Share price of a premier Warship building Company in India hit a new 52-week high at Rs. 1,424.8 in the morning trading session of Thursday, after reporting a rise in net profit of 26.5 percent QoQ and 102.5 percent YoY.
With a market capitalisation of Rs. 15,693.62 crore, at 10:35 a.m., the shares of Garden Reach Shipbuilders & Engineers Limited (GRSE) were trading in the green at Rs. 1,370, up by 15.03 percent.
The fluctuations in the share prices were observed after the company announced the financial results for Q4 FY23-24 and FY24, through the recent filings with the stock exchanges on Wednesday post-market hours.
The revenue from operations stood at Rs. 1,015.72 crore in Q4 FY23-24, indicating a growth of 10.03 percent QoQ from Rs. 923.1 crore in Q3 FY23-24, while on a year-on-year basis, it increased by 69 percent from Rs. 601.2 crore in Q4 FY22-23.
GRSE witnessed a rise in the net profit to Rs. 112 crore in Q4 FY23-24, increasing from Rs. 88.25 crore in Q3 FY23-24 by 26.5 percent QoQ, and from Rs. 55.3 crore in Q4 FY22-23 by 102.5 percent YoY.
On a year-on-year basis, the company’s Earnings Before Interest, Taxes, Depreciation, and Amortisation, or EBITDA stood at Rs. 166 crore in Q4 FY23-24, as against Rs. 90 crore in Q4 FY22-23, registering a growth of 90 percent.
Earnings per share (EPS) for FY23-24 stood at Rs. 31.19, compared to Rs. 19.91 in FY22-23.
Further, the company’s Board has recommended a final dividend of Rs. 1.44 per equity share for FY23-24, subject to the approval of the shareholders.
According to 16th May filings with the stock exchanges, GRSE received a Notification of Award for the Procurement of a Trailing Suction Hopper Dredger with spare parts, from the Government of the People’s Republic of Bangladesh, with a total contract value of ~Rs. 138 crore (or US$1,65,75,210).
As of March 2024, FIIs hold 3.26 percent of the shares, whereas DIIs hold 6.14 percent of the shares in the company, aggregating to 9.4 percent of the institutional holdings.
The stock has delivered 187.4 percent of multibagger returns in one year and 64.8 percent of positive returns in the last six months. So far in 2024, the company has given 57 percent of positive returns,
Incorporated in 1934, Garden Reach Shipbuilders & Engineers Ltd., a premier warship building company in India, under the administrative control of the Ministry of Defence, primarily engaged in building warships and other vessels for the Indian Navy and Indian Coast Guard.
Written by Shivani Singh
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