GRSE announces financial results for Q4 and FY20

In the financial year 2020, revenue from operations stood at Rs. 1433.30 crore as compared Rs.1386.42 crore, an increase of 3.38% over previous year; EBITDA stood at Rs. 255.30 crore as compared to Rs.211.16 crore, 20.90%, improvement over Previous Year, EBITDA (Margin) is 15.39% in current twelve months against 13.56% in the corresponding twelve months. Thus, registering an increase of 1.83%.

Other Highlights

●       PBT stood at Rs. 223.87 crore as compared to Rs.178.96 crore, up by 25.10%, in comparison to twelve months of previous year.

●       PAT stood at Rs.163.48 crore, as compared to Rs.109.94 crore, up by 48.70%, in comparison to same period of previous year.

●       Profit After Tax (Margin) is 9.86% in current twelve months against 7.06% in the corresponding twelve months Thus, registered increase of 2.80%.

●       EPS stood at Rs.14.27 as compared to Rs. 9.60 up by Rs.4.67 per share, in comparison to same period of previous year.

Q4 FY20: Revenue down by 5.51%, PAT increase by 47.80% against same period of previous year.

Q4 FY20 Vis-à-vis Q4 FY19

●       Revenue from Operations for the quarter ended Mar 31, 2020 stood at Rs 456.69 crore., as compared to Rs.489.21 crore in the same period of previous year.

●       EBITDA (Margin) is 15.05% in current quarter against 15.03% in the corresponding quarter of last year. Thus, registering an increase of 0.02%.

●       Profit Before Tax stood at Rs. 69.15 crore in current quarter against Rs.73.01 crore in the corresponding quarter of last year. Decrease is 5.29%.

●       Profit After Tax stood at Rs.49.69 crore in the current quarter against Rs.33.62 crore in the corresponding quarter of last year increase is 47.80%.

●       Profit After Tax (Margin) is 9.75% in current quarter against 6.24% in the corresponding quarter of last year. Thus, the registered increase is 3.51%.

●       Earnings per share for Q4 FY20 stood at Rs.4.34, as compared to Rs. 2.94 for Q4FY19, up by Rs. 1.40 per share.

The company is currently executing five projects with the construction of 18 ships. Of these projects, four projects are for Indian Navy and one Project is for Indian Coast Guard.

As on Mar 31, 2020, the company order book position stands at Rs.26,544 crores with shipbuilding projects related to Order Book Value of Rs. 26,281 Crores. During the reported period, the company delivered four ships, two for Indian Navy and two for Indian Coast Guard. 

With these deliveries, the company delivered four ships in total during the 12 months period from Apr 2019 to Mar 2020.This makes the total warship delivered numbers as 104 till the end of Mar 31, 2020.

Under Indian Navy Contract for construction of three Advanced Stealth Frigates with total contract value of Rs. 19,293 crores, the company recently did the Keel Laying for the second ship which is ahead of the contractual timelines. 

The construction of the first ship of this contract is progressing satisfactorily and the company has plans to have the start production for the third ship shortly.

In respect of the Survey Vessel (Large) Project of Indian Navy for four Ships, the company has done with the Keel Laying for the first ship and started production for the second ship during the reported period.

Company operations were impacted during the lockdown period imposed in view of the Covid-19 Pandemic. However partial operations have resumed and the company has made a catch-up plan to make up the production losses suffered due to lockdown.

There has been some impact on the Company's Assets / properties due to the Cyclone Amphan which hit some parts of West Bengal including Kolkata.

Though there has been no major loss to the Shipyard assets, suitable steps have been taken towards lodging the Insurance claims with the underwriter as all assets are fully covered under the insurance policies.