GRSE posts 37% increase in net profit during 1st half of FY’23

New Delhi/ Kolkata: Defence PSU Garden Reach Shipbuilders & Engineers Limited (GRSE) has announced its financial results for the 1st Half Year (H1) of the current financial year (FY 2022-23) as well as Q2FY23 that ended on September 30. According to GRSE's financial statements, it has registered a net profit growth of 37 percent during the 1st half year (H1) of the current financial year (FY 2022-23), over the corresponding period of last year.

GRSE's performance highlights for H1 of FY 2022-23

During the period, the shipyard has registered an increase of 74 percent in revenue from operations to Rs 1,262 crore over H1 of FY 2021-22. While EBITDA has gone up by 31 percent to Rs 163 crore and EBITDA margin stood at 12 percent.

The ship-builder has registered a 37 percent increase in its net profit (PAT) to Rs 109 crore over H1 of FY'22 while profit before tax (PBT) increased by 32 percent to Rs 143 crore.

Return on investment registered a growth of 23 percent over H1 FY'22. Earnings per share has also increased by 37 percent to Rs 9.51 over H1 of FY'22.

GRSE's performance highlights for Q2 over Q1 of FY 2022-23

On a quarterly basis, GRSE has registered an increase of 23 percent in profit before tax (PBT) of Rs 79 crore over Q1 of FY'23. The net profit of the company has also increased by 17 percent to Rs 59 crore over the previous quarter of the current financial year.

Revenue from the operation of GRSE has increased by 18 percent to Rs 682 crore as against Rs 580 crore in Q1. The EBITDA stood at Rs 89 crore as against Rs 74 crore in the previous quarter.

In a first, GRSE gets Green Channel Certification; know here what it is

The earnings per share (EPS) for the quarter (Q2) stood at Rs 5.13 against Rs 4.38 in Q1 FY23.

"H1 of FY'23 has been upbeat with the revenue from operations soaring with an increase of 74 percent over H1 last year. Major production milestones have been achieved during the last six months with mega-ship launches including the 2nd P17A Advanced Frigate Dunagiri. GRSE has also been conferred with the coveted Green Channel Certification for Supply of Bailey Type Portable Bridges", Cmde Hari PR, IN (Retd), Chairman & Managing Director (CMD), GRSE said.

He further added that "being the only PSU Shipyard to receive the Raksha Mantri's Award 2022 for Excellence in Defence & Aerospace Sector at DefExpo 22 has been a great motivator and continuous focus & thrust on maintaining timelines and quality along with clear strategies to improve internal efficiencies at the shipyard gives us the confidence of achieving greater heights both in terms of physical & financial performance, in times to come".

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