Kolkata: Garden Reach Shipbuilders & Engineers Limited (GRSE), one of the leading warship builders in the country announced its financial results for the first quarter ended June 30, 2023. The shipyard started the FY24 on a vibrant note and recorded the best ever quarterly results in its history.
Commenting on the results, Cmde Hari PR, IN (Retd) Chairman and Managing Director, Garden Reach Shipbuilders & Engineers Limited said, “FY 24 has started on a very vibrant note for GRSE with the shipyard recording the best ever quarterly results in the history of the company. As the shipyard gears up for the launch of the 3rd Frigate of P17A on August 17, 2023, in the year ahead GRSE shall continue to play a major role in encouraging industrial growth. The shipyard is designing and building some of the most modern warships in the world today which is an indication enough that GRSE has adopted the best and latest technology. It is also of great importance that the warships being built here have high indigenous content. This is in keeping with India’s aspirations to attain self-reliance or Atmanirbharta in the field of defence production”.
Q1 FY 24 Compared with Q1 FY 23:
- Total Income stood at Rs.827 Crore in Q1 FY 24 as against Rs 621 Crore in Q1 FY 23, an increase of Rs. 206 Crore, registering a growth of 33%.
- Revenue from operations for the Q1 FY 24 stood at Rs. 756 Crore as compared to Rs 580 Crore in Q1 FY 23, an increase by Rs. 176 Crore, registering a growth of 30%.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) stands Rs. 117 Crore in Q1 FY 24 as against Rs 74 Crore in Q1 FY 23, registering a growth of 58% & EBITDA margin at 14%.
- Profit Before Tax (PBT) stood at Rs 102 Crore for Q1 FY 24 as compared to Rs 64 Crore in Q1 FY 23, registering a growth of 59%.
- Profit After Tax (PAT) stood Rs.77 Crore in Q1 FY 24 as against Rs 50 Crore in Q1 FY 23, registering a growth of 54 %.
- Earnings per share (EPS) for the Q1 FY 24 stood at Rs 6.69 compared to Rs 4.38 in Q1 FY 23.
Q1 FY24 Compared with Q4 FY23:
- Total income is Rs. 827 Crore in Q1 FY 24 as against Rs. 671 Crore in Q4 FY 23, an increase by Rs 156 Crore & growth of 23%.
- Revenue from Operation stood at Rs. 756 Crore in Q1 FY 24 as against Rs. 601 Crore in Q4 FY 23 – an increase by Rs 155 Crore and registering a growth of 26%.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) at Rs. 117 Crore in Q1 FY 24 as against Rs 90 Crore in Q4 FY 23, registering a growth of 30%.
- Profit Before Tax (PBT) at Rs 102 Crore in Q1 FY 24 as compared to Rs 76 Crore in Q4 FY 23 – growth of 34%.
- Profit After Tax (PAT) at Rs 77 Crore in Q1 FY 24 as compared to Rs 55 Crore in Q4 FY 23 – growth of 40%.
- Earnings per share (EPS) in Q1 FY 24 at Rs 6.69 compared to Rs 4.83 in Q4 FY 23.
GRSE built Ocean Going Vessel (OGV), ‘MV Ma Lisha’ was commissioned at Cooperative Republic of Guyana on April 23, 2023. Launch of 3rd ASW SWC and 4th SVL on June 13, 2023 also bear testimony to the operational efficiency of the company. The Shipyard has also signed Contract for manufacturing and supply of ten 30 mm Naval Surface Guns worth Rs 248.5 Crore for the Ministry of Defence / Indian Navy paving the way towards indigenisation of weapons systems for the Indian Armed Forces. GRSE has embarked on a mission to identify and encourage the development of innovative solutions towards technological advances in shipbuilding by collaborating with innovators and start-ups. As part of this drive, the Company launched ‘GRSE Accelerated Innovation Nurturing Scheme – 2023’ or “GAINS 2023” on May 22, 2023. A strong order book coupled with a clear execution strategy promises continued growth in the coming quarters.
