GRSE Financial Results: Net profit goes up by 18% to Rs 58 crore in Q4

New Delhi/Kolkata: Kolkata based Miniratna Defence PSU, Garden Reach Shipbuilders & Engineers Limited (GRSE) Tuesday announced its financial results for the fourth quarter (Q4 FY2020-21) and full year (FY 2020-21) ended March 31.

Financial performance for Q4 of FY-2021

During the fourth quarter of FY 2021 (Q4 FY21), GRSE's total income stood at Rs 449.77 crore as against Rs 398.94 crore in the third quarter (Q3 FY21). While revenues from operations in Q4 stood at Rs 398.83 crore as compared to Rs 359.60 crore in Q3 of FY21. And Profit After Tax (PAT) reported stood Rs. 57.59 crore for Q4 FY21 as against Rs 57.62 crore in Q3 of FY21.

Financial Performance for the FY 2020-21

During the Financial Year 2020-21 GRSE has recorded revenue from operation of Rs 1,141 crores as against Rs 1,433 crores in FY 2019-20. While revenue from operation per day is Rs 4.02 crore (for the available No of days) in FY 21 as against Rs 3.92 crores per day of FY 20. The Company’s EBITDA margin stood at 18 percent as against 15 percent of the previous year. Profit Before Tax (PBT) stood at Rs 207 crore for FY21, against 223 crore in the previous financial year, whoever PBT margin of the company has increased to 16 percent as against 13 percent in the FY 2019-20.

"GRSE management is quite optimistic for improvement in the performance of FY 21-22 considering healthy order book position, augmentation of infrastructure and increase in operational efficiency"- Rear Admiral (Retd) VK Saxena, CMD, GRSE

Thus, the Defence PSU has registered a decline in the Profit After Tax (PAT) that is 153 crores in FY21 against Rs 163 crore in the previous financial year. However, the PAT margin of the company has increased to 12 percent as against 10 percent in FY2019-20.

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Commenting on the results, GRSE's Chairman & Managing Director (CMD) Rear Admiral (Retd) VK Saxena said, “Revenue from operation in FY 21 have seen reduction due to the lockdown period (81 days) that resulted in practically no work in 1st quarter of FY21. However, revenue from operation per day being Rs 4.02 crore (for the available no. of days) in FY 21 has improved as compared to FY 20 having revenue from operation of Rs 3.92 crore per day. The management is quite optimistic for improvement in the performance of FY 21-22 considering healthy order book position, augmentation of infrastructure and increase in operational efficiency through various innovative measures implemented in the shipyard.”

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