Total expenses rose 29.9% to Rs 709.84 crore in Q1 June 2023 over Q1 June 2022. During the quarter, cost of materials consumed stood at Rs 445.43 crore (up 19.2% YoY) while employee benefits expense was at Rs 85.40 crore (up 6.9% YoY).
State-run GRSE is engaged in building warships and other vessels for the Indian Navy and Indian Coast Guard. It has also diversified into engineering business with a product profile of pre-fabricated steel bridges, various deck machinery items and assembly, as well as testing & overhauling of marine diesel engines. The Government of India holds 74.50% in the company.
