Knowledge Marine & Engineering Works rallied 3.91% to Rs 1,819 after the company received a work order by the Mumbai Port Authority worth Rs 19.27 crore for the hiring of two patrol boats with a speed of not less than 20 knots.
The contract entails supply of supply of two patrol boats for the use of CISF for patrolling duty / transporting of port personnel in the Mumbai Port Area. One of the two patrol boats shall be supplied as a multipurpose launch i.e. VIP cum Security launch and the other boat will operate as Security launch.
The contract is for a period of 7 years and is valued at Rs 19.27 crore.
The VIP cum security launch will be designed to transport high-profile individuals while also handling essential security operations, ensuring their safe and efficient movement within the port and maintaining a robust security presence.
Additionally, the second patrol boat will be exclusively dedicated to security tasks, focusing on patrolling and monitoring the ports waters to ensure the safety and security of vessels, personnel, and port infrastructure. This deployment will enhance port security and contribute to the safe functioning of Mumbai Port.
Sujay Kewalramani, CEO of Knowledge Marine & Engineering Works, said that, We are pleased to announce a significant achievementour second major order win from the Mumbai Port Authority for patrol boat services. This milestone highlights the importance of our role in the maritime industry, especially with the government's emphasis on enhancing port efficiency and ancillary services.
Currently, KMEW provides patrol boat services across five of Indias major ports, further strengthening our market presence. Our ability to offer a diverse range of services under our port ancillary umbrella at these key locations sets us apart from competitors. This achievement underscores our commitment to excellence and timely execution, contributing to our continued success and growth.
Knowledge Marine & Engineering Works is engaged in the business of owning, chartering/hiring along with manning and operation and technical maintenance of marine crafts, dredging and repairs/maintenance of marine crafts and marine infrastructure and allied works in India.
The companys consolidated net profit dropped 29.7% to Rs 33.08 crore on 18.8% decline in revenue from operations to Rs 163.58 crore for Q4 FY24 over Q4 FY23.
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