March 29, 2024 20:49 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
PM Modi to kickstart BJP's Lok Sabha poll campaign from Meerut | Kangana Ranaut in Mandi: 'Don't think I am a heroine, consider me as your sister and daughter' | Mayawati, Akhilesh Yadav demand high-level probe into Mukhtar Ansari's death | PM Modi has mastered art of manipulating democracy, hurting Constitution: Mallikarjun Kharge | Mafia-turned-politician Mukhtar Ansari dies of cardiac arrest at 63
Warship builders GRSE reports 102 per cent increase in quarterly revenue

Warship builders GRSE reports 102 per cent increase in quarterly revenue

India Blooms News Service | @indiablooms | 01 Nov 2019, 06:45 am

Kolkata/IBNS: Garden Reach Shipbuilders & Engineers Limited (GRSE), one of the leading warship builders in the country, announced its Financial Results for the Quarter and Half Year ended September 30, 2019.

Revenue was up by 102% while PAT was up by 362% in the reported quarter against same period of previous year.

Revenue was up by 49% while PAT up by 309% in the reported half year compared to the same period of previous financial year.

Revenue from Operations for the quarter ended September 30, 2019 stood at Rs. 439.02 crore compared to Rs. 217.70 crore in the same period of previous year and the same was of Rs.167.96 crore in previous Quarter.; q-o-q growth of 161.38%.

EBITDA (Margin) was 16.74% in current quarter against 9.78% in the corresponding quarter of last year. Thus, registering an increase of 6.96%.

Profit Before Tax stood at Rs. 77.01 crore. in current quarter against Rs.17.19 crore in the corresponding quarter of last year. Increase is 348.01%.

Profit After Tax (Margin) is 11.59% in current quarter against 5.02% in the corresponding quarter of last year. Thus, registered an increase of 6.57%.

Profit After Tax stood at Rs.59.02 crore. in current quarter against Rs.12.78 croe in the corresponding quarter of last year. Increase is 361.82%.

Earnings Per Share for Q2 FY20 stood at Rs. 5.15, compared to Rs. 1.12 for Q2 FY19.

In HY FY20,  Revenue from Operations stood at Rs. 606.98 crore as compared Rs.408.62 crore, up 49% for HY FY20

EBITDA stood at Rs. 128.56 crore as compared to Rs.49.70 crore 159%, improvement over Half Year of previous year.

EBITDA (Margin) is 17.65% in current Half Year against 10.17% in the corresponding Half Year. Thus, registering an increase of 7.48%.

PBT stood at Rs. 113.26 crore as compared to Rs. 34.69 crore up by 226%, in comparison to Half Year of previous year.

PAT stood at Rs.84.30 crore as compared to Rs. 20.59 crore, up by 309%, in comparison to same period of previous year.

Profit After Tax (Margin) is 11.57% in current Half Year against 4.22% in the corresponding Half Year. Thus, registered an increase of 735 basis points.

EPS stood at Rs. 7.36 as compared to Rs.1.80, up 309%, in comparison to same period of previous year.

GRSE attributes its improved performance to the further progress of the P-17 Alpha Project in line with the stipulated delivery guidelines in this quarter.

The contributing factor included further streamlining of treasury management, which resulted in higher collections from stage payments, the company said.

This quarter also saw GRSE’s Engine Division getting revenues for overhauling of engines for two naval ships.

The increase in “other income” is attributed to settlement of an old case with Central Coalfields Ltd, Ranchi.

The company said it benefitted from lower tax expenses due to lower tax rate of 25.17% resulting in further enhancing the profits and margins.

The order book position of the company as on September 30, 2019 was around Rs. 27, 400 crore.

Under this there are a total of 22 warships under construction. GRSE will deliver seven ships against three projects in this financial year.

GRSE has at this point of time six projects that are under way viz., five projects of the Indian Navy and one of the Indian Coast Guard.

GRSE said it is aggressively bidding for the new request for proposals (RFP) that have been issued by MoD.

GRSE has responded to the RFPs for two in number Pollution Control Vessels (PCVs) and eight Fast Patrol Vessels (FPVs) for Indian Coast Guard.

GRSE is also building 05 FPVs for Indian Coast Guard of which first ship is delivered and second is being delivered in November 2019.

GRSE is also preparing response to RFPs for construction of 12 Air-Cushion Vehicles (ACVs) for Indian Coast Guard & Indian Army and the major project for construction of six New Generation Missile Vessels (NGMVs) for Indian Navy.

Garden Reach Shipbuilders & Engineers Ltd, under the administrative control of the centre's Ministry of Defence primarily caters to the shipbuilding requirements of the Indian Navy and the Indian Coast Guard.


 
Image Credit: GRSE company website

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.