Garden Reach Shipbuilders Q1 Review - Execution Pickup Expected In FY22E: ICICI Securities
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ICICI Securities Report
Garden Reach Shipbuilders and Engineers Ltd. reported a muted Q1 FY22.
The company has laid the keel of third survey vessel large and first Anti-Submarine Warfare Shallow Water Craft.
Garden Reach also started production of second and third ship (Yard 3030 and Yard 3031) of the eight ASWSWC project on July 14, 2021.
Production has started of the ocean going passenger cum cargo ferry vessel for the Republic of Guyana. The company laid the keel of fast patrol vessel.
Further, the company bagged an order to build 06 patrol boats for government of Bangladesh for $1.82 million.
Overall, Garden Reach is well placed with ~20 times book to bill with Rs 262 billion orderbook to be completed by CY27; pick up in execution cycle will help unlock value.
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