Garden Reach Shipbuilders reported its earnings for the quarter ended September.
What Happened: The defence shipbuilding company's net profit for the quarter under review stood at ₹97.77 crore, a 21% jump from the ₹80.7 crore posted in the same quarter last year.
The company's revenue from operations went up 28% year-on-year to ₹1,152.92 crore, compared to the ₹878 crore posted in the corresponding quarter of the previous year.
Ashika Research expected the company’s revenue to come in at ₹1,203 crore with a net profit of ₹104.7 crore, while Antique Broking expected the company to post a revenue of ₹924 crore with a net profit of ₹86 crore.
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Last month, the PSU secured a ₹491 crore contract to design, develop, and construct an Acoustic Research Ship (ARS). The contract is expected to be completed within 36 months from the signing of the contract.
Price Action: Garden Reach Shipbuilders’ share price was down 4.33% to close at ₹1,399.15 on Wednesday.
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