FY 24 Starts On A Very Vibrant Note

GRSE is designing and building some of the most modern warships in the world, Cmde Hari PR (Retd), Chairman and Managing Director, said.

KOLKATA, Aug 11 (The CONNECT) – The total Income of Garden Reach Shipbuilders & Engineers Limited (GRSE) stood at Rs.827 Crore in Q1 FY 24 as against Rs 621 Crore in Q1 FY 23, registering a growth of 33%.

The company’s revenue from operations for the Q1 FY 24 stood at Rs. 756 Crore as compared to Rs 580 Crore in Q1 FY 23, an increase by Rs. 176 Crore, registering a growth of 30%.

GRSE registered Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) of Rs. 117 Crore in Q1 FY 24 as against Rs 74 Crore in Q1 FY 23, registering a growth of 58% & EBITDA margin at 14%.

Profit Before Tax (PBT) was Rs 102 Crore for Q1 FY 24 as compared to Rs 64 Crore in Q1 FY 23, registering a growth of 59%.

Profit After Tax (PAT) stood Rs.77 Crore in Q1 FY 24 as against Rs 50 Crore in Q1 FY 23, registering a growth of 54 %.

Earnings per share (EPS) for the Q1 FY 24 stood at Rs 6.69 compared to Rs 4.38 in Q1 FY 23.

Cmde Hari PR (Retd), Chairman and Managing Director, Garden Reach Shipbuilders & Engineers Limited said, 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. 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, he said.

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, Cmde Hari PR said.

GRSE built Ocean Going Vessel (OGV), ‘MV Ma Lisha’ was commissioned at Cooperative Republic of Guyana on 23 Apr 2023. The launch of 3rd ASW SWC and 4th SVL on 13 Jun 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 22 May 2023. A strong order book coupled with a clear execution strategy promises continued growth in the coming quarters.