Garden Reach Shipbuilders rises after decent Q3 performance

Garden Reach Shipbuilders & Engineers added 1.94% to Rs 813.95 after 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.

Total expenses rose by 34% YoY to Rs 885.94 crore in Q3 FY24, due to higher raw material costs (up 26% YoY), higher sub-contracting charges (up 91% YoY), higher employee expenses (up 10% YoY) and higher other project-related expenses (up 9.5% YoY).

Profit before tax in Q3 FY24 stood at Rs 118.67 crore, up by 38.1% from Rs 85.90 crore in Q3 FY23.

 

State-run 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.

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