GRSE rallies after bagging contract to construct 4 multi-purpose vessels
Garden Reach Shipbuilders & Engineers (GRSE) jumped 3.15% to Rs 1,771.35 after the firm has signed a contract with Carsten Rehder Schiffsmakler and Reederei GmbH & Co., KG Germany for construction and delivery of additional 4 multi-purpose vessels.
The order includes design, build and construct additional four multipurpose vessels of 7,500 DWT each, totaling to eight vessels. The value of the additional order is approximately $54 million. The total value would be approximately $ 108 million for eight vessels.
State-run GRSE is engaged in building warships and other vessels for the Indian Navy and Indian Coast Guard. It has also diversified into engineering business with a product profile of pre-fabricated steel bridges, various deck machinery items and assembly, as well as testing & overhauling of marine diesel engines. As on 30 June 2024, the Government of India holds 74.50% in the company.
On standalone basis, Garden Reach Shipbuilders & Engineers (GRSE) reported 13.71% increase in net profit to Rs 87.19 crore in Q1 FY25 as against Rs 76.68 crore posted in Q1 FY24. Revenue from operations jumped 33.58% year on year (YoY) to Rs 1,009.72 crore in the quarter ended 30 June 2024.
Powered by Capital Market – Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
Don’t miss the most important news and views of the day. Get them on our Telegram channel
First Published: Sep 19 2024 | 10:01 AM IST