Kolkata: State-run Garden Reach Shipbuilders & Engineers (GRSE) Ltd has posted a 362 percent jump in Profit after Tax (PAT) at Rs 59.02 crore in Q2 of FY2019-20 when compared to the corresponding quarter of the previous financial year. In the September quarter of FY2018-19, GRSE had posted a PAT of Rs 12.78 crore. In comparison to the June quarter of financial year 2019-20, GRSE’s PAT has increased by 133 percent, up from Rs 25.28 crore, according to a regulatory filing by the public sector company. GRSE had posted a robust 224 percent growth in profit year-on-year in the June quarter (FY2019-20) as well.
GRSE posts 101% hike in revenue from operations y-o-y in Q2
In the Q2 of FY2019-20, GRSE also posted a 101 percent hike in revenue from operations at Rs 509.08 crore, when compared to Rs 218 crore in the corresponding quarter of the previous financial year. When compared to the June quarter, the revenue from operations has went up by nearly 161 percent. The figure stood at Rs 168 crore in Q1 of FY2019-20.
Total income up by 254% y-o-y
The total income of GRSE went up by 254 percent year-on-year as the figure settled at Rs 509.08 crore, up from Rs 254.62 crore in the September quarter of FY2019-20. When compared to the June quarter, the total income of GRSE in Q2 has gone up by 290 percent. The figure was at Rs 219.36 crore in the first quarter of the current fiscal.
Lower corporate tax improved overalls?
“On September 20, the government vide the Taxation Laws (Amendment) Ordinance 2019, inserted Section 115BAA in the Income Tax Act,1961, which provides domestic companies an option to pay Income Tax at lower rate of 22 percent (effective tax rate 25.17 percent) effective April 1, 2019 (Assessment Year 2020-21), subject to certain conditions. The tax expenses for the quarter and half year ended September 30 have been provided for at reduced tax rate,” GRSE said in the filing.