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Goa Shipyard Limited Unlisted Shares

Annual Report: 2024

Year: 2024

Annual Report Summary

The Goa Shipyard Limited (GSL) Annual Report for 2023-24 provides an overview of the company's performance, strategic initiatives, and future outlook. The company's vision is to be a contemporary organization in ship design, construction, ship repairs, and general engineering solutions. Its mission is to be a world-class shipbuilding yard that meets the maritime needs of indigenous and export markets by delivering products and services on time at competitive prices.

Key Financial Highlights:

  • GSL reported an extraordinary growth of 100% in Gross Revenue, surpassing ₹2,000 Cr for the first time.
  • EBITDA and Profit After Tax saw impressive increases of 65% and 76%, respectively.
  • Revenue from Operations reached ₹1,753 Cr, representing a 102% year-on-year growth.
  • Profit Before Tax (PBT) reached ₹365 Cr, a 78% increase from the previous year.
  • Order book position stood at ₹18,562 Cr as of March 31, 2024, providing stable revenue visibility.
  • The company paid an interim dividend of ₹5.00 per share, totaling ₹58.20 Cr and recommended a final dividend of ₹2.00 per equity share, amounting to ₹23.28 Cr. The cumulative dividend for the year is ₹7.00 per equity share, translating to a total outflow of ₹81.48 Cr.
  • Contribution to the Exchequer during FY 2023-24 was ₹181 Cr, up from ₹108 Cr.
  • Capital Expenditure during the year 2023-24 amounts to 25.33 Cr towards modernization of Plant & Machinery, R&D investments and infrastructure upgradation.

Operational Performance:

  • Ship Construction accounted for approximately 91% of the company's turnover.
  • Launched first frigate INS Triput on 23 Jul 2024 and first PCV ICGS Samudra Pratap on 29 Aug 2024.
  • Construction of seven NGOPVs for the Indian Navy is underway.
  • Construction of eight FPVs for the Indian Coast Guard is progressing as scheduled.
  • The GES vertical delivered Damage Control Simulator to Indian Navy at Port Blair and twelve specialized boats to the Indian Army.
  • Ship Repair Division completed refits of five vessels.
  • Construction of a 4000T Floating Dry Dock for the Sri Lanka Navy is progressing.
  • Secured a global order to construct a Next Generation Trailing Suction Hopper Dredger for Luxembourg based Jan De Nul Group.

Strategic Initiatives & Indigenization:

  • Focusing on indigenization and Make in India initiatives, with 32 out of 44 identified equipment and systems successfully indigenized.
  • R&D unit recognized by the Government of India, enhancing design capability with CAD/CAM facility and a Virtual Reality Centre.
  • Spearheading the development of Autonomous Surface Vessels.
  • Actively participating in iDEX initiative of Government of India and working in tandem with start-ups.
  • Mission Raksha Gyan Shakti initiative pursued by securing eight IPRs during FY 2023-24 (49 cumulative total).
  • Utilizing Srijan Portal for indigenization, with 83 equipment/ items successfully indigenized.

Corporate Governance & Social Responsibility:

  • Acknowledges the importance of strong corporate governance and its impact on performance, integrity, and sustainability, achieving "Excellent" grading for corporate governance.
  • Spent ₹3.81 Cr on CSR activities, focused on healthcare, sanitation, education, and skill development, exceeding statutory requirement.

Other Key Points:

  • A Joint Venture company LENS (Laboratory for Electro Optical Navigational Systems) Foundation under Section 8 of the Companies Act, 2013, will provide state-of-the-art testing and certification facilities in the field of Electro-Optics.
  • Company willing to adopt latest technologies and Industry 4.0 practices.
  • Company continues to bid for refit projects pertaining to friendly foreign navies, defence ships, and commercial vessels.

Future Outlook:

  • The company's robust order book and multiple projects will ensure consistent growth.
  • Actively pursuing new high-value orders in warship construction and collaborating with various firms for product development.
  • Committed to adopting the latest technologies and advanced equipment to improve efficiency and quality.
  • Ship repair business poised for future growth, with emerging potential from the Indian Navy and Coast Guard.
  • Export initiatives aligned with the Government of India's target, opening new vistas in the global market.

Appreciation:

  • Acknowledgement to the Ministry of Defence, Central and State Government Authorities, statutory bodies, and stakeholders for their guidance and support.
  • Appreciation for the contribution of the employees and CISF contingent.
  • Committed to driving transformation and scaling new heights.

The notice for the Annual General Meeting includes details about ordinary and special business, including the adoption of financial statements, declaration of dividends, ratification of auditor remuneration, and explanatory statements. The report also outlines details on share transfers, inspections of documents, dividend payments, unclaimed dividends, and other relevant information for shareholders.

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