Daijiworld Media Network – Panaji
Panaji, Sep 26: Defence shipbuilder Goa Shipyard Ltd (GSL) has recorded its strongest-ever financial performance, crossing the Rs 3,000 crore revenue mark for the first time in FY 2024-25. Gross revenue surged 53% to Rs 3,190 crore, while the value of production rose 71% to Rs 2,801 crore. As of April 1, GSL’s order book stood at over Rs 16,000 crore, including projects for the Indian Navy, Indian Coast Guard, and overseas clients.
The company is in final negotiations for an Rs 18,000 crore contract to build the Indian Navy’s next-generation corvettes. If secured, the order book could nearly double to Rs 34,000 crore, marking the largest in GSL’s history and ensuring revenue visibility through FY 2031-32.
Profitability remained robust, with profit before tax at Rs 379 crore and profit after tax at Rs 288 crore. Earnings per share rose to Rs 24.8, supported by strong export turnover. The board declared a final dividend of Re 1 per share, taking the total dividend payout to Rs 7.7 per share, equivalent to 153% of paid-up capital.
The results were unveiled at GSL’s 59th annual general meeting, chaired virtually by Chairperson and Managing Director Brajesh Kumar Upadhyay, where shareholders approved the audited financial statements. Upadhyay hailed FY 2024-25 as the “best-ever year in the company’s history”, with performance surpassing all previous benchmarks.
Operational milestones included the delivery of the first LPG cylinder carrier to the Lakshadweep administration, launching two advanced frigates (P11356), and progressing on next-generation offshore patrol vessels for the Navy. For the Coast Guard, GSL launched two pollution control vessels and six fast patrol vessels in quick succession. Export projects also advanced, including a floating dry dock for a foreign client and a trailing suction hopper dredger for a European buyer.
The shipyard completed in-house designs for pollution control vessels, fast patrol vessels, and offshore patrol vessels while embracing AI-driven technologies to enhance operations.
Looking ahead, Upadhyay expressed optimism, noting that GSL expects sustained revenue growth fueled by expanding defence orders and selective commercial projects, setting the stage for a historic era in the shipyard’s growth trajectory.