Garden Reach Shipbuilders & Engineers Limited (GRSE), the state-owned warship builder, reported a 13 percent increase in net profit to Rs 87 crore for the first quarter ended June.
The profit growth was driven by a substantial 34 percent rise in revenue from operations, which surged to Rs 1,010 crore compared to Rs 756 crore in the same period last year.
Earnings per share (EPS) improved to Rs 7.6, up from Rs 6.6 in Q1 FY24. Despite the profit increase, the company’s net profit margin contracted to 8.64 percent from 10.14 percent year-on-year.
GRSE's Chairman and Managing Director Cmde Hari PR expressed optimism about the company’s growth trajectory, citing strong financial results for Q1 FY25. He noted that the company is confident of maintaining its growth trend, supported by a robust order book and effective project execution plans.
"The shipyard is on a growth trajectory, and the Q1FY25 financial results have been very encouraging. Considering our current order book and project execution plan, we remain confident of maintaining this growth trend," Cmde Hari PR said.
To further strengthen its technical capabilities, GRSE signed three memorandums of understanding (MoUs) with various companies last month.
These include an agreement with Hyderabad-based Medha Servo Drives for the joint manufacture of advanced electrical/electronic equipment and systems, intended for use on both naval and commercial platforms.
Additionally, GRSE signed a pact with Kerala State Electronics Development Corporation Limited to establish a collaborative working arrangement for the development of core futuristic technologies in various fields, aimed at achieving self-reliance in certain areas of underwater surveillance.
(with PTI inputs)
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