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HDFC Securities Retail Research
Garden Reach Shipbuilders and Engineers Ltd.'s order book stood at Rs 22,242 crore comprises of six ship building projects with 23 platforms, as of December 31, 2022. These include 15 ships for the Indian Navy. That is three ships of the P‐17 Alpha Advanced Frigate (P‐17A), eight ships of the Antisubmarine Warfare Shallow Water Crafts, and four ships of the survey vessel large project.
The company is executing an order for the Indian coast guard for a fast patrol vessel. Garden Reach Shipbuilders is also executing a project for the Government of Bangladesh comprising of six patrol boats, one passenger cum cargo vessel for the co‐operative Republic of Guyana, and one project for a next‐generation electric ferry for the Government of West Bengal.
Recently, the company signed contract of Rs 3,500 crore (approx.) on competitive bidding, boosting the Shipyard's credentials for building next generation warships indigenously, with the first next generation off-shore patrol vessels scheduled to be delivered in 44 months.
Garden Reach Shipbuilders has ability to sustain the overall performance at the present level in a competitive environment, while maintaining leadership in warship building and retaining its largely debt-free status with comfortable liquidity.
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