GRSE and GSL Pay dividend to the Govt.
Rear Admiral (Retd.) T S Ganeshan, Chairman & Managing Director, Garden Reach Shipbuilders & Engineers (GRSE) Ltd., Kolkata, presented a cheque of Rs. 14.76 crore towards dividend for the Financial Year 2006-07 to the Defence Minister Shri A K Antony in New Delhi today. This is in addition to an amount of Rs. 10.00 crore paid as interim dividend on February 20, 2007.
GRSE has declared a record Net Profit of Rs. 120.14 as compared to Rs. 65.33 crore in the previous year – an increase of 83.90%. The company’s net worth has gone up to Rs. 438.16 crore from Rs. 347.06 crore in 2005-06 – an increase of 26.25%.
The government had granted GRSE the status of ‘MINIRATNA CATEGORY -I’ on 05 Sep 06. With recent acquisition of Raja Bagan dockyard from CIWTC, GRSE has drawn up ambitious modernization plan to enhance productivity significantly to meet the growing needs of Indian maritime security needs especially the warships for the Indian Navy and Coast Guard.
GRSE is a profit making Defence Public Sector Unit. It has shown constant growth in the value of production and profits generated over the years. With the increase in business, other ancillary industries have also benefited with orders/employment.
Rear Admiral (Retd.) A K Handa, Chairman and Managing Director of Goa Shipyard Limited (GSL), another public sector company under the Ministry of Defence presented a dividend cheque of Rs. 4,16,26,746 to the Defence Minister Shri A K Antony, here today.
The company has declared a dividend of Rs. 815 lakh equal to 28% of the paid up share capital for the fiscal year 2006-07 against a dividend of RS. 640 lakhs equal to 22% of the paid up capital for the financial year 2005-06. This is in addition Bonus share issued in the ratio of 1:2 on 16th February, 2006. Receiving the Dividend cheque, Defence Minister Shri Antony congratulated GSL for its excellent performance and wished them good luck in the future.
During the financial year 2006-07, the company registered its highest ever Value of Production (VoP) of Rs. 267.07 crore since its inception and earned a operating profit of 36.83 crore as compared to Rs. 9.62 crore last year. The net profit after tax stood at Rs. 40.69 crore in 2006-07 as against Rs. 16.72 crore in the previous year. With a healthy order book position of Rs. 3116 crore, the company is confident of achieving the production target or Rs. 270.99 crore for the fiscal year 2007-08 as per the Memorandum of Understanding (MoU) signed by the company with the Government.
The company has bagged Raksha Mantri’s excellence award for “Best Performing Shipyard” for the financial year 2005-06. It was formally conferred the Mini Ratna Category – I status in March 2007.
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