Garden Reach Shipbuilders gains 2.5% on Q3 profit boost

Over the last one year, Garden Reach Shipbuilding stock gained over 88 percent and more than over eight times in the past five years

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Shares of Garden Reach Shipbuilders and Engineers gained 2.5 percent at the open on February 14, a day after the shipbuilding and repairing company posted a 38 percent YoY increase in net profit at Rs 88.3 crore.

At 10:30 am, the stock was trading at Rs 816.

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In a regulatory filing post market hours on February 13, Garden Reach Shipbuilding and Engineering reported net profit of Rs 88.3 crore for Q3FY24, growing 38 percent YoY despite lower operating margin, aided by topline and other income.

Revenue grew 32.1 percent to Rs 923.1 crore. EBITDA was up 3.8 percent at Rs 48.7 crore from the last fiscal. Margin for the same period declined to 5.3 percent against 6.7 percent in the year-ago period.

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Over the last year, the stock has gained over 88 percent and over eight times in the last five years. The state-owned Garden Reach is involved in ship building, engine overhaul, assembly & testing and other engineering activities.

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