GRSE Q2 results: Net profit up by 56% to Rs 58 crore

Kolkata: Garden Reach Shipbuilders and Engineers Ltd on Saturday reported a 56 per cent jump in its net profit to Rs 58.79 crore in the second quarter of the current fiscal. The warship maker had posted a profit of Rs 37.69 crore in the year-ago period.

Revenue from operations was at Rs 421.8 crore during the July-September period of the 2021-22 financial year (FY22) as against Rs 272.44 crore in the corresponding quarter last fiscal.

The company's EBITDA (earnings before interest, taxes, depreciation, and amortisation) stood at Rs 91.13 crore, up from Rs 59.99 crore in the same period in the previous year.

Earnings per share (EPS) for the quarter ended September 30, 2021 stood at Rs 5.13 as compared to Rs 3.29 in the year-ago period.

"Based on the experience gained in handling the first wave of COVID-19, the company successfully handled impediments faced during the second wave by adopting various strategies to achieve operational success. As a result, the shipyard could continue concurrent construction of 17 ships in different stages," GRSE CMD Rear Admiral (Retd) V K Saxena said.

The company signed an MoU with Naval Group (NG), France to collaborate in the field of surface shipbuilding, he said.

The PSU under the Defence ministry has an order book worth Rs 25,071 crore as of September 30 this year.