GRSE registers 45% growth in total Income for FY 22

Kolkata: One of India's premier warship builders Garden Reach Shipbuilders & Engineers Limited (GRSE) posted an annual result with a growth outlook on Friday. The Defence PSU has achieved a turnover of Rs 1758 crore registering a growth of 54 percent over the turnover achieved during the previous FY'21. The company has earned an operating profit of Rs 104 crore for FY'22. GRSE's total Income stood at Rs.1918 crore in the Year ended 31st March 2022 as against Rs 1327 crore in the Year ended 31st March 2021, an increase of Rs. 591 crore and registering a growth of 45%.

Year-on-Year, the revenue from operations for the Year ended 31st March 2022 stood at Rs. 1758 crore as compared to Rs 1141 crore in Year ended 31st March 2021, an increase of Rs. 617 crore and registering a growth of 54%. The Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) stand at Rs. 294 crore in Year ended 31st March 2022 as against Rs 237 crore in Year ended 31st March 2021, thus registering a growth of 24%. The Company's EBITDA margin stood at 15%.

Defence PSU's PAT stood at Rs.190 crore in Year ended 31st March 2022 as against Rs 153 crore in Year ended 31st March 2021, registering a growth of 24%. The Company's PAT margin stood at 10%.

Commenting on the financial results Cmde PR Hari IN (Retd), Chairman and Managing Director (Officiating), GRSE, said, "FY22 has been a fantastic year in terms of financial performance with us recording the highest ever turnover and operating profit in the history of the company. We have effectively managed the challenges posed by the Covid-19 pandemic, especially during the first half of the year and achieved major shipbuilding project milestones including 'Launch of one Survey Vessel' and 'Laying of Keel of 05 Vessels".

"We have also signed an MoU with DGBR for 27 Bailey type Portable Steel Bridges and a Concessional Agreement with Shyama Prasad Mookerjee Port (SMP) for long term lease of three dry docks", the CMD added.

Looking at the results, if Q4 FY22 is compared with Q4 FY21, the Total income stood at Rs. 585 crore in Q4 FY22 as against Rs.448 crore in Q4 FY21, an increase of Rs 137 crore and registering growth of 31%. While the total income stood at Rs. 585 crore in Q4 FY22 as against Rs.531 crore of Q3 FY22, an increase of Rs 54 crore and registering growth of 10%, comparing Q4 FY22 with Q3 FY22.

"With a healthy order book of Rs 24,130 crore as of 31 March 22 and a very clear project execution strategy, the company is on an accelerated growth trajectory and we are confident of meeting our customer expectations. Our focus, in addition to domestic warship building, is on exports, ship repairs, product diversification with thrust on 'green energy platforms', 'R&D' and digitalization in the entire spectrum of operations," GRSE CMD concluded.

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