Garden Reach Shipbuilders reported its earnings for the quarter ended June on Thursday afternoon. Shares of the Defence major crashed as soon as the announcement was made.
What Happened: The company’s net profit saw a 14% jump to ₹87.19 crore, compared with the ₹76.68 crore posted in the same quarter last year.
Revenue from operations came in at ₹1,009 crore, up 33% from the ₹755 crore posted in the corresponding quarter of the previous year.
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Antique Broking had estimated that the defence company’s revenue would come in at ₹975.9 crore with a net profit projected to be ₹92.9 crore.
Shares of the company have been under pressure ever since the budget. The ongoing turmoil in Bangladesh has put the company’s recent order win in the country under some uncertainty.
In July, the defence contractor had secured a contract to construct an advanced ocean-going tug for the South Asian country.
Price Action: Garden Reach’s share price was down 2.60% to trade at ₹2,122.50 on Thursday afternoon,
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