Knowledge Marine & Engineering Works Ltd Share Price – BSE

Ship Building, Small Cap

Knowledge Marine & Engg. Works will hold a meeting of the Board of Directors of the Company on 21 March 2024.

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The said order includes maintenance dredging of Farakka-Kahalgaon (146 KM) stretch of River Ganga under National Waterways – 1

Two nos. of cutter suction dredgers will be mobilized by the company for the said project. The company was operating trailers, backhoe and grab dredgers till now. The company said that it is very excited to enter into cutter suction dredger market and is very hopeful to execute the work on time.

The value of the said contract is Rs 98.06 crore. The contract is for a period of 3 years and further extendable by 2 more years.

Sujay Kewalramani, CEO, Knowledge Marine & Engineering Works said that, “We are thrilled to announce a major breakthrough as we secure our first contract with the Inland Waterways Authority of India, underscoring our unwavering commitment to this sector wherein we will be deploying our first cutter suction dredger.

We have secured the work of 146 kms out of the total focus of Government of India approximately 20,000 kms plus river length. The potential is immense and we intended to further our efforts towards securing more business with IWAI in the coming year. This adds a new revenue stream to our dredging business. With a strong emphasis on execution, we are poised to capitalize on further opportunities within this segment.

Additionally, we are gratified that these projects are World Bank funded, as our successful qualification underscores our readiness for future contract endeavors. We have become part of the select few companies that are qualified to participate in river Dredging works.”

Knowledge Marine & Engg Works is engaged in the business of owning, chartering/hiring along with manning, operation and technical maintenance of marine crafts, dredging and repairs/maintenance of marine crafts and marine infrastructure and allied works in India.

The company's consolidated net profit rose 2.48% to Rs 24.42 crore in H1 FY24 as compared with Rs 23.83 crore in H1 FY23. Net sales declined 12.90% YoY to Rs 106.88 crore in H1 FY24.

The scrip rose 0.65% to currently trade at Rs 1,510 on the BSE.

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Knowledge Marine & Engineering Works has bagged a project from Inland Waterways Authority of India (IWAI) for Fairway Maintenance of Farakka – Kahalgaon (146 km) stretch of National Waterway -1 (River Ganga) for an amount of Rs. 98.06 crores for a period of 3 years.

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The vessel of 1,890 cubic meters hopper capacity was built in Krupp, Germany, in the year 1974 but rebuilt in 2010 and is registered under Bureau Veritas with the inbuilt pump ashore facility which is very crucial for discharge of sand.

The recently acquired asset, River Pearl 18, will be the third TSHD in the fleet of KMEW and has been mobilized from Bulgaria to Bahrain and is ready to be deployed in Bahrain to spearhead the sand mining contracts.

This vessel boasts advanced capabilities, allowing for the efficient extraction of sand from the seabed and seamless transportation over extensive distances. With a projected operational lifespan of approximately 15 years, River Pearl 18 represents a valuable addition to the existing fleet.

Sujay Kewalramani, CEO of Knowledge Marine & Engineering Works, said, “It is with great pleasure that we announce the latest addition to our fleet, River Pearl 18, which represents a significant stride towards fulfilling our contracted commitments in Bahrain.

This new vessel brings us closer to the seamless execution of the projects we have secured in the region. Moving forward, we remain dedicated to strategically expanding our fleet by incorporating vessels that align seamlessly with the requirements of our sand mining operations.”

Knowledge Marine & Engg Works is engaged in the business of owning, chartering/hiring along with manning, operation and technical maintenance of marine crafts, dredging and repairs/maintenance of marine crafts and marine infrastructure and allied works in India.

The company's consolidated net profit rose 2.48% to Rs 24.42 crore in H1 FY24 as compared with Rs 23.83 crore in H1 FY23. Net sales declined 12.90% YoY to Rs 106.88 crore in H1 FY24.

The scrip shed 0.84% to currently trade at Rs 1500 on the BSE.

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