Garden Reach Shipbuilders & Engineers jumped 4.44% to Rs 1843.60 after the public sector undertaking announced that it has bagged orders worth Rs 491 crore from Ministry of Defence DRDO, Kochi.
In a regulatory filing made post trading hours on Friday, the company informed that it has received letters of intent of award for a contract worth Rs 491 crore from the Naval Physical & Oceanographic Laboratory, Gol, Ministry of Defence DRDO, Kochi.
The contract is for design, development, construction, integration of equipment, testing, certification, commissioning & supply of one acoustic research ship (ARS).
The project has to be executed within a period of 36 months.
State-run Garden Reach Shipbuilders & Engineers (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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