Dredging Corporation of India announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 28 June 2023 .

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Dredging Corporation of India announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 28 June 2023 .

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Net sales during the quarter increased by 16.6% YoY to Rs 337.22 crore.

Total expenditure increased by 23.2% to Rs 310.37 crore in Q4 FY23 over Q4 FY22, due to sharp increase in other expenses (up 27.7% YoY).

Interest payments amounted to Rs 6.17 crore (up 77.8% YoY) and depreciation charges aggregated to Rs 35.04 crore (up 6.6% YoY) in the fourth quarter.

The company posted a pre-tax loss of Rs 13.81 crore in Q4 FY23 as compared with a pre-tax profit of Rs 1.27 crore in the same period last year.

For FY23, Dredging Corp recorded a PAT of Rs 12.56 crore as against a net loss of Rs 12.07 crore in FY22. Net sales jumped 45.8% to Rs 1164.80 crore in FY23 over FY22.

Dredging Corporation of India carries out dredging activities including capital dredging, maintenance dredging as well as beach nourishment, land reclamation for Indian ports and Navy. The consortium of four port trusts - Jawaharlal Nehru Port Trust, Deendayal, Port Trust, Paradip Port Trust and Visakhapatnam Port Trust currently holds a 73.47% shareholding in the company, with remaining being held by the public.

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Net loss of Dredging Corporation of India reported to Rs 14.18 crore in the quarter ended March 2023 as against net profit of Rs 1.06 crore during the previous quarter ended March 2022. Sales rose 16.65% to Rs 337.22 crore in the quarter ended March 2023 as against Rs 289.09 crore during the previous quarter ended March 2022.

For the full year,net profit rose 267.25% to Rs 12.56 crore in the year ended March 2023 as against Rs 3.42 crore during the previous year ended March 2022. Sales rose 45.77% to Rs 1164.80 crore in the year ended March 2023 as against Rs 799.09 crore during the previous year ended March 2022.

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