Dredging Corporation of India posts profit of Rs 35.68 cr for FY'2023-24
May 29, 2024
New Delhi [India], May 29 : The Dredging Corporation of India (DCI), has announced its financial performance for the fiscal year 2023-24, recording a profit of Rs 35.68 crore, an increase from the Rs 15.18 crore profit achieved in the previous financial year.
Despite facing a one-time provision of Rs 30.71 crore, which impacted its fourth-quarter results leading to a loss of Rs 23.47 crore, DCI managed to achieve 147 per cent growth in profitability.
The company's turnover for the fiscal year stood at Rs 945.50 crore, highlighting its strong market position and operational efficiency.
In a statement, DCI elaborated on its financial results, noting that the current year's performance is particularly notable considering the one-time provisions of Rs 208 crore made in the previous fiscal year to address legacy issues.
This adjustment resulted in netting off the reported profit of Rs 15.18 crore and adjusting reserves by Rs 193 crore.
The recasting of these figures did not impact the profit and loss account for the current fiscal year.
The company emphasized that these measures are part of its strategy to bolster financial health and ensure long-term stability.
Furthermore, DCI reported an Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of Rs 224.40 crore for 2023-24, marking an 81.36 per cent increase from the previous year.
The Earnings Per Share (EPS) for the year was Rs 12.27, compared to the restated EPS of Rs 69.13 for 2022-23.
The fiscal year 2023-24 saw the successful completion of several dredging projects, which substantially contributed to DCI's revenue surge.
The company credited its growth to its commitment to delivering high-quality services and meticulous project execution.
DCI's expertise in handling complex projects has reinforced its reputation as a preferred partner for clients seeking efficient and sustainable dredging solutions.
In addition, DCI announced the ongoing construction of a Trailer Suction Hopper Dredger at Cochin Shipyard Ltd., costing approximately Rs 800 crore.
An amount of Rs 306 crore has been paid towards this project, with delivery and commissioning expected in October 2025.
This new dredger is anticipated to significantly enhance DCI's dredging capabilities.
Looking ahead, DCI expressed its commitment to maintaining this upward trend and aims to achieve a record turnover of Rs 1840 crore for the upcoming financial year 2024-25.
