Shares of Garden Reach surged over 18 per cent, backed by heavy trading volumes and strong Q4 performance, during Thursday’s intraday session. The rally was driven by Garden Reach Shipbuilders & Engineers (GRSE) reporting strong earnings for the March quarter (Q4FY24) in an otherwise subdued market.
In Q4FY24, GRSE’s revenue surged by 69 per cent year-on-year (YoY) to Rs 1,015.7 crore, propelled by robust execution of the company’s order backlog.
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) margin improved significantly by 552 basis points (bps) YoY (+364 bps QoQ) to 8.9 per cent.
Furthermore, GRSE’s profit after tax witnessed a remarkable 101.8 per cent YoY increase, reaching Rs 111.60 crore.
As of 10:12 am, GRSE’s shares were trading 17.98% higher at Rs 1,407.00 on the National Stock Exchange (NSE).
