Garden Reach Shipbuilders & Engineers (GRSE) announced that it has entered into nine memorandum of understandings (MoU) for segments like ship repair, commercial shipbuilding, drones.
The company has signed MoUs with Aerospace Engineers, Central Institute of Fisheries Technology, Dynatron, Keltron, Krasny Marine, Naval Group France, Rekise Marine, Rolls-Royce Solutions GmbH and Tunga Aerospace Industries.The company entered into these MoUs at the Aero India 2023 event, for segments such as ship repair, commercial shipbuilding, ship-based drones, autonomous underwater vehicles and allied systems.
GRSE is a premier shipyard of India, under the administrative control of the Ministry of Defence, Government of India. It builds warships for the Indian Navy & Indian Coast Guard. As on 31 December 2022, the Government of India held 74.50% stake in the company.
The company's net profit rose 1.5% to Rs 63.92 crore on 43.6% jump in revenue from operations to Rs 699.15 crore in Q3 FY23 over Q3 FY22.
The scrip advanced 0.85% to Rs 449.30 on the BSE.
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