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.


Source link



Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Aatmanirbhar Bharat


Cochin Shipyard launches 3 Anti Submarine Warfare Shallow Water Craft for the Indian Navy

Source : The HinduThe first of the three ships in a series of eight Anti-Submarine Warfare (ASW) Shallow Water Crafts being built by the...

BREAKING: DAC approves capital acquisition proposals worth Rs 2.23 lakh crore for Indian Armed Forces !!

Source : Asian News International (ANI)Defence Acquisition Council, under the chairmanship of Defence Minister Rajnath Singh on Thursday, accorded approval for Acceptance of Necessity...

AMCA 5th Generation Stealth Fighter Updates

Most Popular

Recent Comments

Archive Months


Kalyani group delivers first batch of Kalyani M4 vehicle to the Indian Army : Larger order soon

Source : IgMp BureauIndian Army Kalyani M4 Mine Protected High Mobility VehicleThe Bharat Forge Kalyani group or Kalyani Strategic Systems Ltd has announced that...

Space Force can bolster Greenland ties by buying local for Arctic base

The latest U.S. Space Force Base is in located northern Greenland, 750 miles north of the Arctic Circle. It sits on land the indigenous...

Cochin Shipyard lays keel of first Anti Submarine Warfare Shallow Water Craft (ASWSWC) for the Indian Navy

Source : Times NowKeel laying of the first warship of anti-submarine warfare shallow craftKochi: The keel laying of the first warship of anti-submarine warfare...
error: Content is protected !!