GRSE rises after Q2 PAT jumps 21% YoY to Rs 98 cr

Garden Reach Shipbuilders & Engineers (GRSE) added 2.70% to Rs 1,422 after 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.

Profit before tax (PBT) stood at Rs 130.53 crore September 2024 quarter, up 21.43% as compared with Rs 130.53 crore recorded in the same quarter last year.

Total expenses spiked 27.3% to Rs 1,097.30 crore in Q2 FY25 over Q2 FY24. During the quarter, cost of materials consumed stood at Rs 807.20 crore (up 33.89% YoY) while employee benefits expense was at Rs 82.51crore (down 0.45% YoY).

The earnings before interest, tax, depreciation and amortization (EBITDA) stood at Rs 144 crore in the September quarter of FY24, registering a growth of 20% on YoY basis.

Cmde Hari PR, IN (Retd) chairman and managing director, Garden Reach Shipbuilders & Engineers said, "Our Q2 & H1/ FY 24 results have been very encouraging and our existing orders for Indian Navy, coupled with orders for commercial vessels and specialized research vessels provide us a clear growth path. With a strong order book and more orders on the anvil, the foreseeable future looks promising and we are confident of continued delivery of strong numbers."

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.

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