GRSE earns Rs 1,654 cr revenue from operations in 1st half of 2023-24

Defence PSU Garden Reach Shipbuilders and Engineers Limited (GRSE) on Friday said it earned a revenue of Rs 1,654 crore from operations in the first half of 2023-24 financial year, an increase of 31 per cent over the corresponding period in the last fiscal.

The Kolkata-headquartered warship builder earned a profit before tax (PBT) of Rs 209 crore, while the profit after tax (PAT) was Rs 157 crore, a 45 per cent rise over the first half of 2023-24, GRSE said in a press statement.

Earnings per share stood at Rs 13.74, an increase of 45 per cent over the same period in the previous fiscal, it added.

Also announcing the quarterly results from July to September 2023-24 financial year, the GRSE said its total income stood at Rs 969 crore in the period as against Rs 722 crore in the same period in 2022-23, an increase of Rs 247 crore.

It said that revenue from operations for the second quarter of 2023-24 stood at Rs 898 crore as compared to Rs 682 crore in the same period in 2022-23, an increase by Rs 216 crore and a growth of 32 per cent.

The company said its profit before tax (PBT) stood at Rs 107 crore for the second quarter of 2023-24, as against Rs 79 crore in the same period the previous fiscal, registering a growth of 36 per cent.

PAT stood Rs 81 crore in the second quarter of 2023-24 as against Rs 59 crore in the same period the previous financial year, which is a growth of 37 per cent, it said.

The company further said earnings per share for the second quarter of 2023-24 stood at Rs 7.05 compared to Rs 5.13 in the same period of 2022-23, registering a growth of 37 per cent.

Commenting on the results, GRSE chairman and managing director Commodore Hari PR, (retd) said the Defence PSU is maintaining the tempo that it set during the first quarter of financial year 2023-24 and that its strong physical performance in all segments of operations have resulted in the company recording its best ever financial results for the quarter and half year ending September 30.

"I am confident that with 10 out of the 19 warships under construction having been launched, the coming months and years will see the shipyard delivering quality warships to the Navy towards enhancing the maritime security of our nation," he said.