Defence PSU Garden Reach Shipbuilders Ltd (GRSE) on Friday announced a 10 percent jump in net profit to Rs 63 crore for the third quarter ending December 2021 amid Covid disruptions.
The warship maker also announced a Rs 56 crore interim dividend to shareholders and the government will get Rs 42 crore as it holds three-fourth of the total shares.
The revenue from operations was Rs 486 crore during the quarter under review, against Rs 359 crore in the corresponding period last year.
With commodity inflation, the cost of materials consumed during the quarter shot up to Rs 266 crore against Rs 162 crore in the same period of 2020.
Subcontracting also increased to Rs 63 crore during the quarter under review, compared to Rs 38 crore during the corresponding period of 2020.
The company was almost closed from the middle of May 2021 due to the emerging second wave of the COVID-19 pandemic as per government order.
The operations partially resumed almost after a month with requisite precaution, which has affected its financial performance, GRSE said.