Garden Reach Shipbuilders & Engineers: Garden Reach Shipbuilders reports 144% YoY increase Q1 profit at Rs 50.2 crore supported by higher top line and operating income. The company recorded a 144% year-on-year rise in profit at Rs 50.18 crore for the quarter ended June FY23, supported by higher top line and operating income. Revenue increased by 91% to Rs 579.77 crore compared to corresponding period last fiscal.
PRO Only Highlights
- Quarterly performance largely backed by improved realisations
- Medium-term triggers China plus and protectionist measures for tyre industry
- Valuations not inexpensive; but improved medium-term outlook
- Quarterly performance largely backed by improved realisations
- Medium-term triggers China plus and protectionist measures for tyre industry
- Valuations not inexpensive; but improved medium-term outlook
As against the initial apprehensions about execution delays, Garden Reach Shipbuilders & Engineers (GRSE) has crossed its historical levels in terms of growth. In fiscal 2022, the company’s revenue grew 54 percent. What’s more, the momentum continues in Q1FY23 as well, with revenue growing 91 percent year on year (YoY) to Rs 580 crore. (image) While some of this could be attributed to the easing execution challenges, which were caused by COVID-led issues last year, a large part is due...