Garden Reach Shipbuilders & Engineers (GRSE) surged 15.82% to Rs 1,379.35 after the company's net profit doubled to Rs 111.60 crore in Q4 FY24 as compared to Rs 55.30 crore in Q4 FY23.
Revenue from operations jumped 68.96% year on year (YoY) to Rs 1,015.73 crore in the quarter ended 31 March 2024.Profit before tax stood at Rs 152.82 crore March 2024 quarter, steeply higher than Rs 76.30 crore in same quarter last year.
Total expenses spiked 57.84% to Rs 938.83 crore in Q4 FY24 over Q4 FY23. During the quarter, cost of materials consumed stood at Rs 466.06 crore (up 40.59% YoY) while employee benefits expense was at Rs 94.40 crore (up 13.46% YoY).
EBITDA stood at Rs 166 crore in fourth quarter of FY24, registering a growth of 69% on YoY basis.
On a full year basis, the consolidated net profit increased 56.61% to Rs 357.27 crore on 40.27% rise to Rs 3,592.64 crore in FY24 over FY23.
Meanwhile, the companys board recommended a final dividend of Rs 1.44 per share for financial year 2023-2024.
Cmde Hari PR, chairman and managing director, Backed by a strong order book and with our ongoing projects at a maximum revenue recognition phase, and also with more orders on the anvil, we are confident of sustained growth in the coming years too. Our focus continues to be on timely execution of ongoing projects and new technology adoption with specific impetus on development of autonomous and green energy platforms.
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 31 March 2024, the Government of India holds 74.50% in the company.
The counter hit a life time high of Rs 1,424.80 in todays intraday session.
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