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Garden Reach announces profit surge

12 August 2019
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Indian naval shipyard Garden Reach Shipbuilders & Engineers Limited (GRSE) posted a fall in revenues but strong growth in profits for the first quarter of fiscal year (FY) 2019–20, the state-owned company announced.

GRSE said on 9 August that its revenues during the quarter that ended 30 June were INR1.68 billion (USD23.6 million), a decline of 12% compared to the corresponding period last year. Despite this, GRSE said its profits after tax more than trebled to INR252.8 million. The company said its orderbook as of 1 July was worth INR278 billion.

The shipbuilder said its lower revenues in the quarter were mainly because of a fall in sales of spares for naval ships.

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