Dredging Corporation returns to black; posts Rs 15 cr net profit in Q1

Dredging Corporation of India Ltd (DCI) on Friday announced returning to black as it posted a net profit of Rs 15.15 crore for the April-June quarter on account of reduced expenses.

The company had reported a net loss of Rs 15.71 crore in the April-June period of 2022-23.

The total income declined to Rs 205.18 crore in the first quarter from Rs 218.36 crore in the year-ago quarter, according to an exchange filing.

Expenses declined to Rs 189.53 crore from Rs 233.83 crore in April-June FY23.

Its earnings before interest, taxes, depreciation and amortization (EBIDTA) jumped more than two-fold to Rs 55.86 crore in the April-June quarter over Rs 25.10 crore in the same period of the last year.

The company said it will continue to focus on advancing technological capabilities and expanding its project portfolio.

Shares of the company were trading at Rs 380.60 apiece, up 3.90 per cent from its previous close on BSE.

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