Garden Reach Shipbuilders & Engineers (GRSE) has signed a contract worth Rs 123.07 crore with the Ministry of External Affairs, Government of India, for the refit of the Mauritius Coast Guard ship, CGS Barracuda.
The project involves the normal refit of MCGS Barracuda. GRSE's offer includes both services and spares, with mandatory spares as per the DL scope. Any additional spares required for extra work will be covered under the Growth of Work.The contract value is Rs 123.07 crore, plus 15% for the growth of work and additional spares. It is to be executed within 10 months from the date the ship becomes available for refit at GRSE Kolkata.
State-run GRSE is engaged in building warships and other vessels for the Indian Navy and Indian Coast Guard. It has also diversified into an engineering business with a product profile of pre-fabricated steel bridges, various deck machinery items, and assembly, as well as testing & overhauling of marine diesel engines. As of 31 December 2024, the Government of India holds 74.50% in the company.
The company's net profit climbed 11.26% to Rs 98.19 crore on a 37.69% rise in revenue from operations to Rs 1,271 crore in Q3 FY25 over Q3 FY24.
Shares of Garden Reach Shipbuilders & Engineers shed 0.56% to Rs 1,344.15 on the BSE.
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