GRSE profit after tax grows by 138% in Q1 FY’23

Kolkata: One of India's leading warship builders Garden Reach Shipbuilders & Engineers Limited (GRSE) has announced its financial results for the first quarter (Q1) ended June 30 2022. Following the highest-ever revenues reported in the last financial year, the company has reported stellar quarterly results for Q1 of FY 23. The company's Profit After Tax (PAT) stood Rs 50 crore in the quarter ended June 30, 2022 as against Rs 21 crore in the quarter ended June 30, 2021, and registered a growth of 138 percent. The total income stood at Rs 621 crore as against Rs 344 crore in the quarter ended June 30, 2021, with an increase of Rs 277 crore, and registered a growth of 81 percent. Revenues from operations stood at Rs 580 crore as compared to Rs 304 crore in the quarter ended June 30, 2021, increased by Rs 276 crore and registered a growth of 91 percent.

GRSE's EBITDA stands at Rs 74 crore as against Rs 42 crore in the quarter ended June 30, 2021, registering a growth of 76 percent and EBITDA margin stood at 13 percent. The company's earnings per share (EPS) also stood at Rs 4.38 compared to Rs 1.80 in the Quarter ended June 30, 2021.

If we compare the Q1 results with the previous quarter, the total income has been posted Rs 621 crore as against Rs 586 crore in Q4 FY'22 increased by Rs 36 crore with an increase of 6.15 percent. Similarly, revenue from operation stood at Rs 580 crore as against Rs 544 crore in Q4 FY'22 increased by Rs 34 crore and registered a growth of 6.61 percent. The Defence PSU's PAT stood at Rs 50 crore in Q1 FY23 as compared to Rs 44 crore in Q4 FY22.

Commenting on the results GRSE's CMD Cmde Hari PR, IN (Retd) said, "FY 23 has started on a very buoyant note for GRSE with the shipyard recording the highest ever revenues during Q1. As far as the project milestones are concerned, four (4) Warships were Launched during Q1, including the 2nd Ship of the Prestigious P17A Project on 15 Jul 22 by the Hon'ble Raksha Mantri".

He also said that "In our endeavour to introduce 'Green Technology' in Shipbuilding, we have signed a contract with the West Bengal Govt for Construction of 'Next Generation Electric Ferry' and I believe that once delivered, this vessel will be a game changer for Inland Water Transport in India and also have good export potential. Towards improving operational efficiency, we have introduced an AI-enabled "Intelligent Weld Inspector" to expedite the structural welding inspection process".

"Looking forward, we are confident of achieving the planned project milestones on time", he concluded.

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