Garden Reach Shipbuilders and Engineers (GRSE) snapped a five-day losing streak as the stock was trading in the black after the company posted strong Q2 results.

What Happened: The shipbuilding company’s bottomline surged 21% from the previous year to ₹97.77 crore. The defence company’s revenue gained 28% from the previous year to ₹1,152.92 crore.

In the first half of FY25, GRSE’s revenue grew to ₹2,163 crore from ₹1,654 crore in the same period of the previous year. Its bottom line increased to ₹185 crore from ₹157 crore in the previous year.

Garden Reach’s stock had fallen 47% from its highs in July as the company like other defence stocks had faced the heat due to expensive valuations.

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Prior to today’s jump GRSE’s shares were down 13% in the last 5 days.

Hari PR, Chairman and Managing Director of GRSE said in their press release that "Our Q2 & H1/ FY 24 results have
been very encouraging and our existing orders for Indian Navy, coupled with orders for commercial vessels and specialized research vessels provide us a clear growth path. With a strong order book and more orders on the anvil, the foreseeable future looks promising and we are confident of continued delivery of strong numbers".

As till September, the company had an order book of ₹25,230 crore. The company won multiple orders recently which includes a ₹491 crore order to construct an Acoustic Research Ship (ARS).

Price Action: Shares of GRSE had surged 1.63% to ₹1,406.70  on Thursday.

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