Garden Reach Shipbuilders & Engineers Limited (GRSE) Announces 3rd Quarter Results

Kolkata: Garden Reach Shipbuilders & Engineers Limited (GRSE), one of the leading warship builders in the country has announced its financial results for the third quarter and nine months ended December 31, 2021.

Highlights of financial performance

1. Nine months ended FY 22 in comparison to nine Months ended FY 21

• Revenue from Operation increased by Rs 471 Cr, registered a growth of 63%.
• Growth of EBITDA and PAT by 47% and 49% respectively over Nine Months period of FY 21.

2. Q3 FY 22 in comparison to Q3 FY 21

• Revenue from Operation increased by Rs. 127 Cr, registered a growth of 35%.
• Growth of EBITDA and PAT by 18% and 9% respectively over Q3 of FY 21.

3. Q3 FY 22 in comparison to Q2 FY 22

• Revenue from Operation increased by Rs 65 Cr, registered a growth of 15%.

• Growth of EBITDA and PAT by 5% and 7% respectively over Q2 of FY 22.

Nine months ended FY22 Compared with nine months ended FY21:

● The Total Income stood at Rs 1332.76 crore in Nine Months ended FY22 as against Rs 878.66 crore in Nine Months ended FY21 increase of Rs 454.10 Cr. Improved by 52%
● Revenues from operations for the Nine Months ended December 31, 2021, stood at Rs 1212.90 crore as compared to Rs 742.00 crore in nine months ended December 31, 2020, improved by 63%
● The Earnings before Interest, Tax, Depreciation and Amortization (Core EBITDA) stands Rs. 221.07 crore in Nine Months ended December 31, 2021, as against Rs 150.43 crore in nine months ended December 31, 2020. Improved by 47%. & The Company’s EBITDA margin stood at 17%
● Profit Before Tax (PBT) stood at Rs. 194.05 crore for Nine Months ended December 31, 2021, as compared to Rs 128.58 crore in nine months ended December 31, 2020. Improved by 51% & The Company’s PBT margin stood at 15%
● Profit After Tax (PAT) reported stood Rs 142.33 crore in nine months ended
December 31, 2021 as against Rs 95.47 crore in nine months ended December 31, 2020. Improved by 49% & The Company’s PAT margin stood at 11%
● Earnings per share (EPS) for the nine months ended December 31, 2021, stood at Rs 12.42 as compared to Rs 8.33 in nine months ended December 31, 2020

Q3 FY22 Compared with Q3 FY21:

● Revenue from operation is Rs 486.89 crore in Q3 FY22 as against Rs 359.60 crore Q3 FY21 increased by Rs 127 Cr Improved by 35 %
● The Company’s EBITDA stood at Rs 95.80 Cr as against Rs 80.91 Cr of Q3 FY21 increased by Rs 15 Cr Improved by 18 %.
● Profit Before Tax (PBT) stood at Rs.85.95 crore for Q3 FY22, as against Rs. 72.97 Cr. in Q3 FY21 increased by Rs 13 Cr. Improved by 18%.
● Profit After Tax (PAT) stood at Rs 62.95 crore for Q3 FY22, as against Rs 57.62 Cr in Q3FY21 increased by Rs 5 Cr. Improved by 9%
● Earnings per share (EPS) for the quarter ended Q3FY22 stood at Rs 5.49 as compared to Rs 5.03 in Q3FY21

Q3 FY22 Compared with Q2 FY22:

● Revenue from operation is Rs. 486.89 crore in Q3 FY22 as against Rs 421.83 crore of Q2 FY22 increased by Rs 65 Cr Improved by 15%
● The Company’s EBITDA stood at Rs 95.80 Cr as against Rs. 91.13 Cr of Q2 FY22 increased by Rs 5 Cr Improved by 5%
● Profit Before Tax (PBT) stood at Rs 85.95 crore for Q3FY22, as against Rs 81.65 Cr in Q3 FY21 increased by Rs 4 Cr. Improved by 5%
● Profit After Tax (PAT) stood at Rs. 62.95 crore for Q3FY22 as against Rs 58.79 Cr In Q2 FY22 increased by Rs 4 Cr. Improved by 7%
● Earnings per share (EPS) for the quarter ended Q3FY22 stood at Rs 5.49 as compared to Rs 5.13 in Q2FY22

Commenting on the results, Rear Admiral V.K. Saxena, IN (Retd.), Chairman & Managing Director, Garden Reach Shipbuilders & Engineers Limited said, “During the first, second and third wave of the COVID-19 pandemic, the company effectively managed the challenges and made commendable progress to accomplish operational success.

“As a result, the shipyard could successfully continue concurrent construction of 17 ships in different stages that include launching of the ‘First of Class’ Indigenous Survey Vessel (Large) for Indian Navy on 05 Dec 21, laying keel of the Ocean-Going Passenger cum Cargo Vessel for the Republic of Guyana on 20 Nov 21 and the Keel of 5th of eight Anti-Submarine Warfare Shallow Water Crafts (ASWSWCs) on 21 Dec 2. The shipyard also Inaugurated GRSE-KPDD (Khidderpore Dry Dock) Unit on 01 Dec 21 and commenced ship repair & refit activities of Defence & commercial segments.

“The company looks forward to working with a more focused approach to expand the export horizon in shipbuilding and fulfilling the national objective of self-reliance. The company has a strong order book position of Rs 24,605 Cr as on 31 Dec 21.”

Unaudited Financial Results For The Quarter And Nine Months Ended 31 December, 2021.

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