58th Annual General Meeting (AGM) of Goa Shipyard Limited (GSL) on 25 Sep 2024

58th Annual General Meeting (AGM) of Goa Shipyard Limited (GSL) was held on 25 Sep 2024 in virtual mode. The meeting was chaired by Shri Brajesh Kumar Upadhyay, Chairman & Managing Director (CMD) and attended by the Directors, Auditors and the Shareholders, wherein Audited Financial Statements for FY 2023-24 was adopted. While addressing the members, CMD informed that the Company 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. 

CMD highlighted that the Company has achieved the highest-ever Revenue from Operations of Rs 1,753 Cr, representing an astounding 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. He informed that order book position of GSL stood at Rs 18,562 Cr as on 31 Mar 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 2.00 per share for FY 2023-24 was declared, which is in addition to the interim dividend of Rs 5.00 per share declared during the year. Thus, the total dividend for FY 2023-24 is aggregated to Rs 7.00 per share as against Rs 5.40 per share paid for FY 2022-23 and translating into total outflow of Rs. 81.48 Cr as against Rs 62.86 Cr. Thus, the Company has registered a stellar performance during FY 2023-24.

CMD informed that GSL is presently executing multiple contracts, comprising of total 22 platforms, highest in the history of GSL, notably among them are 02 Advanced Frigates & 07 NGOPVs for Indian Navy, 02 PCVs & 08 FPVs for Indian Coast Guard and 01 Floating Dry Dock for Sri Lanka Navy. Despite geopolitical situation, GSL has made substantial progress in its ongoing projects and achieved a historical milestone by launching first Frigate INS Triput on 23 Jul 2024 and by launching of first PCV ICGS Samudra Pratap on 29 Aug 2024. CMD further informed that during FY 2023-24, GES vertical has also supplemented the turnover of the Company and achieved the milestones by delivering Damage Control Simulator to Indian Navy at Port Blair ahead of contractual delivery date and twelve specialised boats to the Indian Army. The Company has also delivered one LPG Cylinder Carrier to the Union Territory of Lakshadweep Administration on 19 Jul 2024.

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CMD informed that our participation in domestic and international exhibitions and proactive engagement with potential countries have resulted in securing a global order to construct a Next Generation Trailing Suction Hopper Dredger for Luxembourg based Jan De Nul Group. Our robust order book and the concurrent execution of multiple projects will ensure consistent growth and significant surge in revenue in the coming years. He assured that the dedication of our team and the depth of our collective ambition know no bounds and we remain committed to growth and excellence, continuously innovating, indigenising, and expanding our capabilities to serve both domestic and international markets. 

CMD further mentioned that GSL has been proactively implementing various Govt. initiatives such as ‘Make in India’, ‘Atmanirbhar Bharat’, adoption and deployment of Artificial Intelligence technology in various defence platforms, Mission Raksha Gyan Shakti etc. 

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CMD also highlighted about the 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. 

CMD expressed his sincere gratitude and special acknowledgement to the Ministry of Defence, Central and State Government Authorities and various statutory and local bodies for their valuable guidance and sustained support, which helped us to accomplish various targets and milestones. CMD also thanked all the shareholders and directors for their co-operation and acknowledged the unstinted support and unflinching commitments by all the employees of the Company.

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