GRSEs Revenue Soars by 34% in Nine Months of FY2023-24

Kolkata, February 13: Garden Reach Shipbuilders and Engineers Limited (GRSE), a leading defence public sector undertaking, has achieved remarkable financial growth during the nine-month period ending December 31, 2023, in the fiscal year 2023-24. The company's total income surged by 34 per cent, reaching Rs 2,801 crore compared to the corresponding period in the previous fiscal year.

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Robust Revenue Growth

GRSE's revenue from operations between April and December 2023-24 witnessed a significant increase of 31 per cent, amounting to Rs 2,577 crore. This growth is attributed to the company's ongoing shipbuilding projects, which are at a maximum revenue recognition stage. In comparison, the revenue from operations during the same period in 2022-23 stood at Rs 1,960 crore.

Profitability on the Rise

GRSE's profitability indicators also demonstrated a positive trajectory. The company's profit before tax (PBT) for the first nine months of fiscal 2023-24 amounted to Rs 328 crore, marking a notable rise from Rs 229 crore recorded in the same period of the previous financial year. Similarly, the profit after tax (PAT) for the April-December period of 2023-24 reached Rs 246 crore, surpassing the Rs 173 crore achieved during the corresponding period in 2022-23.

Impressive Earnings Per Share

GRSE's earnings per share (EPS) for the nine-month period in 2023-24 exhibited a substantial growth of 42 per cent, reaching Rs 21.45 compared to Rs 15.09 in the same period of 2022-23. This indicates the company's enhanced profitability and value creation for its shareholders.

Strong Third-Quarter Performance

GRSE's financial performance in the third quarter (October 1 to December 31) of 2023-24 remained robust. The company's total income during this period amounted to Rs 1,005 crore, representing a significant 34 per cent increase compared to Rs 749 crore recorded in the same quarter of the previous fiscal year. Furthermore, the profit after tax for the third quarter in 2023-24 stood at Rs 88 crore, surpassing the Rs 64 crore achieved during the corresponding period in 2022-23.

Management's Perspective

Commodore P R Hari (retd.), Chairman and Managing Director of GRSE, expressed optimism about the company's sustained growth trajectory. He highlighted that the revenue from operations and profit after tax have been on a steady upward trend, driven by the company's ongoing shipbuilding projects. Commodore Hari expressed confidence in maintaining this positive momentum in the coming quarters.

GRSE's impressive financial performance in the nine-month period of fiscal 2023-24 underscores the company's operational efficiency and strategic focus on shipbuilding projects. With a strong order book and ongoing project milestones, GRSE is well-positioned to sustain its growth momentum and contribute to India's defence preparedness.