Q1'FY24: GRSE registers 54% rise in Profit After Tax

Kolkata: In what can be termed as a massive beginning of a financial year, the state-run defence shipbuilder GRSE has registered a massive rise of 54% in profit after tax (PAT). Company's PAT stood at Rs 77 Crore in Q1'FY24 as against Rs 50 Crore in Q1'FY23, registering a significant growth of 54 percent.

Declaring first quarter result for financial year 2024, GRSE has said that the total income of the company stood at Rs 827 Crore. To put it in perspective, the company registered a total income of Rs 621 Crore during Q1'FY23 and in the last quarter, that is Q4'FY23 the total income was Rs 671 Crore.

Comparing Q1'FY24 with Q1'FY23

Revenue from operations for the Q1'FY24 stood at Rs 756 Crore as compared to Rs 580 Crore in Q1'FY23, an increase by Rs. 176 Crore, registering a growth of 30 percent. Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) stood at Rs 117 Crore in Q1'FY24 as against Rs 74 Crore in Q1'FY23, registering a growth of 58 percent and EBITDA margin at 14 percent.

Profit Before Tax (PBT) stood at Rs 102 Crore for Q1'FY24 as compared to Rs 64 Crore in Q1'FY23, registering a growth of 59 percent.

Q1'FY24 Compared with Q4'FY23

Total income is Rs. 827 Crore in Q1 FY 24 as against Rs. 671 Crore in Q4'FY23, which is an increase by Rs 156 Crore and growth of 23 percent. Revenue from Operation of GRSE stood at Rs 756 Crore in Q1'FY24 as against Rs 601 Crore in Q4'FY23, which is an increase by Rs 155 Crore and growth of 26 percent.

Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) at Rs 117 Crore in Q1'FY24 as against Rs 90 Crore in Q4'FY23, registering a growth of 30 percent.

Company's Profit Before Tax (PBT) stood at Rs 102 Crore in Q1'FY24 as compared to Rs 76 Crore in Q4 FY 23, which grew by 34 percent.

Profit After Tax (PAT) at Rs 77 Crore in Q1'FY24 as compared to Rs 55 Crore in Q4'FY23, registering a growth of 40 percent.

"Best ever quaterly results"

"FY 24 has started on a very vibrant note for GRSE with the shipyard recording the best ever quarterly results in the history of the company", Cmde PR Hari, CMD, GRSE said commenting on the results.

"As the shipyard gears up for the launch of the 3rd Frigate of P17A on 17 Aug 23, in the year ahead GRSE shall continue to play a major role in encouraging industrial growth. The shipyard is designing and building some of the most modern warships in the world today which is an indication enough that GRSE has adopted the best and latest technology. It is also of great importance that the warships being built here have high indigenous content. This is in keeping with India’s aspirations to attain self-reliance or Atmanirbharta in the field of defence production”, he added.

GRSE built Ocean Going Vessel (OGV), ‘MV Ma Lisha’ was commissioned at Cooperative Republic of Guyana on 23 Apr 2023. Launch of 3rd ASW SWC and 4th SVL on June 13, 2023 also bear testimony to the operational efficiency of the company. The Shipyard has also signed Contract for manufacturing & supply of ten 30 mm Naval Surface Guns worth Rs 248.5 Crore for the Ministry of Defence / Indian Navy paving the way towards indigenisation of weapons systems for the Indian Armed Forces.

GRSE has embarked on a mission to identify and encourage the development of innovative solutions towards technological advances in shipbuilding by collaborating with innovators & start-ups. As part of this drive, the Company launched ‘GRSE Accelerated Innovation Nurturing Scheme – 2023’ or 'GAINS 2023' on May 22, 2023.

A strong order book coupled with a clear execution strategy promises continued growth in the coming quarters.

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