Garden Reach Shipbuilders Q3 Results: Revenue grows 37%, highest ever dividend declared

State-run Garden Reach Shipbuilders Ltd. declared its December quarter results after market hours on Monday, February 3, which showed both revenue and profit growth on a year-on-year basis, along with margin expansion.

The company's revenue grew by 37% from the year-ago quarter to ₹1,271 crore, while its net profit saw a 12% growth from the same quarter last year to ₹98 crore.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for Garden Reach, at the end of the December quarter saw a growth of 55% to ₹75.63 crore, while margins expanded by nearly 70 basis points to 5.95% from 5.27% in the base quarter.

The company has also declared an interim dividend of ₹8.95 per share, which is the highest on record for the company. This has surpassed the ₹7.92 per share the company had declared in February last year.

Record date for this dividend payout has been fixed as Friday, February 7, 2025.

The Garden Reach management said that the company's order book is strong and that ongoing projects are progressing well. The company also expects more orders in the coming months to bolster their order book position.

Shares of Garden Reach Shipbuilders ended 6% lower on Monday at ₹1,501 and have declined in three out of the last four trading sessions. The stock has nearly halved from its July 2024 peak of ₹2,833.