GRSE gains on inking supply contract of 7500 DWT vessel

Garden Reach Shipbuilders & Engineers rallied 3.41% to Rs 1,819.60 after the firm signed contract for construction and delivery of second ship from series of four additional 7500 DWT Multi-Purpose Vessels (MPV) on 4 December 2024 at Hamburg, Germany.

Earlier, on September 18, 2024, GRSE informed that it had bagged an order for the construction and delivery of additional four MPVs of 7,500 DWT each.

The contracts for the remaining two vessels will be communicated as and when the respective contracts are signed, said GRSE in an exchange filing.

State-run GRSE 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. As on 30 September 2024, the Government of India holds 74.50% in the company.

The company's net profit climbed 21.09% to Rs 97.77 crore on 28.4% rise in revenue from operations to Rs 1,152.92 crore in Q2 FY25 over Q2 FY24.

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