Garden Reach Shipbuilders Q3 Review - Execution Pickup Will Unlock Value: ICICI Securities
Ships stand under construction in a dry dock. (Photographer: SeongJoon Cho/Bloomberg)  

Garden Reach Shipbuilders Q3 Review - Execution Pickup Will Unlock Value: ICICI Securities

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ICICI Securities Report

Garden Reach Shipbuilders and Engineers Ltd. reported an in line Q3 FY21.

While revenues were down 3%YoY, Ebitda was Rs 416 million (Q3 FY20 Ebitda was down Rs 12 million). Ebitda margins surprised at 11.6%.

Keel laying has started for the first anti-submarine warfare shallow water crafts in Larsen and Toubro Ltd.’s Katupalli shipyard to bring forward the execution cycle.

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.

Click on the attachment to read the full report:

ICICI Securities Garden Reach Shipbuilders Q3FY21 Results Update.pdf

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