PSU defence stock tumbles 7% after post Q4 earnings

Garden Reach Shipbuilders & Engineers (GRSE) saw a 7% drop in its share price in Thursday’s trading despite reporting a 17.16% increase in profit after tax (PAT) for the March quarter. GRSE’s PAT increased to Rs 55.3 crore compared to Rs 47.2 crore a year ago, while revenue from operation rose by 10.68% to Rs 601.17 crore for the same period. Cmde Hari PR, IN (Retd) Chairman and MD of GRSE said the company had the “best ever” financial performance during FY 22-23, which was a credit to the team’s resilience and ​resolve.