Kolkata, 31st October 2019: Garden Reach Shipbuilders & Engineers Limited (GRSE), one of the leading warship builders in the country have announced its Financial Results for the Quarter and Half Year ended September 30, 2019.
Q2 FY20: Revenue up by 102%, PAT up by 362% against same period of Previous Year
Q2 FY20 Vis-à-vis Q2 FY19:
• Revenue from Operations for the quarter ended September 30, 2019 stood at Rs.439.02 Cr., as compared to Rs.217.70 Cr. in the same period of Previous year.
• EBITDA (Margin) is 16.74% in current quarter against 9.78% in the corresponding quarter of last year. Thus, registering an increase of 6.96%.
• Profit Before Tax stood at Rs.77.01 Cr. in current quarter against Rs.17.19 Cr. in the corresponding quarter of last year. Increase is 348.01%.
• Profit After Tax (Margin) is 11.59% in current quarter against 5.02% in the corresponding quarter of last year. Thus, registered an increase of 6.57%.
• Profit After Tax stood at Rs.59.02 Cr. in current quarter against Rs.12.78 Cr. in the corresponding quarter of last year. Increase is 361.82%.
• Earnings Per Share for Q2 FY20 stood at Rs. 5.15, as compared to Rs. 1.12 for Q2 FY19
HY FY20: Revenue up by 49%, PAT up by 309%
HY FY20 Financial Performance Highlights
• Revenue from Operations stood at Rs. 606.98 Cr as compared Rs.408.62Cr, up 49% for HYFY20
• EBITDA stood at Rs. 128.56 Cr as compared to Rs.49.70Cr, 159 %, improvement over Half Year of Previous Year.
• EBITDA (Margin) is 17.65% in current Half Year against 10.17% in the corresponding Half Year. Thus, registering an increase of 7.48%.
• PBT stood at Rs. 113.26Cr as compared to Rs.34.69 Cr, up by 226%, in comparison to Half Year of Previous Year.
• PAT stood at Rs.84.30 Cr, as compared to Rs.20.59 Cr, up by 309%, in comparison to same period of Previous Year.
• Profit After Tax (Margin) is 11.57% in current Half Year against 4.22% in the corresponding Half Year. Thus, registered an increase of 735 basis points.
• EPS stood at Rs. 7.36 as compared to Rs.1.80, up 309%, in comparison to same period of Previous Year.
Q2FY20over Q1 FY20 Financial Performance Highlights
• Revenue from Operations stood at Rs. 439.02Cr. in Q2 where the same was of Rs.167.96Cr. in Previous Quarter.; q-o-q growth of 161.38%.
• EBITDA of Rs. 85.23 Cr. Previous Quarter Rs.43.33 Cr.; q-o-q growth of 96.68%
• PBT stood at Rs77.01 Cr. Previous Quarter Rs.36.24 Cr.; q-o-q growth of 112.50%
• PAT stood at Rs.59.02Crs.Previous Quarter Rs.25.28 Cr.; q-o-q growth of 133.46%
• EPS for Q2 FY20 stood at Rs. 5.15, as compared to Rs. 2.12 for Q2FY19
GRSE’s improved performance can be attributed to the further progress of the P-17 Alpha Project in line with the stipulated delivery guidelines in this quarter. The contributing factor included further streamlining of treasury management which resulted in higher collections from stage payments. This quarter also saw GRSE’s Engine Division getting revenues for overhauling of engines for two naval ships. The increase in “other income” is attributed to settlement of an old case with Central Coalfields Ltd. Ranchi. Furthermore the company benefitted from lower tax expenses due to lower tax rate of 25.17% resulting in further enhancing the profits and margins.
The order book position of the company as on September 30, 2019 was around Rs 27, 400 crore. Under this there are a total of 22 warships under construction. GRSE will deliver seven ships against three projects in this financial year. GRSE has at this point of time six projects that are under way viz., five projects of the Indian Navy and one of the Indian Coast Guard.
GRSE is aggressively bidding for the new request for proposals (RFP) that have been issued by MoD. GRSE has responded to the RFPs for two in number Pollution Control Vessels (PCVs) and eight Fast Patrol Vessels (FPVs) for Indian Coast Guard. GRSE is also building 05 FPVs for Indian Coast Guard of which first ship is delivered and second is being delivered in Nov 19. GRSE is also preparing response to RFPs for construction of 12 Air-Cushion Vehicles (ACVs) for Indian Coast Guard & Indian Army and the major project for construction of six New Generation Missile Vessels (NGMVs) for Indian Navy.
About Garden Reach Shipbuilders & Engineers Ltd. (www.grse.in)
Garden Reach Shipbuilders & Engineers Ltd, under the administrative control of the MoD, GoI, primarily catering to the shipbuilding requirements of the Indian Navy and the Indian Coast Guard. GRSE derives a significant majority of its revenue from its shipbuilding division, In addition to their warship building capabilities the company is also engaged in engineering and engine production activities. The engineering division manufactures deck machinery items, pre-fabricated portable steel bridges and marine pumps.
The Company has established capabilities for in-house design and shipbuilding and has made considerable contributions to the indigenous warship construction program of India. Over the years, Company has responded to the varied shipbuilding requirements of the Indian Defence Services and have evolved from building simpler vessels to building bigger and technically advanced warships.
For more information contact:
Sandeep Mahapatra (Company Secretary& Compliance Officer) Mr.Gaurav Girdhar /Mr. Irfan Raeen
GRSE Concept Investor Relations
Tel: +91 9831447982 Tel: +022 40558900
E-mail: email@example.com M: +91 7798232425/9773778669