New Delhi: Defence PSU Garden Reach Shipbuilders and Engineers (GRSE) Ltd has posted a 56 percent rise in net profit at Rs 58.79 crore in Q2 of FY22 year-on-year, up from Rs 37.70 crore in the corresponding quarter of the previous financial year. On quarter-on-quarter basis, the net profit has registered a growth of 185 percent. In the June quarter of the current financial year, GRSE had recorded a net profit of Rs 20.59 crore.
On half-yearly basis, GRSE's net profit has more than doubled year-on-year in H1 of FY22 at Rs 79.38 crore, up from Rs 37.85 crore recorded in the H1 of FY21.
GRSE's total income has also registered a strong 43 percent growth year-on-year in H1 of FY22 at Rs 458.04 crore against Rs 319.80 crore in the corresponding period of the previous financial year. On quarter-on-quarter basis, the total income has risen by 33 percent.
GRSE had almost suspended operations from the mid of May 2021 due to the then emerging second wave of the COVID-19 pandemic as per government directives. The operations partially resumed almost after a month with requisite precaution, which has affected the revenue and financial performance of the company for the current quarter. The defence PSU has estimated the value of loss of production hours and quantum of non-usage of plant and machinery of production shops as Rs 709.95 lakh and Rs 58.59 lakh (total Rs 768.54 lakh), respectively, for the quarter ended June 30, 2021 and nil for the quarter ended September 30, 2021.
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