GRSE · Capital Goods
Garden Reach Shipbuilders & Engineers Ltd. reported revenue of ₹1,016 cr for January to March 2024, — on the year and +10.1% on the quarter.
Operating profit (EBITDA) was ₹91.0 cr, a margin of 9.0%, — on the year and +365 bps on the quarter.
Net profit was ₹112 cr, — on the year and +27.3% on the quarter, with earnings per share of ₹9.74.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹31.18 over the last four quarters, the stock at ₹2,126.60 trades at 68.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 50% of profit before tax.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹898 cr | ₹923 cr | ₹1,016 cr | ₹1,010 cr | ₹1,153 cr | ₹1,271 cr | ₹1,642 cr | ₹1,310 cr | ₹1,677 cr | ₹1,896 cr | ₹2,119 cr | ₹1,815 cr |
| YoY | — | — | — | +34% | +28% | +38% | +62% | +30% | +45% | +49% | +29% | +39% |
| EBITDA margin | 5.5% | 5.3% | 9.0% | 5.5% | 6.0% | 5.9% | 13.5% | 8.5% | 9.3% | 9.1% | 16.8% | 8.2% |
| Other income, % of PBT | 67% | 69% | 50% | 64% | 57% | 54% | 35% | 44% | 33% | 28% | 17% | 43% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 26% | 27% | 24% | 25% | 27% | 25% | 28% | 27% | 22% | 26% | 25% |
| Net profit | ₹81.0 cr | ₹88.0 cr | ₹112 cr | ₹87.0 cr | ₹98.0 cr | ₹98.0 cr | ₹244 cr | ₹120 cr | ₹154 cr | ₹171 cr | ₹303 cr | ₹173 cr |
| YoY | — | — | — | +13% | +21% | +11% | +118% | +38% | +57% | +74% | +24% | +44% |
| Core profit YoY | — | — | — | +32% | +60% | +68% | +173% | +129% | +150% | +152% | +62% | +40% |
| EPS | ₹7.05 | ₹7.70 | ₹9.74 | ₹7.61 | ₹8.53 | ₹8.57 | ₹21.32 | ₹10.49 | ₹13.43 | ₹14.91 | ₹26.47 | ₹15.09 |
| Flags | 1 | 1 | 1 | 1 | 1 | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Garden Reach Shipbuilders & Engineers Ltd. reported revenue of ₹1,016 cr (— on the year) and net profit of ₹112 cr (— on the year) for January to March 2024.
1 check raised a question: Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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