Dredging Corporation rises on bagging reclamation dredging contract from NRL

Dredging Corporation of India (DCI) gained 1.34% to Rs 412.65 after the company announced that it has secured a reclamation dredging contract worth about Rs 60 crore from Numaligarh Refinery (NRL).

As per the regulatory filing, NRL awarded the reclamation dredging contract for NRL Crude Oil Import TerminaI (COIT) Plot to DCI for transportation & pumping of dredge material from Paradip Port Authority Sand Trap to NRL (COIT) Plot for the year 2022-23 with a project cost of about Rs 60 crore.

The contract awarded by NRL for reclamation dredging contract at Numaligarh Refinery (NRL) Crude Oil Import TerminaI (COIT) Plot is feather on the cap of Dredging Corporation of India, Visakhapatnam which is aiming at a record highest ever turnover of Rs 1000 crore this financial ear 2022-23, the company stated in the press release.

Dredging Corporation of India is engaged in providing the services of capital dredging, maintenance dredging, beach nourishment, land reclamation, shallow water dredging, project management consultancy, and marine construction.

The company reported a net profit of Rs 28.61 crore in Q2 FY23 as against a net loss of Rs 3.98 crore recorded in Q2 FY22. Net sales jumped 58.1% to Rs 238.73 crore in Q2 FY23 over Q2 FY22.

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