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Despite hit in supply chains, work on Navy’s advanced frigates on track: GSL

The networth of GSL continues to grow and now stands at 1,246 crore

Panaji: After the disruption due to the Covid-19 pandemic and the subsequent war between Ukraine and Russia, Goa Shipyard Ltd has managed to bring project 11356 — guided missile frigates — back on track reported TOI.

GSL chairman and managing director Brajesh Kumar Upadhyay made the disclosure after chairing the annual general meeting of the shipyard. The shipyard, which comes under the defence ministry, reported a 52% growth in profit before tax at Rs 205 crore for 2022-23 as against Rs 135 crore in the previous financial year.

The net worth of the shipyard continues to grow and now stands at Rs 1,246 crore.

“For the first time, GSL is executing 20 platforms concurrently. Amidst disruption in global supply chains, construction of two highly technologically advanced frigates for the Indian Navy is progressing well,” said the GSL CMD. “The construction of two pollution control vessels and eight Fast Patrol Vessels for the Indian Coast Guard and the export contract for construction of the 4000 T floating dry dock are also advancing satisfactorily.”

While addressing the board members, Upadhyay said that despite multiple challenges and the prevalent geo-political situation, the company delivered a “sustained performance” during the year.

During FY 2022-23, the shipyard’s earnings touched Rs 869 crore compared to Rs 741 crore in FY 2021-22.

Upadhyay said that a final dividend of 33% was declared at the AGM, which is in addition to the interim dividend of 75% declared during the year.

GSL has been chasing the adoption and deployment of artificial intelligence (AI) and autonomous technology in various defence platforms.

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