Garden Reach Shipbuilders & Engineers (GRSE) saw its shares snap a five-day losing streak and rising over 6 percent in early trade on November 14 after the company reported strong quarterly results for the period ended September 2024.
By 9:30 AM, shares were trading over 2 percent higher at Rs 1,416. Year-to-date, the stock gained 62 percent, significantly outperforming the Nifty 50's modest 8 percent rise over the same period. Garden Reach has faced pressure in recent months, with negative returns from August through November.
For the September quarter, Garden Reach's Profit After Tax (PAT) climbed 21 percent year-on-year to Rs 98 crore, up from Rs 81 crore in Q2FY24. Revenue from operations surged 28 percent, reaching Rs 1,153 crore compared to Rs 898 crore in the previous year. The company's EBITDA rose 20 percent YoY to Rs 144 crore.
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During the first half of FY25, the company demonstrated impressive growth, with total income hitting Rs 2,311 crore, up from Rs 1,796 crore in H1FY24. Operating revenue for the period was Rs 2,163 crore. Core EBITDA for H1FY25 reached Rs 274 crore, with an EBITDA margin of 16 percent, while PAT rose 18 percent to Rs 185 crore.
"Our Q2 & H1/ FY 24 results have been very encouraging and our existing orders for Indian Navy, coupled with orders for commercial vessels and specialised research vessels provide us a clear growth path. With a strong order book and more orders on the anvil, the foreseeable future looks promising and we are confident of continued delivery of strong numbers," Hari PR, Chairman and Managing Director of Garden Reach said.
Garden Reach is a premier shipbuilding company in India under the administrative control of the Ministry of Defence, primarily catering to the shipbuilding requirements of the Indian Navy and the Indian Coast Guard.
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