We are targeting more than Rs 1,300-crore turnover in FY24: DCI CEO

Dredging Corporation of India Ltd (DCI) is targeting a 12 per cent growth to hit the turnover of more than Rs 1,300 crore in the ongoing financial year, MD & CEO S Divakar said.

To achieve the goal, the company is looking to participate in new dredging tenders and also planning to enter new markets, Divakar told PTI.

"Our turnover was at Rs 1,164 crore in FY22-23. It is the highest ever turnover since inception of the company. Going forward, we are now targeting the new milestone of over Rs 1,300 crore in the ongoing financial year," he said.

When asked about the factors that would contribute to the company's growth, the CEO said the scope of dredging activity in the country is expected to grow significantly in the months to come as government's focus is on deepening and widening navigational channels of major ports, and developing the inland waterways for improving the intra & inter EXIM trade.

The company is eyeing to tap the new dredging works of several ports such as Syama Prasad Mookerjee Port Authority, New Mangalore Port Authority, Mormugoa Port Authority and Deendayal Port Authority, and also looking to carry out dredging activities of the Inland Waterways Authority of India (IWAI).

"We have also requested our clients to revisit the contracts signed years back as the cost of fuel and labour has gone up significantly and the contracts are being corrected in line with current market situations. All these will definitely contribute to the growth of company's revenues in this (financial) year," Divakar said.

Based in Visakhapatnam in Andhra Pradesh, Dredging Corporation of India Limited (DCI) caters to the dredging and allied services to ports, Indian Navy, fishing harbours and other maritime organisations.