THE GOAN NETWORK
VASCO
The Goa Shipyard Limited (GSL) has achieved a growth of 100% in gross revenue, surpassing the Rs 2,000 crore mark for the first time.
This was stated by by GSL CMD Brajesh Kumar Upadhyay at the 58th Annual General Meeting (AGM) of GSL which was held on Wednesday through online mode. The meeting was attended by directors, auditors and the shareholders, wherein Audited Financial Statements for FY 2023-24 was adopted.
Addressing the members, Upadhyay informed that the GSL has reported remarkable growth and significantly outperformed its past achievements on all financial parameters and achieved an extraordinary growth of 100% in Gross Revenue, surpassing the Rs 2,000 cr mark for the first time.
He highlighted that the company has achieved the highest-ever revenue from operations of Rs 1,753 cr, representing a growth of 102%, Profit Before Tax reached Rs 365 cr, reflecting an impressive increase of 78% over last year and Profit After Tax stood at Rs 271 cr compared to Rs 155 cr last year.
Upadhyay informed that order book position of GSL stood at Rs 18,562 Cr as on March 31, 2024, giving stable revenue visibility for the coming years.
Furthermore, the Earnings Per Share jumped by 76% from Rs 13.28 to Rs 23.31 in FY 2023-24.
At the AGM, final dividend of Rs 2 per share for FY 2023-24 was declared, which is in addition to the interim dividend of Rs 5 per share declared during the year. The total dividend for FY 2023-24 is aggregated to Rs 7 per share as against Rs 5.4 per share paid for FY 2022-23 and translating into total outflow of Rs. 81.48 cr as against Rs 62.86 cr.
The CMD informed that GSL is presently executing multiple contracts, comprising 22 platforms, highest in the history of GSL. Notably among them are 2 Advanced Frigates and 7 NGOPVs for Indian Navy, 2 PCVs & 8 FPVs for Indian Coast Guard and 1 Floating Dry Dock for Sri Lanka Navy.
Upadhyay also highlighted that industrial relations remained cordial and several employee-related engagement initiatives were undertaken during the year and that, GSL has spent Rs 3.81 cr towards corporate social responsibility during the year, exceeding the statutory requirement of Rs 3.42 cr.
The CMD expressed his gratitude and acknowledgement to the Ministry of Defence, Central and State Government authorities and various statutory and local bodies for their guidance and sustained support, which helped accomplish various targets and milestones.
He also thanked all shareholders and directors for their co-operation and acknowledged the unstinted support and unflinching commitments by all employees of the company.