The company further said that it had also signed the contract with Ministry of Defence for construction of four next generation offshore patrol vessels (NGOPVs) on 30 March 2023. This contract, which is worth Rs 3,500 crore, was won on competitive bidding basis and the first NGOPV scheduled to be delivered in 44 months.

GRSE also ventured into “Green Technology” in shipbuilding by signing a contract with the Government of West Bengal to construct the ‘Next Generation Electric Ferry' in 2022.

The company said that its shipyard is presently undertaking concurrent construction of 22 ships including 03 P17A stealth frigates, 04 survey vessels (large), 08 ASW SWCs, 01 new generation electric ferry and 06 patrol boats.

In FY23, the company inked ‘MoUs' with more than 20 firms including several MSMEs and Startups. GRSE has also signed a memorandum of understanding (MoU) with Rolls Royce Solutions of Germany to manufacture high quality marine diesel engines.

Garden Reach Shipbuilders & Engineers is a premier shipyard of India, under the administrative control of the Ministry of Defence, Government of India. It builds warships for the Indian Navy & Indian Coast Guard. As on 31 December 2022, the Government of India held 74.50% stake in the company.

The company's net profit rose 1.5% to Rs 63.92 crore on 43.6% jump in revenue from operations to Rs 699.15 crore in Q3 FY23 over Q3 FY22.

The scrip slipped 0.75% to currently trade at Rs 452.05 on the BSE.