Garden Reach Shipbuilders & Engineers Ltd.
(A GOVT OF INDIA UNDERTAKING, MINISTRY OF DEFENCE)
Registered Office: 43/46, Garden Reach Road, Kolkata – 700 024.
CIN: L35111WB1934GOI007891
Performance Review
Results of Quarter Ended and Nine Months Ended 31st December, 2019
Garden
Reach Shipbuilders & Engineers Limited (GRSE), one of the leading
warship builders in the country have announced its Financial Results for
the 3rd Quarter three and Nine months ended December 31, 2019.
9M FY20: Revenue up by 9%, PAT up by 49%
M FY20 Financial Performance Highlights
· Revenue from Operations stood at Rs. 976.61 Cr as compared Rs.897.21 Cr, up 9 % for 9M FY19
· EBITDA stood at Rs. 178.61 Cr as compared to Rs. 130.10 Cr, 37 %, improvement over Nine months of Previous Year.
· EBITDA (Margin) is 16% in current Nine months against 13% in the corresponding Nine months. Thus, registering an increase of 3%.
· PBT stood at Rs. 154.72 Cr as compared to Rs. 105.95 Cr, up by 46%, in comparison to Nine months of Previous Year.
· Profit
After Tax (Margin) is 10% in current Nine months against 7% in the
corresponding Nine months Thus, registered an increase of 3%.
· PAT stood at Rs. 113.80 Cr, as compared to Rs. 76.32 Cr, up by 49 %, in comparison to same period of Previous Year.
· EPS stood at Rs. 9.93 as compared to Rs. 6.66, up 49 %, in comparison to same period of Previous Year.
Q3 FY20: Revenue down by 24%, PAT down by 38% against same period of Previous Year
Q3 FY20 Vis-à-vis Q3 FY19:
· Revenue
from Operations for the quarter ended December 31, 2019 stood at
Rs.369.63 Cr., as compared to Rs. 488.59 Cr. in the same period of
Previous Year.
· EBITDA
(Margin) is 12 % in current quarter against 15% in the corresponding
quarter of last year. Thus, registering a decrease of 3 %.
· Profit
Before Tax stood at Rs. 41.46 Cr. in current quarter against Rs.71.25
Cr. in the corresponding quarter of last year. Decrease is 42%.
· Profit
After Tax (Margin) is 7% in current quarter against 9% in the
corresponding quarter of last year. Thus, registered a decrease of 2%.
· Profit
After Tax stood at Rs. 29.50 Cr. in current quarter against Rs.47.34
Cr. in the corresponding quarter of last year. Decrease is 38%.
· Earnings Per Share for Q3 FY20 stood at Rs. 2.57, as compared to Rs. 4.13 for Q3 FY19
Operational Highlights of Reported Period
The
company is currently executing 06 Projects with construction of 19
Ships. Of these Projects, 05 Projects are for Indian Navy and 01
Project is for Indian Coast Guard.
As
on 31 Dec 2019, the company Order Book position stands at Rs. 27,047
Crores with shipbuilding projects related Order Book Value of Rs. 26,732
Crores. During the Reported Period the company delivered 03 Ships, 01
for Indian Navy and 02 for Indian Coast Guard. With these deliveries
the company delivered 05 Ships in total during the 10 months period from
Mar 2019 till Dec 2019.
Under
Indian Navy Contract for construction of 03 Advanced Stealth Frigates
with total Contract Value of Rs. 19,295 Crores, the company recently did
the Keel Laying for 2nd Ship which is ahead of the contractual timelines. The construction of the 1st Ship of this contract is progressing satisfactorily and company has plans to have the start production for the 3rd Ship shortly.
In respect of Survey Vessel (Large) Project of Indian Navy for 04 Ships, the company has done with the Keel Laying for the 1st Ship and start production for the 2nd Ship during the reported period.
Management Comments
The
shipbuilding process is highly complex process & construction
activities involve long gestation period. In this process, the shipyard
plays the role of integrator while Vendors / Suppliers / OEMs work with
the shipyard closely for continuing with the construction activities.
With
this nature of business of warship construction, year-on-year
performance is considered relevant than the quarter-on-quarter
performance.
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