``Rising Revenue & Profits: Best Ever Financial Performance during Q2 & HY ending 30 Sep 2023-GRSE``
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Garden Reach Shipbuilders & Engineers Limited (GRSE), one of the leading warship builders in the country have announced its financial results for the Quarter & Half Year ended 30 Sep 2023.
Q2 FY 24 Compared with Q2 FY 23:
- Total Income stood at Rs.969 Crore in Q2 FY 24 as against Rs 722 Crore in Q2 FY 23, an increase of Rs. 247 Crore, registering a growth of 34%.
- Revenue from operations for the Q2 FY 24 stood at Rs. 898 Crore as compared to Rs 682 Crore in Q2 FY 23, an increase by Rs. 216 Crore, registering a growth of 32%.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) stands at Rs. 120 Crore in Q2 FY 24 as against Rs 89 Crore in Q2 FY 23, registering a growth of 35%.
- Profit Before Tax (PBT) stood at Rs 107 Crore for Q2 FY 24 as compared to Rs 79 Crore in Q2 FY 23, registering a growth of 36%.
- Profit After Tax (PAT) stood Rs.81 Crore in Q2 FY 24 as against Rs 59 Crore in Q2 FY 23, registering a growth of 37 %.
- Earnings per share (EPS) for the Q2 FY 24 stood at Rs 7.05 compared to Rs 5.13 in Q2 FY 23, registering a growth of 37%.
Q2 FY24 Compared with Q1 FY24:
- Total income is Rs. 969 Crore in Q2 FY 24 as against Rs. 827 Crore in Q1 FY 24, an increase by Rs 142 Crore & growth of 17%.
- Revenue from Operation stood at Rs. 898 Crore in Q2 FY 24 as against Rs. 756 Crore in Q1 FY 24 – an increase by Rs 142 Crore and registering a growth of 19%.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) at Rs. 120 Crore in Q2 FY 24 as against Rs 117 Crore in Q1 FY 24, registering a growth of 3%.
- Profit Before Tax (PBT) at Rs 107 Crore in Q2 FY 24 as compared to Rs 102 Crore in Q1 FY 24 - growth of 5%.
- Profit After Tax (PAT) at Rs 81 Crore in Q2 FY 24 as compared to Rs 77 Crore in Q1 FY 24 - growth of 5%.
- Earnings per share (EPS) in Q2 FY 24 at Rs 7.05 compared to Rs 6.69 in Q1 FY 24, registering a growth of 5%
Commenting on the results, Cmde Hari PR, IN (Retd) Chairman and Managing Director, Garden Reach Shipbuilders & Engineers Limited said, “We are maintaining the tempo that we set during the first quarter of FY 24 and our strong physical performance in all segments of operations have resulted in the company recording its best ever financial results for the Quarter and Half Year ending 30 Sep 2023. I am confident that with 10 out of the 19 Warships under construction having been launched, the coming months & years will see the shipyard delivering quality Warships to the Navy towards enhancing the maritime security of our Nation. New Projects including the ‘Oceanographic Research Vessel’ for Ministry of Earth Sciences, GoI, ‘Green’ Electric Ferry for Govt of West Bengal and ‘Autonomous Surface Vessel’ for DRDO will add further diversity in our product profile. Technology adoption shall be a focus area, both for internal efficiency enhancement and also for new product development.”
GRSE has embarked on a mission to identify and encourage the development of innovative solutions towards technological advances in shipbuilding by collaborating with innovators & start-ups. As part of this drive, the Company launched ‘GRSE Accelerated Innovation Nurturing Scheme – 2023’ or “GAINS 2023” on 22 May 2023. The Shipyard has also signed Contract for manufacturing & 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. The contract was signed on 24 May 23. Launch of 3rd ASW SWC and 4th SVL on 13 Jun 2023 also bears testimony to the operational efficiency of the company. GRSE launched an Autonomous Underwater Vehicle (AUV) on 28 Jul 23. The 3rd Warship of the prestigious project P17 A was launched on 17 Aug 23 by the Hon’ble President of India, Smt. Droupadi Murmu. GRSE is in the business of Portable Steel Bridges, manufacturing of Deck Machinery items and engine assembly, overhaul and testing. GRSE has also signed a Memorandum of Understanding (MoU) with the Border Roads Organisation (BRO) for the supply of 30 double-lane modular Bridges recently. This is in addition to the order for 30 such bridges already placed by BRO with GRSE. A strong order book coupled with a clear execution strategy promises continued growth in the coming quarters.
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