New Delhi: Garden Reach Shipbuilders & Engineers Limited (GRSE) has announced its financial results for the nine months ended December 31, 2023.
According to the company, the total income of GRSE has increased by 34 percent to Rs 2,801 crore in nine months (9M) of FY 2023-24 as against Rs 2,092 crore in the corresponding period of last year (CLPY). The revenues from operations have also increased by 31 percent to Rs 2,577 crore as compared to Rs 1,960 crore in CLPY.
During the period (9 months of FY'24) company registred a 9 percent hike in its net profit margin with net profit of Rs 246 crore against Rs 173 crore in CLPY. The profit before tax stood at Rs 328 crore as compared to Rs 229 crore in 9 months of FY'23. The company’s profit before tax margin stood at 12 percent.
Commenting on the results, GRSE CMD Cmde Hari PR, IN (Retd) said, “Our revenue from operations and PAT have been on a steady upward trend. Our ongoing shipbuilding projects are at a maximum revenue recognition stage and we are confident of maintaining the upward momentum in the coming quarters too. It is indeed a matter of great pride for Team GRSE that the 1st Survey Vessel (Large), INS Sandhayak, the largest Survey Vessel of our nation, was commissioned on February 3 2024 in the august presence of the Raksha Mantri and the Chief of the Naval Staff. Our focus continues on timely project execution, exports and new technology adaption with specific impetus on the development of autonomous and Green Energy platforms.”