GRSE Q1 PAT jumps 14% YoY to Rs 87 cr

On standalone basis, Garden Reach Shipbuilders & Engineers (GRSE) reported 13.71% increase in net profit to Rs 87.19 crore in Q1 FY25 as against Rs 76.68 crore posted in Q1 FY24.

Revenue from operations jumped 33.58% year on year (YoY) to Rs 1,009.72 crore in the quarter ended 30 June 2024.

Profit before tax stood at Rs 115.44 crore June 2024 quarter, up 13.24% as compared with Rs 101.94 crore recorded in the same quarter last year.

Total expenses spiked 33.61% to Rs 968.14 crore in Q1 FY25 over Q1 FY24. During the quarter, cost of materials consumed stood at Rs 598.53 crore (up 34.37% YoY) while employee benefits expense was at Rs 90.28 crore (up 5.71% YoY).

The earnings before interest, tax, depreciation and amortization (EBITDA) stood at Rs 130 crore in the June quarter of FY24, registering a growth of 11% on YoY basis.

Cmde Hari PR, IN (Retd) chairman and managing Director, Garden Reach Shipbuilders & Engineers said, The shipyard is on a growth trajectory and the Q1 FY25 financial results have been very encouraging. Considering our current order book and the project execution plan, I am confident of maintaining this upward trend in the coming years."

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 June 2024, the Government of India holds 74.50% in the company.

The script slipped 1.46% to currently at Rs 2,050 on the BSE.

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