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ICICI Securities Report
Garden Reach Shipbuilders and Engineers Ltd. reported an impressive Q4 FY21.
While revenues were down 13%YoY, Ebitda was Rs 375 million, up 9% YoY; margins at 9.4%.
Both inventory and payable days for FY21 appear inflated, perhaps as a precursor to higher execution in FY22E.
What has helped the outlook of working capital the most is a normalised receivable days at 57 (136 YoY).
First of the three P17A stealth frigates (P17A forms the largest portion of the company’s orderbook) was launched in December 2020 and will lead to accelerated revenue accretion in the next two years.
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