GRSE Q3 Result: PAT increased 49% at Rs 142 crore, interim dividend announced

Kolkata: One of the leading shipbuilders of India, Garden Reach Shipbuilders & Engineers Limited (GRSE) on Friday announced its financial results for the Q3 and Nine Months ended December 31, 2021. In the nine months of FY'22 company's revenue from operation increased by Rs 471 crore, registering a growth of 63 percent against the corresponding period last year (CPLY). Defence PSU's EBITDA and PAT increased by 47 percent and 49 percent respectively over nine months period of FY'21-22.

GRSE board also declared an interim dividend for the FY'22 at Rs 4.95 per equity share of the face value of Rs 10/- each. The Total Income stood at Rs1332.76 crore in nine months ended FY'22 as against Rs 878.66 crore in Nine Months ended FY21 increase of Rs.454.10 Crs. Improved by 52%

The Earnings before Interest, Tax, Depreciation and Amortization (Core EBITDA) stands at Rs 221.07 crore in Nine Months which is improved by 47 percent against Rs 150.43 crore in CPLY. Improved by 47%. & The Company's EBITDA margin stood at 17 percent.

GRSE has posted a PAT of Rs 62.95 crore for Q3FY22 which is increased by 7 percent against Rs. 58.79 in CPLY. PAT has improved by 9 percent against Rs 57.62 crore in Q3FY21.

"During the first, second and third wave of the COVID-19 pandemic, the company effectively managed the challenges and made commendable progress to accomplish operational success. As a result, the shipyard could successfully continue concurrent construction of 17 ships in different stages", said Rear Admiral V.K.Saxena (Retd.), Chairman & Managing Director of GRSE.

"Our operations include launching of the 'First of Class' Indigenous Survey Vessel (Large) for Indian Navy on 05 Dec 21, laying keel of the Ocean-Going Passenger cum Cargo Vessel for the Republic of Guyana on 20 Nov 21 and the Keel of 5th of eight Anti-Submarine Warfare Shallow Water Crafts (ASWSWCs) on 21 Dec 2", he added.

GRSE's earning per share (EPS) saw a continuous growth as EPS for the Nine Months ended December 31 stood at Rs 12.42 as compared to Rs 8.33 CPLY.

GRSE also Inaugurated GRSE-KPDD (Khidderpore Dry Dock) Unit on 01 Dec 21 and commenced ship repair & refit activities of Defence & commercial segments. The company looks forward to working with a more focused approach to expanding the export horizon in shipbuilding and fulfilling the national objective of self-reliance. The company has a strong order book position of Rs 24,605 crore as on 31 Dec 21, the CMD said.

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