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Business News/ Markets / Stock Markets/  Q4 Results Reaction: Garden Reach Shipbuilders soar over 18% to new high as profit doubles in March quarter
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Q4 Results Reaction: Garden Reach Shipbuilders soar over 18% to new high as profit doubles in March quarter

Garden Reach Shipbuilders & Engineers stock surges over 18% to ₹1,410.15 after strong Q4FY24 results. Net profit more than doubles YoY to ₹111.60 crore. Sales jump 68.96% YoY to ₹1015.73 crore. EBITDA triples to ₹90.5 crore in the quarter.

Garden Reach Shipbuilders & Engineers stock surges over 18% to ₹1,410.15 after strong Q4FY24 results. Net profit more than doubles YoY to ₹111.60 crore. Sales jump 68.96% YoY to ₹1015.73 crore. EBITDA triples to ₹90.5 crore in the quarter.Premium
Garden Reach Shipbuilders & Engineers stock surges over 18% to 1,410.15 after strong Q4FY24 results. Net profit more than doubles YoY to 111.60 crore. Sales jump 68.96% YoY to 1015.73 crore. EBITDA triples to 90.5 crore in the quarter.

Shares of Garden Reach Shipbuilders & Engineers skyrocketed over 18 percent in morning deals on Thursday to hit its new high of 1,410.15 after the company posted exceptional results for the quarter ended March 2024 (Q4FY24). Following today's surge, the stock has now soared 215 percent from its 52-week low of 448.05, hit on May 25, 2023.

The company's net profit in Q4FY24 more than doubled, up 101.81 percent year-on-year (YoY) to 111.60 crore, its highest ever, as against 55.30 crore In the same quarter last year. Meanwhile, its sales jumped 68.96 percent YoY to 1015.73 crore in the quarter under review versus 601.17 crore in the same quarter last year.

Also Read: Jubilant FoodWorks share price jumps 5% after 7-fold YoY jump in Q4 profit

On the operating front, Earnings Before Interest, Tax Depreciation and Amortisation (EBITDA) more than tripled during the quarter to 90.5 crore. The firm had reported EBITDA of just over 20 crore in the same period last year.

Other shipbuilders also joined in the rally. Mazagon Dock Shipbuilders advanced 8 percent to its new high of 3,110. It has now surged a massive 316 percent from its 52-week low of 747.55, hit on May 25, 2023. Meanwhile, Cochin Shipyard rallied 9.4 percent also to its record high of 1,787. It has also skyrocketed 662 percent from its 52-week low of 234.53, hit on May 25, 2023.

For the full financial year 2023-24 (FY24), its net profit surged 56.61 percent YoY to 357.27 crore from 228.12 crore in FY23. Sales also rose 40.27 percent YoY to 3592.64 crore in FY24 as against 2561.15 crore during the previous year ended March 2023.

Also Read: Q4 Results Today: IndiGo, ITC, Fortis Healthcare and ICRA among 181 companies to post earnings on May 23

“Happy to report a strong set of numbers, with both our Revenue from Operations and Profit after Tax reaching new heights. Backed by a strong order book and with our ongoing projects at a maximum revenue recognition phase, and also with more orders on the anvil, we are confident of sustained growth in the coming years too. Our focus continues to be on timely execution of ongoing projects and new technology adoption with specific impetus on development of autonomous and green energy platforms," said Cmde Hari PR, IN (Retd) Chairman and Managing Director, Garden Reach Shipbuilders & Engineers Limited.

The stock of Garden Reach has given multibagger returns in the last 1 year, rising around 149 percent while it has advanced 61.5 percent in 2024 YTD, giving positive returns in 3 of the 5 months so far. The scrip has gained 20.4 percent in May so far after a 23.3 percent jump in April. However, it lost 6 percent and 12.5 percent in March and February, respectively. Before that, it was up 6.6 percent in January 2024.

Read here: Mint Explainer: How Sebi wants to prevent insider trading violations

Garden Reach Shipbuilders & Engineers Limited engages in the design and construction of war ships in India. The company offers frigates, anti-submarine warfare corvettes, missile corvettes, landing ship tanks, landing craft utilities, survey vessels, fleet replenishment tankers, fast patrol vessels, offshore patrol vessels, inshore patrol vessels, water jet fast attack craft, hovercrafts, and fast interceptor boats to the Indian Navy, Indian Coast Guard, and other governments.

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Published: 23 May 2024, 10:17 AM IST
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