Garden Reach Shipbuilders & Engineers’ (GRSE) Q3FY23 performance was a mixed bag. Key highlights: 1) revenues grew 44% YoY largely on the back of P- 17A advanced frigates, which have entered their peak revenue generation phase; 2) EBITDA was down 10% YoY at Rs469mn due to higher ‘other expenses’; 3) ‘other income’ rose 14.6% YoY to Rs.502mn mainly due to higher advances.