Defence PSU GRSE records Rs 2,801 crore income in nine months of FY24

Defence PSU Garden Reach Shipbuilders and Engineers (GRSE) Ltd recorded a total income of Rs 2,801 crore in nine months till December 31 in the financial year 2023-24, an increase of 34 per cent compared to the same period in previous fiscal, an official said on Tuesday.

He said that revenue from operations between April and December in 2023-24 stood at Rs 2,577 crore as compared to Rs 1,960 crore in the same period in 2022-23, recording a growth of 31 per cent.

GRSE's profit before tax (PBT) stood at Rs 328 crore for the first nine months of fiscal 2023-24 as compared to Rs 229 crore in the same period the previous financial year, the official said in a statement.

The profit after tax (PAT) was Rs 246 crore from April to December of 2023-24 as against Rs 173 crore in the same period of the previous fiscal.

The earnings per share (EPS) for the nine months in 2023-24 stood at Rs 21.45 as compared to Rs 15.09 in the same period of 2022-23, registering a growth of 42 per cent, the official said.

He said that the total income for the third quarter from October 1 to December 31 of 2023-24 was recorded at Rs 1,005 crore as against Rs 749 crore during the same period in the previous fiscal, a growth of 34 per cent.

The profit after tax for the third quarter in 2023-24 stood at Rs 88 crore as against Rs 64 crore during the same period in 2022-23, he said.

GRSE chairman and managing director Commodore P R Hari (retd) said that the Defence PSU's revenue from operations and profit after tax have been on a steady upward trend.

"Our ongoing shipbuilding projects are at a maximum revenue recognition stage and we are confident of maintaining the upward momentum in the coming quarters too," he said.