Q3FY23 results: GRSE registers growth of 62% over 9MFY22

Kolkata: State-owned Garden Reach Shipbuilders and Engineers Limited (GRSE), one of
the leading warship builders in the country has announced its financial results on Friday for the third quarter and nine months that ended on December 31, 2022. The company also reported that its total income has increased by Rs 219 crores as compared to corresponding previous quarter.

The company has recorded a growth of 62 percent in its revenue from operations as it increased from Rs 1,961 crores in 9M FY 23 to Rs 1,213 crores in 9M FY 22. Its PAT stood at Rs 173 crores in 9M FY 23 as against Rs 142 crores in 9M FY 22, registering an increase of 22 percent. Meanwhile, its core EBITDA stands Rs 261 crores in 9MFY23, as against Rs 221 Cr in 9M FY 22, registering an increase of 18 percent.

The company also reported that its Earnings per share (EPS) for the nine months of FY 23 is Rs 15.09, against Rs 12.42 in the corresponding period of FY 22.

GRSE also declared an interim dividend at 55 percent of its Paid-up Share Capital as against 49.5 percent of previous year.

GRSE lays keel for first ever zero-emission Ferry to ply on the Hooghly

Commenting on the results, Cmde Hari PR, IN (Retd) Chairman and Managing Director, GRSE said, "We have maintained the momentum gained during the first two quarters of the current FY and have recorded the highest ever 9M revenue from operations and PBT/PAT in the history of our shipyard. This has been achieved through accomplishment of major production milestones including the 'Ahead of Schedule' delivery of a Fast Patrol Vessel to ICG, Technical Acceptance of an export vessel to Government of Guyana and two each warship launches and Keel Layings."

During the quarter, GRSE's endeavours were rewarded with the coveted Raksha Mantri's Award 2022 for Excellence in Defence and Aerospace Sector at DefExpo 22 and PRSI National Awards 2022 in three different categories.

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