Garden Reach Shipbuilders & Engineers Ltd

Garden Reach Shipbuilders & Engineers Ltd

₹ 2,588 -0.25%
12 Jul - close price
About

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.[1]

Key Points

Shipbuilding Segment (89% of revenues)[1]
GRSE shipbuilding division consists of the construction of vessels for clients engaged in the defense sector shipping industry. Its build vessels i.e. Frigates, missile corvette, anti-submarine warfare corvette, survey vessel, offshore patrol vessel, etc.
Majority of the products manufactured by GRSE are supplied to central and state governments and entities owned and controlled by the government i.e. the Indian Navy and the Indian Coast Guard.
In addition to the shipbuilding products mentioned above, over the years GRSE has also supplied various boats, pontoons, barges, fishing trawlers, fire floats, tugs, dredgers, passenger ferries, motor cutters, deck whalers, launch, etc. to various other customers. [2]
It owns 3 separate shipbuilding facilities close to each other in Kolkata. The ships are built at the Main Works Unit and the Rajabagan Dockyard. [3]

  • Market Cap 29,648 Cr.
  • Current Price 2,588
  • High / Low 2,835 / 575
  • Stock P/E 83.0
  • Book Value 146
  • Dividend Yield 0.31 %
  • ROCE 28.4 %
  • ROE 23.1 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 26.5% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 30.5%

Cons

  • Stock is trading at 17.7 times its book value
  • Earnings include an other income of Rs.300 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Aerospace & Defence Industry: Miscellaneous

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Quarterly Results

Figures in Rs. Crores

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
399 304 422 487 543 580 682 699 601 756 898 923 1,016
361 302 367 435 511 546 634 652 581 710 849 874 925
Operating Profit 38 2 55 52 33 33 48 47 20 46 49 49 91
OPM % 9% 1% 13% 11% 6% 6% 7% 7% 3% 6% 5% 5% 9%
49 32 36 44 41 41 41 50 70 71 72 82 76
Interest 0 0 0 -0 1 1 1 1 4 5 2 1 3
Depreciation 8 7 9 10 10 9 10 10 10 10 10 10 10
Profit before tax 79 26 82 86 63 64 79 86 76 102 107 119 153
Tax % 26% 22% 28% 27% 25% 22% 25% 26% 28% 25% 25% 26% 27%
58 21 59 63 47 50 59 64 55 77 81 88 112
EPS in Rs 5.06 1.80 5.13 5.50 4.12 4.38 5.13 5.58 4.83 6.69 7.05 7.70 9.74
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
1,524 1,611 1,562 1,657 921 1,347 1,386 1,433 1,141 1,754 2,561 3,593
1,389 1,488 1,500 1,565 1,082 1,362 1,344 1,391 1,060 1,613 2,408 3,359
Operating Profit 135 123 62 92 -161 -15 42 42 81 141 153 234
OPM % 9% 8% 4% 6% -17% -1% 3% 3% 7% 8% 6% 7%
75 82 61 191 217 179 169 215 165 154 202 300
Interest 1 1 6 4 9 8 5 3 10 2 10 11
Depreciation 14 23 27 28 27 29 27 30 29 36 39 41
Profit before tax 194 181 90 252 20 128 179 224 207 257 305 481
Tax % 32% 36% 43% 35% 43% 28% 39% 27% 26% 26% 25% 26%
132 117 52 164 11 92 110 163 153 190 228 357
EPS in Rs 106.41 94.13 41.77 132.79 9.26 8.07 9.60 14.27 13.40 16.55 19.91 31.19
Dividend Payout % 20% 21% 48% 15% 472% 55% 72% 50% 37% 35% 31% 25%
Compounded Sales Growth
10 Years: 8%
5 Years: 21%
3 Years: 47%
TTM: 40%
Compounded Profit Growth
10 Years: 12%
5 Years: 26%
3 Years: 31%
TTM: 63%
Stock Price CAGR
10 Years: %
5 Years: 85%
3 Years: 134%
1 Year: 343%
Return on Equity
10 Years: 13%
5 Years: 17%
3 Years: 19%
Last Year: 23%

Balance Sheet

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 124 124 124 124 124 115 115 115 115 115 115 115
Reserves 743 831 883 1,013 959 907 924 926 1,023 1,143 1,299 1,559
0 0 0 0 25 0 0 0 4 11 312 66
5,079 5,477 2,994 3,317 3,458 3,302 3,152 4,355 5,656 6,374 9,057 8,513
Total Liabilities 5,947 6,432 4,001 4,454 4,567 4,323 4,191 5,395 6,797 7,643 10,783 10,252
278 363 366 344 358 389 302 304 340 501 508 506
CWIP 77 18 11 22 23 16 34 52 151 10 6 12
Investments 0 0 0 0 0 0 2 54 826 197 234 0
5,592 6,052 3,624 4,088 4,185 3,918 3,852 4,986 5,480 6,936 10,036 9,735
Total Assets 5,947 6,432 4,001 4,454 4,567 4,323 4,191 5,395 6,797 7,643 10,783 10,252

Cash Flows

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
-74 -112 628 515 -356 1,450 -707
267 198 245 -1,173 429 -1,666 1,056
-193 -89 -153 -62 -72 220 -358
Net Cash Flow 0 -3 720 -720 0 4 -9

Ratios

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 22 11 37 34 79 55 58 136 57 31 7 20
Inventory Days 1,568 1,932 334 236 383 727 168 1,590 606 458 662 646
Days Payable 94 136 202 190 290 968 177 1,922 592 159 266 161
Cash Conversion Cycle 1,495 1,806 170 79 172 -186 48 -196 71 330 404 505
Working Capital Days -185 23 -1,124 -388 -695 -468 -392 -533 -1,012 -660 -513 -272
ROCE % 24% 20% 10% 24% 3% 12% 18% 22% 21% 20% 20% 28%

Shareholding Pattern

Numbers in percentages

41 Recently
Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
74.50% 74.50% 74.50% 74.50% 74.50% 74.50% 74.50% 74.50% 74.50% 74.50% 74.50% 74.50%
1.10% 1.50% 1.55% 1.76% 1.95% 2.52% 2.68% 3.11% 3.34% 2.86% 3.26% 3.91%
12.74% 11.27% 10.68% 9.16% 8.36% 7.55% 7.91% 7.46% 5.96% 6.03% 6.14% 3.20%
11.66% 12.73% 13.27% 14.58% 15.20% 15.43% 14.91% 14.93% 16.20% 16.61% 16.10% 18.38%
No. of Shareholders 34,61835,58635,80637,51841,46060,04860,63868,8591,08,9221,17,6211,25,6312,59,827

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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