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Garden Reach Shipbuilders reports 10 pc YoY growth in net profit in Q3FY22 GRSE

Garden Reach Shipbuilders reports 10 pc YoY growth in net profit in Q3FY22

India Blooms News Service | @indiablooms | 12 Feb 2022, 12:08 am

Defence PSU Garden Reach Shipbuilders Ltd (GRSE) on Friday reported a net profit of Rs 6,294.52 lakh, up 10 percent year-on-year against Rs 5,762.14 lakh in the corresponding quarter last fiscal.

The state-run warship maker said it earned a revenue of Rs 48,688.27 lakh in the quarter under review while the revenue in the same quarter last year stood at Rs 35,960.35 lakh.

The company also announced Rs 56 crore interim dividend to shareholders.

"The Board of Directors of the Company at their Meeting held on Friday, 11 Feb 2022 has declared an Interim Dividend for the Financial Year 2021-22 @ Rs 4.95 per equity share of the face value of Rs 10/- each, amounting to Rs 56. 70 crore, out of profits of the Company for the nine months period ended 31st December 2021," the company said in a reguatory filing.

Of this, the government will get Rs 42 crore as it holds three-fourth of the total shares.

The board of directors has fixed Wednesday, 23 Feb 2022 as the record date for determining the shareholders entitled to receive the Interim Dividend for FY 2021-22.

The cost of materials consumed during the quarter jumped to Rs 26,676.45 lakh against Rs 16,237.07 lakh in the same period of 2020.

Sub-contracting charges also shot up to Rs 6,327.01 lakh in the third quarter against Rs 3,833.89 lakh in the same quarter in the previous year.

The company was almost closed from mid of the month of May 2021 due to the then emerging second wave of the COVID-19 pandemic as per government directives.

The operations partially resumed almost after a month with requisite precaution, which has affected the revenue and financial performance of the company.