New Delhi: Warship builder Garden Reach Shipbuilders & Engineers Limited (GRSE) on Friday posted a growth of 362 per cent in its net profit at Rs 59.02 crore for the quarter ended on September 30 against Rs 12.78 crore in the same quarter previous year.
The company’s revenue shot up by 102 per cent to Rs 439.02 crore in the second quarter of 2019-20 as compared to Rs 217.70 crore in the same period last year.
The ship manufacturer gave Earning Per Share at Rs 5.15 as compared to last year Rs 1.12, up by 360 per cent.
“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,” the company said in a statement.
The order book position of the company as on September 30 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.
The ship maker also added that it is aggressively bidding for the new request for proposals (RFP) that have been issued by the government.
GRSE has responded to the RFPs for two in number Pollution Control Vessels (PCVs) and eight Fast Patrol Vessels (FPVs) for Indian Coast Guard, it added.
GRSE is also building five FPVs for Indian Coast Guard of which first ship is delivered and second is being delivered this month.
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.
