Dredging Corp gains on bagging maintenance contract from Southern Naval Command

Dredging Corporation of India (DCI) advanced 2.67% to Rs 350 after the company announced that it has secured the annual maintenance dredging contract worth Rs 64 crore from Southern Naval Command (SNC) Kochi, for FY23.

The contract includes annual dredging of 1.5 million cubic meter approximately at Naval Channel, Ernakulam, Kochi at an estimated cost of Rs 64 crore for the year 2022-23.

The company said that the annual maintenance SNC Kochi is feather on the cap of DCI which is aiming at a record highest ever turnover of Rs 1,000 crore for this financial year 2022-23.

DCI 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's net profit rose 10.5% to Rs 13.84 crore on 54.7% jump in net sales to Rs 371.32 crore in Q3 FY23 over Q3 FY22.

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