Dredging Corporation of India Ltd Share Price – NSE  /  BSE

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Dredging Corporation of India will hold a meeting of the Board of Directors of the Company on 9 August 2024.

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The contract entails dredging of the Cochin Port's outer channel, approach channel, ICTT Basin, LNG Basin Channels (Ernakulam & Mattancherry Channels), and other areas of Cochin Port ensuring the port remains navigable for vessels of various sizes. This operation is crucial for the port's functionality, enabling seamless and efficient maritime trade activities.

Dr Madhaiyaan Angamuthu, IAS, Chairman, VPA/DCIL said, “We are honored to have been selected by the Cochin Port Authority for this significant project. This contract is a testament to DCIL's capabilities and our unwavering commitment to delivering high quality dredging services. We look forward to contributing to the continued success and operational efficiency of Cochin Port.”

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.

The company reported a consolidated net loss of Rs 23.46 crore as against a net profit of Rs 27.22 crore in Q4 FY24 over Q4 FY23. Revenue from operations grew 4.69% to Rs 277.88 crore in Q4 FY24.

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The contract is for undertaking ‘maintenance dredging in the Hooghly Estuary primarily in the shipping channel leading to Haldia Dock.’

The maintenance dredging is crucial for ensuring the navigability of the shipping channel, thereby facilitating smooth and efficient maritime operations in the region. The Hooghly Estuary is a vital waterway for maritime trade, and maintaining its depth is essential for the safe passage of vessels to and from the Haldia Dock.

Dr Madhaiyaan Angamuthu, IAS, chairman, VPA/ DCIL and Durgesh Dubey, deputy chairman, VPA & MD & CEO, A/C, DCIL, said: “We are honored to be awarded this prestigious contract by SMPA.

Our team is committed to delivering high-quality dredging services that meet the stringent requirements of the project. We look forward to contrib .ng to the continued success of the Hooghly Estuary and the Haldia Dock.

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 23.47 crore in the quarter ended March 2024 as against net loss of Rs 222.94 crore during the previous quarter ended March 2023. Sales declined 17.65% to Rs 277.89 crore in the quarter ended March 2024 as against Rs 337.44 crore during the previous quarter ended March 2023.

For the full year,net profit reported to Rs 35.68 crore in the year ended March 2024 as against net loss of Rs 196.20 crore during the previous year ended March 2023. Sales declined 18.84% to Rs 945.50 crore in the year ended March 2024 as against Rs 1165.01 crore during the previous year ended March 2023.

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