Garden Reach Shipbuilders & Engineers Limited (GRSE) posted a decline of 38% in Profit After Tax at Rs29.50cr in Q3FY20 as against Rs47.34cr in the corresponding quarter of last year.
The revenue from operations for the quarter ended December 31, 2019, stood at Rs369.63cr as compared to Rs488.59cr in the same period of the previous year.
EBITDA Margin is at 12% for the current quarter against 15% in the corresponding quarter of last year. Thus, registering a decrease of 3%.
The shipbuilding process is a highly complex process & construction activities involve a 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.
The company is currently executing 06 Projects with the construction of 19 Ships. Of these Projects, 05 Projects are for Indian Navy and 01 Project is for Indian Coast Guard.
As on Dec 31, 2019, the company Order Book position stands at Rs27,047cr with shipbuilding projects related Order Book Value of Rs26,732cr. 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 from Mar till Dec 2019.
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