HomeIndian DefenceGoa Shipyard Revives Project 11356 Amid Challenges, Reports Strong Financial Performance

Goa Shipyard Revives Project 11356 Amid Challenges, Reports Strong Financial Performance

Despite disruptions caused by the Covid-19 pandemic and the Ukraine-Russia conflict, Goa Shipyard Ltd (GSL) has successfully revived Project 11356, which involves the construction of guided missile frigates. GSL’s chairman and managing director, Brajesh Kumar Upadhyay, announced this development after the shipyard’s annual general meeting. Under the umbrella of the defense ministry, GSL has reported impressive financial growth, including a 52% increase in profit before tax for the fiscal year 2022-23.

GSL’s financial performance for the fiscal year 2022-23 has been remarkable. The shipyard recorded a profit before tax of Rs 205 crore, a significant increase from Rs 135 crore in the previous financial year. The shipyard’s net worth has also continued to grow and now stands at Rs 1,246 crore. Upadhyay highlighted that GSL is currently managing the concurrent execution of 20 platforms, a noteworthy achievement given global supply chain disruptions.

Amidst the challenges posed by the global supply chain disruptions, GSL is making substantial progress on several key projects. This includes the construction of two technologically advanced frigates for the Indian Navy, two pollution control vessels, and eight Fast Patrol Vessels for the Indian Coast Guard. Additionally, GSL has secured an export contract for the construction of a 4000-ton floating dry dock.

Despite multiple challenges and the complex geopolitical situation, GSL has delivered a sustained performance during the fiscal year 2022-23. The shipyard’s earnings for the year reached Rs 869 crore, a significant increase from Rs 741 crore in the previous fiscal year. At the annual general meeting, Upadhyay announced a final dividend of 33%, in addition to the interim dividend of 75% declared earlier in the year.

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