Garden Reach bags contract worth Rs 491 crore from Defence Ministry

The contract is for design, development, construction, integration of equipment, testing, certification, commissioning & supply of one acoustic research ship (ARS).

The project has to be executed within a period of 36 months.

State-run Garden Reach Shipbuilders & Engineers (GRSE) is engaged in building warships and other vessels for the Indian Navy and Indian Coast Guard. It has also diversified into engineering business with a product profile of pre-fabricated steel bridges, various deck machinery items and assembly, as well as testing & overhauling of marine diesel engines. As on 30 June 2024, the Government of India holds 74.50% in the company.

On standalone basis, Garden Reach Shipbuilders & Engineers (GRSE) reported 13.71% increase in net profit to Rs 87.19 crore in Q1 FY25 as against Rs 76.68 crore posted in Q1 FY24. Revenue from operations jumped 33.58% year onyear (YoY) to Rs 1,009.72 crore in the quarter ended 30 June 2024.

The scrip had advanced 1.22% to end at Rs 1765.15 on the BSE.