Garden Reach Shipbuilders Q1 results: Revenue from operations grows 30% to Rs 756 crore, EBITDA rises 14%

Profit Before Tax (PBT) increased by 59% from Rs 64 Crore in Q1 FY 23 to Rs 102 Crore in Q1 FY 24, or Rs 102 Crore. Profit After Tax (PAT) increased by 54% to Rs. 77 crore in the first quarter of FY24 from Rs. 50 crore in the corresponding quarter of FY23.

One of the top warship builders in the nation, Garden Reach Shipbuilders & Engineers Limited (GRSE), has released its financial results for the first quarter that concluded on June 30, 2023.

Total income increased by Rs. 206 Crore, or 33%, to Rs. 827 Crore in Q1 FY 24 from Rs. 621 Crore in Q1 FY 23, representing an increase. The revenue from operations for the first quarter of fiscal year 24 was Rs. 756 Crore as opposed to Rs. 580 Crore in the first quarter of fiscal year 23, an increase of Rs. 176 Crore, or 30%.

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EBITDA (earnings before interest, taxes, depreciation, and amortization) increased by 58% to Rs. 117 crore in Q1 FY 24 from Rs. 74 crore in Q1 FY 23, representing a 14% increase in EBITDA.

Profit Before Tax (PBT) increased by 59% from Rs 64 Crore in Q1 FY 23 to Rs 102 Crore in Q1 FY 24, or Rs 102 Crore. Profit After Tax (PAT) increased by 54% to Rs. 77 crore in the first quarter of FY24 from Rs. 50 crore in the corresponding quarter of FY23. EPS for the first quarter of FY 24 was Rs 6.69, up from Rs 4.38 in the first quarter of FY 23.

The Chairman and Managing Director of Garden Reach Shipbuilders & Engineers Limited, Cmde Hari PR, IN (Retd), commented on the performance, saying, “FY 24 has started on a very vibrant note for GRSE with the shipyard generating the best ever quarterly results in the history of the firm. In the coming year, GRSE will continue to play a significant role in promoting industrial growth as the shipyard prepares for the launch of the third Frigate of P17A on August 17.

The fact that the shipyard is designing and constructing some of the most cutting-edge warships in existence today is proof positive that GRSE has embraced the best and most recent technology. The amount of indigenous materials used in the battleships being built here is also quite important. This is consistent with India’s objectives to achieve Atmanirbharta, or self-reliance, in the area of defense manufacture.

The Shipyard has also agreed to produce and supply ten 30 mm naval surface guns for the Indian Navy and Ministry of Defence at a cost of Rs 248.5 billion, clearing the path for the development of indigenous weaponry in India. GRSE has set out on a mission to find and support the creation of novel approaches to shipbuilding technology advancements through working together with entrepreneurs and innovators.