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  1. Defence PSU GRSE pays ₹90.73 crore interim dividend for FY24; government gets ₹67.59 crore

Defence PSU GRSE pays ₹90.73 crore interim dividend for FY24; government gets ₹67.59 crore

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2 min read • Updated: March 2, 2024, 12:48 PM

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The defence PSU has reported a net profit of ₹246.07 crore and revenue of ₹2,576.91 crore for the first nine months of FY24. Garden Reach Shipbuilders shares have soared 86% in the past one year.

government gets ₹67.59 crore being major the shareholder

Warship building public sector undertaking (PSU) Garden Reach Shipbuilders and Engineers Ltd (GRSE) has paid an interim dividend of ₹90.73 crore to its shareholders for the financial year 2023-24.

The central government, which holds 74.5 % stake in the PSU, has received ₹67.59 crore dividend from the total payout.

Garden Reach Shipbuilders in a release said that the PSU handed over a dividend cheque of ₹ 67.59 crore as the government’s share to Defence Minister Rajnath Singh in an event in Kolkata on March 1.

The Defence Ministry public sector enterprise on February 13 announced an interim dividend of ₹7.92 per share for 2023-24. The record date for the dividend payout was February 23.

The PSU, which has been consistently paying dividends over the years, declared ₹5.50 per share dividend in FY23.

The company reported revenue from operations of ₹923.09 crore for the December quarter of 2023-24 against ₹698.6 crore in the December quarter of FY23.

Net profit rose to ₹88.38 crore in the third quarter of FY24 from ₹63.92 crore in the December quarter of 2022-23. For the nine-month period to December 31, 2023, revenue from operations rose to ₹2,576.91 crore from ₹2,561.14 crore in the year-ago period.

Net profit for the first three quarters of FY24 stood at ₹246.07 crore against ₹228.66 crore in 9M of FY23.

GRSE had a strong order book of ₹2,2792.89 crore as of December 31, 2023.

Shares of the company have soared around 86% in the past year amid a rally in PSU shares.

Kolkata-based Garden Reach Shipbuilders and Engineers is involved in the manufacturing and repairs of warships and naval vessels. The company, under the administrative control of the Ministry of Defence, also exports warship vessels.

The Defense PSU is a People Capability Maturity Model Level-2 Certified Company.

GRSE was the first shipyard of independent India to build a warship for the Navy, way back in 1961. It also built the first Indian Export Warship ‘CGS Barracuda’ for Mauritius and a Fast Patrol Vessel ‘SCG PS Zoroaster’ for Seychelles.

The company has also supplied an Ocean-Going Cargo & Passenger Ferry Vessel “MV Ma Lisha” to Guyana.

GRSE shares were trading almost flat at ₹817.85 apiece on NSE in the special trading session on Saturday.