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ICICI Securities Report
Garden Reach Shipbuilders and Engineers Ltd. has reported lower-than expected Q4 FY22 earnings.
Q4 FY22/FY22 witnessed ~37%/54% YoY revenue growth, respectively. FY22 topline came in 4% below expectation. Q4 FY22 gross margin was down 5.5% YoY ; gross margin was at 43.6%.
Garden Reach Shipbuilders is well placed with ~14 times book to bill and ~Rs 245 billion of orderbook to be completed by CY27.
Given the current orderbook, we expect significant increase in execution in FY23/24E, led by P17A project (which constitutes majority of Garden Reach Shipbuilders' orderbook).
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