Annual Report: 2023
Annual Report 2022-23 of Goa Shipyard Limited (GSL):
GSL, a Central Public Sector Enterprise under the Ministry of Defence, is located in Vasco-da-Gama, Goa, and engages in shipbuilding, ship repair, and general engineering services. It is a Miniratna, Category-I, ISO certified company.
Review of Operations (2022-23): GSL achieved a Value of Production of ₹824.97 Cr, a 17% year-over-year (YoY) increase. Profit After Tax (PAT) stood at ₹154.54 Cr, up from ₹101.09 Cr the previous year. The company's net worth reached ₹1,246 Cr. GSL's order book reached ₹20,146 Cr by March 31, 2023. A major contract worth ₹5,965 Cr was signed to design and construct seven Next Generation Offshore Patrol Vessels (NGOPVs) for the Indian Navy. GSL handed over the first of three 7.5 T Bollard Pull Tugs to the Assam Inland Water Transport Development Society (AIWTDS) ahead of schedule. GSL is executing multiple contracts including construction of two Advanced Frigates for the Indian Navy, two Pollution Control Vessels (PCVs), and eight Fast Patrol Vessels (FPVs) for the Indian Coast Guard. A Virtual Reality Centre (VRC) was inaugurated on February 1, 2023, to allow designers to visualize 3D warship models. GSL is likely to be rated as "Very Good" based on MoU targets with the Government of India for FY 2022-23.
Chairman's Message & Operational Highlights: GSL signed a contract for approximately Rs 6,000 Cr for constructing seven NGOPVs for the Indian Navy, which increased the overall order book value. The company's Gross Revenue was Rs 1,046 Cr, a 21% increase. Profit Before Tax grew 52% to Rs 205 Cr. Execution of shipbuilding projects is ongoing. The design of two Frigates is in advanced stages. Construction of two PCVs and eight FPVs for the Indian Coast Guard is progressing. The export contract for a 4000 T Floating Dry Dock for the Sri Lanka Navy is advancing. The company achieved record revenue of Rs 160 Cr from ship repair. A Damage Control Simulator Facility was delivered to the Indian Navy. GSL is pursuing export opportunities aggressively and participating in global tenders. GSL continues to increase indigenization and is working towards a 55% indigenization content for Advanced Frigates. Modernization efforts were completed with the inauguration of an Integrated Stores Complex. The company has set up a Virtual Reality Centre for design review. The design and construction of PCV, FPV, and NGOPV platforms are progressing. GSL is adopting Artificial Intelligence (AI) to improve processes.
Corporate Objectives and Performance: GSL's Corporate Objectives include designing and building warships, carrying out repairs and refits, and diversifying its business. Performance highlights for FY 2022-23 include a record order book, all-time high net worth, signing a contract for NGOPVs, executing 20 platforms concurrently, commencing construction of an export contract for a floating drydock, operationalizing a Virtual Reality Centre, and achieving record revenue from ship repair. The company delivered three 7.5 T Bollard Pull Tugs for AIWTDS and completed infrastructure modernization.
Financial Performance Details: GSL's financial performance demonstrates an increase in gross revenue, operating revenue, profit before tax, and profit after tax. The company has declared an interim dividend of Rs 3.75 per share. Further review of financial position reveals increases in equity share capital and reserves & surplus. There is also increased thrust on procurement from MSEs.
Corporate Social Responsibility (CSR) and Government Programs: GSL contributes towards sustainable development, focusing on healthcare, sanitation, education, and skill development, spending Rs 394.06 lakh. GSL is also at the forefront in implementing government flagship programs.
Board of Directors and Management: The annual report includes a list of the Board of Directors and senior management personnel. Shri Brajesh Kumar Upadhyay is the Chairman & Managing Director. Changes in Directors occurred during the year.
Future Outlook: GSL expresses optimism for the future. It is committed to strengthening its core business, accelerating innovation, and adopting Industry 4.0 practices. GSL aspires to be a major contributor to the "Make in India" initiative.
Other Key Information: The 57th Annual General Meeting (AGM) is scheduled for September 29, 2023. The notice includes information about joining the AGM through video conferencing, proxy details, and dividend information. The company's International Securities Identification Number (ISIN) is INE178Z01013.
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