue from operations.

Product segment

• Shipbuilding
• Engineering
• Engine

Awards and Recognition

• 2006: Accorded the status of Mini Ratna - Category I.
• 2010-11: Best Performing Defence Shipyard.
• 2010-11: Excellent grading under MoU signed with the GoI.
• 2011-12: Best Performing Defence Shipyard.
• 2011-12: Excellent grading under MoU signed with the GoI.
• 2011-12: Indira Gandhi Rajbhasha Puraskar - 2nd prize in ‘C’ region for the implementation of official language Hindi in the company.
• 2012-13: Best Performing Defence Shipyard.
• 2012-13: Indira Gandhi Rajbhasha Puraskar - 1st prize in 'C' region for implementation of official language Hindi under PSU category.
• 2012-13: Excellent grading under MoU signed with the GoI.
• 2013-14: Best Performing Defense Shipyard.
• 2013-14: Excellent grading under MoU signed with the GoI.
• 2014-15: National Talent Management Leadership Award 2015 in the Best Onboarding Program category from the World HRD Congress.
• 2014-15: Most Caring Company Award at CSR Congress-2015.
• 2014-15: Rajbhasha Kirti Puraskar - 2nd prize in ‘C’ region for excellence in implementation of official language policy under PSU category.
• 2015-16: Raksha Mantri’s Award for in-house design effort of CGS Barracuda.
• 2015-16: Rajbhasha Kirti Puraskar - 1st prize for excellence in implementation of official language in the company.
• 2016 Quality leadership award by Quality Circle Forum of India.
• 2016: Rajbhasha Kirti Puraskar - 2nd prize for excellence in implementation of official language.
• 2016: Rajbhasha Kirti Puraskar - 2nd prize for the magazine ‘Rajbhasha Jagriti’.
• 2017: Quality Leadership Award by Quality Circle Forum of India.
• 2017: Runner-up in the category of ‘Contribution of Women in PSEs’ by ICC.
• 2017: Runner-up in the category of ‘Human Resource Management’ by ICC.
• 2017: Runner-up in the category of ‘CSR & Sustainability’ by ICC.
• 2017: ICC PSE Excellence Award in the category of “Company of the Year”.
• 2017: ICC PSE Excellence Award in the category of “Corporate Governance”.
• 2017: SCOPE Corporate Communication Excellence Award 2017 in the category of Brand Building through Inclusive Growth Initiatives.
• 2017: SCOPE Corporate Communication Excellence Award 2017 in the category of Best Corporate
  Communication Campaign/ Program (External).
• 2018: ET Bengal Corporate Award on Best CSR Idea - 2018 awarded by the Economic Times Group.
• 2018-19: National Awards for Excellence in Cost Management 2018.
• 2019-20: “Rajbhasa Shield 2018-19” award for best implementation of Rajbhasa in the Company during 2018-19 from Governor of West Bengal.
• 2019-20: “Recognition of WIPS Activity Award 2019” at 30th National Meet of WIPS.

Milestones

• 1961: Built the indigenous warship of the country INS Ajay, which was the first Naval ship built in the country after India's independence.
• 1980: Built the patrol vessel for Indian Coast Guard, CGS Rajhans (GRSE Yard 2003).
• 1981: Designed and built survey vessel for Indian Navy. This 1900-ton ship, INS Sandhayak was delivered on February 26, 1981.
• 1984: Designed in-house and built the first of class landing ship tank (large).
• 1992: The class ship of new design FPV, CGS Priyadarshini (the Company Yard 2031) was delivered to Indian Coast Guard on March 03, 1992.
• 1994: The class P-16A guided missile frigate “INS Brahmaputra” (the Company Yard 3009) was launched on January 26, 1994.
• 1994: Built research vessel. The ship was named as “Sagardhwani” which means 'Sound of Sea”.
• 1997: Designed & developed, portable steel bridges for the first time in India.
• 2000: Built and delivered the class fast attack craft (the Company Yard No. 2047) on September 11, 2000 after extensive trials.
• 2009: The two WJ-FAC, INS Carnicobar and INS Chetlat were delivered on January 09, 2009 to
  Indian Navy.
• 2011: The company signed the contract for building CGS Barracuda, a multi-role offshore patrol vessel for National Coast Guard of Mauritius on March 04, 2011 for export of a warship. CGS Barracuda also has the distinction of being the first ever ship to be built at the new integrated shipbuilding facility, created in the company under modernization.
• 2014: The class ASW Corvette, INS Kamorta, was delivered to Indian Navy on July 12, 2014.
• 2016: The first of the four (4) follow-on WJ-FAC, INS Tarmugli (Yard No 2109) was delivered to the Indian Navy on April 16, 2016.
• 2016-2017: Two ships of the class new generation landing crafts have been delivered to Indian Navy on September 30, 2016 and July 20, 2017.
• 2017: The class ASW Corvette, INS Kiltan (Yard No 3019) was delivered to the Indian Navy on
  October 14, 2017.
• 2018: Delivery of fourth LCU ‘L-54’ to Indian Navy on April 6, 2018.
• 2018: Inauguration of Data Centre of Central Design Office at GRSE’s 61 Park Unit on June 1, 2018.
• 2018: Inauguration of modern Pump Test Bed Facility at GRSE’s Taratala unit on June 11, 2018.
• 2018: Inauguration of Virtual Reality Lab of Central Design Office at 61 Park Unit on July 7, 2018.
• 2019: The company has achieved a historic milestone by delivering its 100th warship to Indian Navy - a Landing Craft Utility, designed and developed by GRSE with over 90% indigenous content on 30 Mar 2019.
• 2020: The company delivered final ship in Fast Patrol Vessels' series to Indian Coast Guard.
• 2021: Garden Reach Shipbuilders & Engineers signed a memorandum of understanding (MoU) with GE Power Conversion.
• 2021: The company commenced production of Anti-Submarine Warfare Shallow Water Crafts for Indian Navy