Companies

Shipbuilder Garden Reach reports jump in Q1 net profit at ₹21 crore

Our Bureau Kolkata | Updated on August 17, 2021

Beats back Covid challenge to undertake production of 12 ships

Garden Reach Shipbuilders & Engineers Ltd (GRSE) registered a sharp jump in net profit at ₹21 crore for the quarter ended June 30, 2021, as compared with ₹15 lakh in the same period last year.

Revenue from operations grew 176 per cent at ₹304 crore in the first quarter of FY 22, against ₹110 crore during the same period last year.

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EBITDA margin increased to 10 per cent during the quarter under review, as against 6 per cent in the same period last year. The company’s net profit margin improved to 6.77 per cent (0.14 per cent).

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The company used learnings from the impact of the first wave of the Covid pandemic to strategise and mitigate the impact of the second wave.

“Overcoming the challenges posed by the ongoing pandemic, the shipyard is undertaking production of 12 ships concurrently across five projects,” it said in a press statement.

It further added that the shipyard commissioned a 250-tonne Goliath Crane, a major contributor in undertaking integrated shipbuilding using advanced modular construction technology to boost production.

“The shipyard signed an order for supply of six patrol boats with the Fisheries Department of Bangladesh, under the Sustainable Coastal and Marine Fisheries Project, an order won on competitive bidding with global players,” the company said.

Published on August 17, 2021

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