Garden Reach Shipbuilders’ (GRSE) Q1FY24 performance was boosted by P-17A frigates project entering the peak revenue booking phase. Key points: 1) revenue was up 30.4% YoY while EBITDA rose 37.6% YoY; 2) orderbook as at Jun’23-end was at INR 245.5bn, implying orderbook/revenue at 8.96x; 3) an order worth INR 2.5bn for Naval guns from Indian Navy was received; and 4) company subcontracted part of its orderbook to L&T for speedy execution.