GRSE profit after tax rises 47.80% y-o-y in Q4 of FY2019-20

• For the entire financial year 2019-20, GRSE posted an increase of 48.70 percent in PAT at Rs163.48 crore as compared to Rs 109.94 crore in Q4 of the year-ago period

• Revenue from Operations stood was at Rs 1,433.30 crore in FY20 as compared Rs 1,386.42 crore in FY19, an increase of 3.38 percent over the previous year

Kolkata: In Q4 of FY2019-20, defence PSU GRSE (Garden Reach Shipbuilders and Engineers) posted an increase of 47.80 percent in PAT (Profit after Tax) at Rs 49.69 crore as opposed to Rs 33.62 crore in the corresponding quarter of financial year 2018-19. However, GRSE's PBT (Profit before Tax) slipped by 5.29 percent at Rs 69.15 crore in Q4 FY2019-20 as opposed to Rs 73.01 crore in the fourth quarter of FY2018-19. 

For the entire financial year 2019-20, GRSE posted an increase of 48.70 percent in PAT at Rs163.48 crore as compared to Rs 109.94 crore in Q4 of the year-ago period. Its PBT stood at Rs 223.87 crore as compared to Rs 178.96 crore, up by 25.10 percent, in comparison to FY2018-19. EBITDA stood at Rs 255.30 crore in FY2019-20 as compared to Rs 211.16 crore in FY2018-19, marking an increase of 20.90 percent year-on-year. EPS (Earning per Share) was at Rs 14.27as compared to Rs 9.60 in FY19, up by Rs 4.67 per share. Revenue from Operations stood was at Rs 1,433.30 crore in FY20 as compared Rs 1,386.42 crore in FY19, an increase of 3.38 percent over the previous year.

GRSE order book at Rs 26,544 crore

The company is currently executing five projects involving the construction of 18 ships. Of these projects, four projects are for the Indian Navy and one project is for the Indian Coast Guard. As on March 31 this year, the order book of GRSE was at Rs 26,544 crore with shipbuilding projects worth Rs 26,281 crore. During FY2019-20, the company delivered four ships, two for the Indian Navy and two for the Indian Coast Guard. This takes the total number of warships delivered by GRSE till the end of March 31 to 104.

Under the Indian Navy Contract for the construction of three advanced stealth frigates with a total contract value of Rs 19,293 crore, the company recently did the keel-laying for the second ship which is ahead of the contractual timelines. The construction of the first ship of this contract is progressing satisfactorily and the company has plans to start the production of the third ship shortly.

For the large survey vessel project of the Indian Navy for four ships, GRSE has completed the keel-laying for the first ship and has started the production of the second ship during the reported period, the defence PSU said in an official statement.

Impact of COVID-19 lockdown

GRSE's operations were impacted during the lockdown period imposed in view of the Covid-19 pandemic. However, partial operations have resumed and the company has made a catch-up plan to make up for the production losses suffered due to the lockdown, the statement said.

"There has been some impact on the company's assets/properties due to Cyclone Amphan which hit some parts of the state of West Bengal, including Kolkata. Though there has been no major loss to the shipyard assets, suitable steps have been taken towards lodging the insurance claims with the underwriter as all assets are fully covered under the insurance policies," the statement added.