Rs 1.44/Share Dividend, 910% Jump: Defence PSU Garden Reach Declares 104% YoY Rise In PAT

Mid cap Aerospace & Defence sector PSU Garden Reach Shipbuilders & Engineers (GRSE) on May 22 announced a jump of 104% year-on-year (YoY) to Rs 112 crore for the quarter ended March 2024 as against Rs 55 crore declared in the corresponding quarter of last year.

The defence PSU recommended a final dividend of Rs 1.44 per equity share. Last trading price of Garden Reach Shipbuilders share on BSE is Rs 1190.95 per share with intraday decline of 1.56%. Garden Reach Shipbuilders shares jumped 28% in last 2-weeks and surged 149% in last 1-year. More details below:

Garden Reach Shipbuilders & Engineers (GRSE) Recommends Dividend: As per the BSE filing of the PSU dated May 22, "Board of Directors of the Company has recommended a final dividend of ~1.44 per equity share, in addition to interim dividend of H.92 per equity share paid, for the Financial Year 2023-24, subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the Company. The final dividend would be paid within 30 days from the date of its declaration at the 108th AGM of the Company."

Garden Reach Q4: The company announced it revenue from operations at Rs 1016 crore for Q4FY24, registering a growth of 69% as against Rs 601 crore declared in the similar quarter of last year. The March 2024 quarter EBITDA of Garden Reach zoomed to 166 crore, up 84% from Rs 90 crore declared in March 2023. Meanwhile, profit before tax (PBT) stood at Rs 153 crore for the quarter under review, up 101% as against Rs 76 crore declared the same quarter of last year.

Commenting on the results, Cmde Hari PR, IN (Retd) Chairman and Managing Director, Garden Reach Shipbuilders & Engineers Limited said, "Happy to report a strong set of numbers, with both our Revenue from Operations and Profit after Tax reaching new heights."

Garden Reach Share Performance: The 52-week high price of GRSE share on BSE is Rs 1235.85 per share (as on 22/05/2024) and 52-week low price is Rs 448.05 per share (as on 25/05/2023). Garden Reach Shipbuilders has a market capitalisation of Rs 13,642.57 crore. Garden Reach Shipbuilders shares soared 37% in last 1-month, zoomed 48% in last 6-months, rallied 284% in last 2-years, jumped 542% in last 3-years, and rose 910% in last 5-years.

Garden Reach Shipbuilders About: The journey of Garden Reach Shipbuilders & Engineers Ltd., a premier Warship building Company in India, under the administrative control of Ministry of Defence, a PCMM Level-2 Certified Company, dates back to 1884 when it started its journey as a small workshop to repair vessels of River Steam Navigation Company. The Company was taken over by the Government of India in 1960. GRSE has the distinction of becoming the first shipyard of independent India to build a warship for Indian Navy, the Seaward Defence Boat (SDB) INS Ajay, way back in 1961.

Disclaimer: The stock declared Q4 results and dividend. It is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for ay losses. Please consult a professional advisor.