Garden Reach Shipbuilders & Engineers (GRSE) jumped 3.15% to Rs 1,771.35 after the firm has signed a contract with Carsten Rehder Schiffsmakler and Reederei GmbH & Co., KG Germany for construction and delivery of additional 4 multi-purpose vessels.
The order includes design, build and construct additional four multipurpose vessels of 7,500 DWT each, totaling to eight vessels. The value of the additional order is approximately $54 million. The total value would be approximately $ 108 million for eight vessels.Meanwhile, the company has been upgraded from 'Schedule B' to 'Schedule A' CPSE by the Government of India. This upgradation of the frim to 'Schedule A' status will enable to enhance its senior management capacity, allowing it to more effectively oversee and manage its business.
State-run GRSE is engaged in building warships and other vessels for the Indian Navy and Indian Coast Guard. It has also diversified into engineering business with a product profile of pre-fabricated steel bridges, various deck machinery items and assembly, as well as testing & overhauling of marine diesel engines. As on 30 June 2024, the Government of India holds 74.50% in the company.
On standalone basis, Garden Reach Shipbuilders & Engineers (GRSE) reported 13.71% increase in net profit to Rs 87.19 crore in Q1 FY25 as against Rs 76.68 crore posted in Q1 FY24. Revenue from operations jumped 33.58% year on year (YoY) to Rs 1,009.72 crore in the quarter ended 30 June 2024.
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