Garden Reach Shipbuilders and Engineers (GRSE) aims to triple its sales by the end of the decade, relying on strong order intake.
The company’s current order book is ₹25,231.29 crore, which is 11% higher than the order book of ₹22,652.68 crore reported at the end of March 2024. 90% of the current order book is in the shipbuilding segment. In the shipbuilding segment, 85% to 90% of the order book consists of domestic orders, including Indian Navy contracts.
The company also expects a number of orders worth between Rs 1,500 crore and Rs 2,000 crore in the next three to six months, including export orders, said the Chairman and Managing Director PR Hari said CNBC-TV18 in an interview.
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Garden Reach is also looking forward to an update on the Indian Navy’s corvette order for which it has invited bids. The total value of the corvette order is said to be Rs 36,000 crore.
In the last two months, the company has bagged several orders, including an export contract worth Rs 448 crore with a German company and an order worth Rs 174 crore from Bangladesh.
Given a healthy order book, the company is confident of achieving revenues of Rs 10,000 crore in fiscal 2030, three times its fiscal 2024 revenues of Rs 3,593 crore, Commodore Hari said.
“Reaching Rs 10,000 crore in revenue by 2030 is our stated target. If you just look at our current order book, including the small orders that are still pending – I mentioned about Rs 1,500 crore – Rs 2,000 crore – they will all be completed by 2029 and if we get the next generation order and a few big orders from the Navy, we will definitely be able to cross the Rs 10,000 crore threshold by 2030,” he added.
Despite the slight margin decline, the company remains confident of maintaining the post-tax profit margin, as previously announced, at an additional 8% in the coming quarters and years.
Price promotion: GRSE traded 0.07% lower at ₹1,776.40 on Wednesday afternoon.
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