Garden Reach shares plunge 7% despite Indian Navy contract wins and higher Q4 profit

Garden Reach Shipbuilders & Engineers share price fell 7 percent in the early trade on May 25 despite the company reporting better numbers for the quarter ended March 2023 and bagging orders from Indian Navy.

Garden Reach Shipbuilders has reported a 17.1 percent year-on-year increase in its March FY23 quarter profit to Rs 55.3 crore against Rs 47.2 crore in the same quarter last year.

Revenue rose by 10.7 percent to Rs 601.2 crore from Rs 543.1 crore in a year-ago period.

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The company has entered into a contract with the Indian Navy for the supply of 10 in number 30 mm Naval Surface Guns (NSG) with Electro Optical Fire Control System (EOFCS) and ammunition at a cost of Rs 248.51 crore.

The share touched a 52-week high of Rs 556.80 and a 52-week low of Rs 207.75 on 09 December, 2022 and 20 June, 2022, respectively.

Currently, it is trading 16.83 percent below its 52-week high and 122.91 percent above its 52-week low.