GRSE Inks Contract for Second Multi-Purpose Vessel in Series of Four

5 Dec 2024 , 10:58 PM

Garden Reach Shipbuilders & Engineers Ltd (GRSE) announced signing a contract for constructing the second 7,500 Deadweight Tonnage (DWT) Multi-Purpose Vessel (MPV) in a series of four additional vessels. The said agreement was concluded on Dec. 4, 2024, in Hamburg Germany through the strategic expansion the firm has on ship-building business.

GRSE had previously disclosed securing an order for four additional MPVs in September 2024, each with a capacity of 7,500 DWT. The financials of this deal have not been changed and will update about the rest of the deals once those get finalized.

GRSE’s net profit jumped 21.2% YoY at ₹97.8 crore, from ₹80.7 crore a year ago Revenue rose 28.4% YoY at ₹1,152.9 crore, compared to ₹897.9 crore previously. EBITDA grew 41% year-over-year to ₹68.7 crore, with EBIT margin up to 6% versus 5.4% in the previous fiscal.

In the National Stock Exchange, shares of Garden Reach Shipbuilders & Engineers Ltd closed at ₹1758 on December 5, 2024, which is a 1.04% dip than the previous close. Garden Reach Shipbuilders & Engineers shares has gained a total of 110% in the last one year. Shares has gained 13.52% in the last one month

The new vessel order also indicates GRSE is following the path of progress towards innovation, operational effectiveness, and consolidating its footing as a major player across the globe. Quality vessel delivery is clearly possible with GRSE being among the most respected state-owned shipbuilders.