Tuesday, October 4, 2022

Dredging Corporation sets Rs 1,000 crore turnover target

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VISAKHAPATNAM: The Dredging Corporation of India (DCI) has now set a target to achieve above Rs 1000 crore in the present fiscal. It had reported a turnaround performance for the financial year 2021-22 earning a turnover of Rs. 802 crore which is the highest achieved in the last 12 years.
The Company reported a profit after tax for 2021-22 of Rs. 5.16 crore. As compared to the loss of Rs 172.41 crore in the last year. The Earning per Share (EPS) of Rs 1.84 as compared to minus Rs 60.05 for the previous year.
The EBITA for the year ended was also the all-time high in recent times at Rs 117.62 crore as against minus Rs 34.38 crore for the previous year.
The DCI said that this performance was achieved in spite of seven of the dredgers being in dry-dock for a considerable period of time during the year. The performance would have been much better but the abnormal increase in fuel prices in recent times created obstacles.
The managing director and CEO Prof Dr G.Y.V Victor informed the union minister for shipping Sarbananda Sonowal that the DCI set a target of Rs 1000 crore this financial year. He also informed of the award of contracts under the Sagarmala Project to deepen Mangrol Fishing Harbour in the State of Gujarat worth Rs 75 crore.
The DCI MD is exuberant about the turnaround performance which was possible through strict cost control measures and close monitoring of the contracts. He said the company is committed to maintaining this upward trend and showing a much-improved performance for the current year 2022-23 also.

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