Mumbai: Titagarh Rail System’s shipbuilding arm has secured its largest order to date from Garden Reach Shipbuilders and Engineers (GRSE) to build 2 research vessels for the Geological Survey of India. The order, worth Rs.467.25 crore, includes construction, trials and delivery of two Coastal Research Vessels (CRVs).
“We are honoured to partner with GRSE in delivering these highly specialized Coastal Research Vessels for the Geological Survey of India. This order stands as a testimony to the trust placed in our shipbuilding and maritime systems capabilities, reaffirming our commitment to delivering world-class vessels that advance India’s strategic priorities in maritime research as well as sustainability. TRSL has a proven track record, having successfully delivered 35+ vessels, further underscoring our capability in delivering complex maritime assets. As a trusted Indian brand, we take great pride in contributing to the Government’s vision of Maritime Infrastructure Development to boost India’s domestic shipbuilding and maritime ecosystem. Through innovation, skill development, and self-reliance, we aim to drive economic growth while contributing to the strengthening of the nation’s maritime research ecosystem.” Mr.Umesh Chowdhary, Vice Chairman and Managing Director of Titagarh Rail Systems Limited, said in a press release.
These CRV’s are being constructed to operate in India’s Exclusive Economic Zone (EEZ). These vessels will be fitted with electric propulsion systems, DP1 dynamic positioning technology and 360-degree rotatable thrusters to ensure smooth and precise manoeuvring at sea. Besides this, it will have 22 types of advanced scientific equipment for data processing and sample analysis.
Titagarh has remained one of India’s engineering success stories, upskilling from manufacturing railway engineering components to becoming a full fledged railway coach manufacturer- both through in-house R&D and its three acquisitions in Europe.
Titagarh’s shipbuilding journey started in 2012 when it acquired Corporated Shipyard, winning its first defence contract in 2017. Since then, it has delivered more than 35 vessels with this order remaining its most significant.
The company has faced increasing pressure on its financials, with its consolidated net profit declining 53% mainly due to supply chain disruptions. The company’s overall revenues from operations have also declined 24% YoY, worrying investors. Though the company has a healthy order book, both for railway wagons and metro coaches, analysts remain concerned about the company’s financial health.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Readers should conduct their own research or consult with a qualified financial advisor before making any investment decisions.
