Garden Reach Shipbuilders rises after bagging $16.6 mn contract from Bangladesh Govt

Garden Reach Shipbuilders & Engineers added 1.26% to Rs 1003.20 after the company announced the receipt of notification of award for Procurement one unit of Trailing Suction Hopper Dredger from the Government of the People's Republic of Bangladesh.

The total contract value is $1,65,75,210, excluding taxes.

"A detailed contract is under finalization and yet to be signed. The stock exchanges will be intimated after finalization and signing of the said contract, the company said in a statement.

Garden Reach Shipbuilders & Engineers is engaged in building warships and other vessels for the Indian Navy and Indian Coast Guard. It has also diversified into engineering business with a product profile of pre-fabricated steel bridges, various deck machinery items and assembly, as well as testing & overhauling of marine diesel engines. The Government of India holds 74.50% in the company.

The company posted 38.1% rise in net profit to Rs 88.25 crore in Q3 FY24 from Rs 63.92 crore in Q3 FY23. Revenue from operations increased by 32.1% year-over-year (YoY) to Rs 923.10 crore in the third quarter.

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