GRSE Performance Soars, Revenue Earning Increases 74% Over H1 of FY 2022

Defence Industry

Kolkata: Garden Reach Shipbuilders & Engineers Limited (GRSE), one of the leading warship builders in the country is upbeat with the performance in financial year 2023. Announcing its financial results for the second quarter and half year ended September 30, 2022, the release said that the revenue from operation witnessed an increase of 18%, profit before tax saw an increase of 23% while the increase in profit after tax was 17% over the previous quarter.

Commenting on the results, Cmde Hari PR, IN (Retd) Chairman and Managing Director, Garden Reach Shipbuilders & Engineers Limited said, “H1 of FY 23 has been upbeat with the Revenue from Operations soaring with an increase of 74% over H1 last year. Major production milestones have been achieved during the last six months with mega ship launches including second P17A Advanced Frigate Dunagiri. GRSE has also been conferred with the coveted Green Channel Certification for Supply of Bailey Type Portable Bridges. Further, being the only PSU Shipyard to receive the Defence Minister’s Award 2022 for Excellence in Defence & Aerospace Sector at DefExpo 22, has been a great motivator and continuous focus & thrust on maintaining timelines and quality along with clear strategies to improve internal efficiencies at the shipyard gives us the confidence of achieving greater heights both in terms of physical & financial performance, in times to come.”

Q2FY23 Compared with Q1FY23

  • Revenue from operation is Rs 682 Cr in Q2FY23 as against Rs 580 Cr of Q1FY23, an increase of 18%
  • The Company’s EBITDA stood at Rs 89 Cr as against Rs 74 Cr in previous quarter
  • Profit Before Tax (PBT) stood at Rs 79 Cr for Q2FY23 as against Rs 64 Cr in Q1FY23 an increase of 23% over previous quarter
  • Profit After Tax (PAT) stood at Rs 59 Cr for Q2FY23 an increase of 17% over previous quarter
  • Earnings per share (EPS) for the quarter ended Q2FY23 stood at Rs 5.13 against Rs 4.38 in Q1FY23

Garden Reach Shipbuilders & Engineers Ltd, primarily caters to the shipbuilding requirements of the Indian Navy and the Indian Coast Guard and derives a significant majority of its revenue from its shipbuilding division. In addition to their warship building capabilities the company is also engaged in engineering and engine production activities. The engineering division manufactures deck machinery items, pre-fabricated portable steel bridges and marine pumps. The Company has established capabilities for in-house design and shipbuilding and has made considerable contributions to the indigenous warship construction program of India. Over the years, Company has responded to the varied shipbuilding requirements of the Indian Defence Services and have evolved from building simpler vessels to building bigger and technically advanced warships.