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.
Want to read more? For analysis on this article and access to all our insight content, please enquire about our subscription options at ihsmarkit.com/janes