Garden Reach Shipbuilders & Engineers Ltd

About [ edit ]

Garden Reach Shipbuilders & Engineers Ltd is a premier shipbuilding company in India under the administrative control of the Ministry of Defence, primarily catering to the shipbuilding requirements of the Indian Navy and the Indian Coast Guard. GRSE is a diversified, profit making and the first Shipyard in the country to export warships and deliver 100 warships to the Indian Navy and Indian Coast Guard.#

Key Points [ edit ]
  • Market Cap 2,112 Cr.
  • Current Price 185
  • High / Low 243 / 132
  • Stock P/E 12.6
  • Book Value 93.0
  • Dividend Yield 3.87 %
  • ROCE 22.4 %
  • ROE 16.2 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 59.12%

Cons

  • Contingent liabilities of Rs.4082.74 Cr.
  • Earnings include an other income of Rs.158.09 Cr.
  • Debtor days have increased from 82.98 to 136.31 days.

Peer comparison

Sector: Ship Building Industry: Miscellaneous

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Quarterly Results

Figures in Rs. Crores

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
631 191 218 489 489 168 439 370 457 110 272 360
595 209 230 448 458 176 424 371 422 150 239 318
Operating Profit 35 -18 -12 41 31 -8 15 -1 35 -40 33 42
OPM % 6% -9% -6% 8% 6% -5% 3% -0% 8% -37% 12% 12%
Other Income 62 43 37 39 50 51 70 51 42 50 27 39
Interest 4 0 1 2 1 0 0 1 -0 0 0 0
Depreciation 8 7 7 7 7 7 8 7 8 8 6 8
Profit before tax 85 18 17 71 73 36 77 41 69 2 54 73
Tax % 19% 55% 26% 34% 54% 30% 23% 29% 28% 92% 30% 21%
Net Profit 69 8 13 47 34 25 59 30 50 0 38 58
EPS in Rs 6.03 0.68 1.12 4.13 2.93 2.21 5.15 2.58 4.34 0.01 3.29 5.03

Profit & Loss

Figures in Rs. Crores

Mar 2018 Mar 2019 Mar 2020 TTM
1,347 1,386 1,433 1,199
1,362 1,346 1,396 1,130
Operating Profit -15 41 37 69
OPM % -1% 3% 3% 6%
Other Income 179 171 218 158
Interest 8 5 1 0
Depreciation 29 27 30 29
Profit before tax 128 179 224 198
Tax % 28% 39% 27%
Net Profit 92 110 163 145
EPS in Rs 8.07 9.60 14.27 12.67
Dividend Payout % 55% 72% 50%
Compounded Sales Growth
10 Years:%
5 Years:%
3 Years:%
TTM:-18%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
TTM:13%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:%
1 Year:34%
Return on Equity
10 Years:%
5 Years:%
3 Years:%
Last Year:16%

Balance Sheet

Figures in Rs. Crores

Mar 2018 Mar 2019 Mar 2020 Sep 2020
115 115 115 115
Reserves 907 924 926 951
Borrowings 0 0 0 0
3,302 3,152 4,350 5,111
Total Liabilities 4,323 4,191 5,390 6,177
389 302 304 295
CWIP 16 34 52 84
Investments 0 2 54 219
3,918 3,852 4,981 5,579
Total Assets 4,323 4,191 5,390 6,177

Cash Flows

Figures in Rs. Crores

Mar 2018 Mar 2019 Mar 2020
-74 -112 628
267 198 245
-193 -89 -153
Net Cash Flow 0 -3 720

Ratios

Figures in Rs. Crores

Mar 2018 Mar 2019 Mar 2020
ROCE % 18% 22%
Debtor Days 55 58 136
Inventory Turnover 1.78 1.83

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
74.50 74.50 74.50 74.50 74.50 74.50 74.50 74.50 74.50 74.50
0.01 0.00 0.07 1.36 1.81 1.47 1.25 0.91 1.04 0.97
22.29 22.27 18.75 17.59 16.20 16.67 17.26 16.90 16.00 15.61
3.20 3.23 6.68 6.55 7.49 7.36 6.99 7.69 8.46 8.92

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