Garden Reach Shipbuilders signs contract for construction and delivery of 2nd ship from series of 4 – CNBC TV18
| Company | Value | Change | %Change |
|---|
“…we wish to inform you that the company has signed a contract for construction and delivery of the second ship from the series of four additional vessels 7500 DWT Multi-Purpose Vessels (MPV) on 04 Dec 2024 at Hamburg, Germany. The contracts for the remaining two vessels will be communicated as and when the respective contracts are signed,” Garden Reach Shipbuilders said in a regulatory filing
The agreement was formalised on December 4, 2024, in Hamburg, Germany. This milestone follows GRSE’s September 2024 announcement of securing an order for four additional MPVs of 7,500 DWT each. The company has confirmed that the financial implications of the order remain unchanged. The remaining two contracts in the series will be disclosed once they are signed.
Also Read: Garden Reach signs ₹226 crore contract to build 13 hybrid electric ferries for West Bengal govt
Garden Reach Shipbuilders’ net profit neared levels of ₹100 crore during the July-September period. Net profit for the period increased by 21.2% from the same period last year to ₹97.8 crore. The company had reported a net profit of ₹80.7 crore in the base quarter.
Revenue for the quarter stood at ₹1,152.9 crore, which is a growth of 28.4% on a year-on-year basis compared to ₹897.9 crore. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for Garden Reach increased by nearly 41% on a year-on-year basis to ₹68.7 crore, while the EBITDA margin expanded by 60 basis points from the same period last year to 6% from 5.4%.
Shares of Garden Reach Shipbuilders and Engineers Ltd ended at ₹1,759.60, down by ₹17.10, or 0.96% on the BSE.
Also Read: Garden Reach Shipbuilders sets FY30 revenue target of ₹10,000 crore, confident of better margins
