GRSE posts highest-ever net profit of Rs 357 crore in FY'24

New Delhi: Garden Reach Shipbuilders & Engineers Limited (GRSE), one of the leading warship builders in the country has announced its financial results for the last quarter (Q4 FY'24) and full year ended March 31 (FY 2023-24).

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GRSE’s financial performance for FY 2023-24

During the year (FY 2023-24), GRSE has recorded highest-ever net profit of Rs 357 crore as against Rs 228 crore in FY 2022- 23, thus registering a growth of 57 percent. The revenue from operations were also highest-ever of Rs 3,593 crore as against Rs 2,561 crore in FY 2022-23, registering a growth of 40 percent.

The total income of the company increased by 41 percent to Rs 3,892 crore against Rs 2,763 crore in FY 2022-23. The profit before tax (PBT) of GRSE has also gone up by 58 percent to Rs 481 crore for FY 2023-24 as compared to Rs 305 crore in FY 2022-23.

The earnings before interest, tax, depreciation and amortization stands at Rs 534 crore in FY 2023-24, as against Rs 351 crore in FY 2022-23, with an increase of 52 percent. Earnings per share (EPS) for FY 2023-24 is Rs 31.19, against Rs 19.91 in FY 2022-23.

GRSE’s financial performance for Q4 of FY 2023-24

GRSE's net profit grew by 104 percent to Rs 112 crore in Q4 of FY 2023-24 against Rs 55 crore of previous year (Q4 FY 2022-23). The revenue from the operations have also grown by 69 percent to Rs 1,016 crore in Q4 of FY 2023-24 as against Rs 601 crore of previous year.

GRSE’s profit before tax (PBT) stood at Rs 153 crore in Q4 of FY 2023-24 against Rs 76 crore of previous year registering a growth of 101 percent. While, EBITDA stood at Rs 166 crore in Q4 of FY 2023-24 against Rs 90 crore of previous year registering a growth of 84 percent.

The Board of the company has declared total dividend at 93.6 percent of paid-up share capital against 62 percent of previous year.

Commenting on the results, GRSE's Chairman and Managing Director (CMD) Cmde Hari PR, IN (Retd) said, “Happy to report a strong set of numbers, with both our Revenue from Operations and Profit after Tax reaching new heights. Backed by a strong order book and with our ongoing projects at a maximum revenue recognition phase, and also with more orders on the anvil, we are confident of sustained growth in the coming years too. Our focus continues to be on timely execution of ongoing projects and new technology adoption with specific impetus on development of autonomous and green energy platforms."

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