GSL posts record revenue, targets highest order book

Panaji: Defence shipbuilder Goa Shipyard Ltd (GSL) reported its strongest-ever financial performance, with gross revenue crossing the Rs 3,000 crore mark for the first time in FY 2024-25. Revenue surged 53% to Rs 3,190 crore, while the value of production jumped 71% to Rs 2,801 crore. GSL’s order book stood at over Rs 16,000 crore as of April 1, comprising multiple projects for the Indian Navy, Indian Coast Guard, and overseas clients.

The company is in final negotiations for a landmark Rs 18,000 crore contract to build the Indian Navy’s next-generation corvettes, which, once signed, could push GSL’s order book to nearly Rs 34,000 crore, the highest in its history. If the defence ministry does go ahead with GSL, the contract will ensure revenue visibility through FY 2031-32.

Profitability remained robust, with profit before tax at Rs 379 crore and profit after tax at Rs 288 crore. Earnings per share rose to Rs 24.8, supported by strong growth in export turnover. The board declared a final dividend of Re 1 per share, taking the total dividend payout for the year to Rs 7.7 per share, equivalent to 153% of paid-up share capital.

The results were announced at the company’s 59th annual general meeting, chaired virtually by chairperson and managing director Brajesh Kumar Upadhyay, where shareholders adopted the audited financial statements for FY 2024-25. Upadhyay described the year as the “best-ever in the company’s history”, with performance surpassing all previous benchmarks.

Operationally, the shipyard achieved several milestones, including the delivery of the first LPG cylinder carrier to the Lakshadweep administration, the launch of two advanced frigates (P11356), and progress on the next generation offshore patrol vessels for the Navy. For the Coast Guard, GSL launched two pollution control vessels and six fast patrol vessels in quick succession. Export projects also advanced, with work on a floating dry dock for a foreign client and a trailing suction hopper dredger for a European buyer.

The shipyard completed in-house designs for pollution control vessels, fast patrol vessels, and offshore patrol vessels while also focusing on AI-driven technologies.

Looking ahead, Upadhyay said it expects sustained revenue growth, driven by expanding defence orders and selective commercial projects.