Garden Reach Shipbuilders & Engineers (GRSE) said that it has received two letters of acceptance worth Rs 226.18 crore from Transport Department, Government of West Bengal for design, build, operation and maintenance of hybrid electric ferries.
The contract entails construction of 13 units comprising of 100 Pax hybrid electric ferries for cross ferry operation - non-AC and 200 Pax twin deck hybrid electric ferries for cross ferry operation - with AC on main deck.
The contract is to be executed within 30 months from the effective date of entering into the contract.
Further, the company has signed contract for construction and delivery of one of the four additional vessel 7500 DWT multi-purpose vessels (MPV). The contracts for the remaining three vessels will be communicated as and when they are finalized.
Further, the company signed an agreement with Carsten Rehder Schiffsmakler and Reederei GmbH & Co. KG Germany on 3 October 2024, for the construction and delivery of 5th multi-purpose vessel (MPV) of 7,500 DWT. This contract is in line with the option agreement signed between both the parties, for procurement of four additional MPVs from GRSE. The shipyard will build a total of eight vessels at an approximate order value of $108 million.
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Each MPV will be 120 metres long and 17 metres wide with a maximum draft of 6.75 metres. It can carry 7,500 MT of cargo. Each vessel will have a single cargo hold to accommodate bulk, general and project cargoes and containers will be carried on hatch covers. These ships have been specifically designed to carry multiple large windmill blades on deck.
State-run GRSE is engaged in building warships and other vessels for the Indian Navy and Indian Coast Guard. It has also diversified into engineering business with a product profile of pre-fabricated steel bridges, various deck machinery items and assembly, as well as testing & overhauling of marine diesel engines. As on 30 June 2024, the Government of India holds 74.50% in the company.
On standalone basis, Garden Reach Shipbuilders & Engineers (GRSE) reported 13.71% increase in net profit to Rs 87.19 crore in Q1 FY25 as against Rs 76.68 crore posted in Q1 FY24. Revenue from operations jumped 33.58% year onyear (YoY) to Rs 1,009.72 crore in the quarter ended 30 June 2024.
Shares of GRSE shed 0.21% to Rs 1,654.45 on the BSE.
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