Kolkata, Jun 7 (PTI) Defence PSU Garden Reach Shipbuilders & Engineers Ltd (GRSE) has reported a 48 per cent increase in net profit to Rs 49.69 crore during the quarter ended March 2020, despite a fall in its income in the period.
The warship maker had reported a net profit of Rs 33.62 crore in the corresponding period of 2018-19.
Total income decreased by 5.51 per cent to Rs 509.48 crore in the quarter under review from Rs 539.17 crore in the year-ago period, a statement said.
The COVID-19 pandemic has mostly impacted the physical performance of the company which continued with its design, planning and commercial activities amid the lockdown.
The shipmaker is executing projects having long construction period and a catch-up plan is being finalised to cover-up the delay occurred on physical performance during the lockdown, the statement said.
“There has been some impact on the assets due to the cyclone Amphan. Though there has been no major loss to the shipyard assets, suitable steps have been taken for the insurance claims. All assets are fully covered under the insurance policies,” the shipbuilder said.
The company reported a net profit of Rs 163.48 crore in 2019-20, as compared to Rs 109.94 crore in the previous year.
The state-run company is currently executing five projects with the construction of 18 ships and its order book stood at Rs 26,544 crore by end of the last fiscal.