New Delhi: Dredging Corporation of India Ltd (DCI) on Tuesday posted two-fold jump in net profit at Rs 27.22 crore for the quarter ended December 31, supported by lower expenses.

It had reported a net profit of Rs 13.83 crore for the October-December period of 2022-23, the company said in a BSE filing.

Total income fell to Rs 266.23 crore from Rs 372.30 crore a year ago.

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The company trimmed its expenses to Rs 238.52 crore from Rs 358.10 crore a year ago.

In a separate statement, the company said its earnings before interest, taxes, depreciation & amortization (EBIDTA) in Q3 FY'24 was at Rs 69.59 crore as against Rs 59.71 crore in the same quarter last year.

"The third quarter witnessed successful completion of several significant dredging projects, contributing significantly to our revenue surge. Our expertise in executing complex projects has solidified the company's position as a preferred partner for clients seeking efficient and sustainable solutions," company's Chairman Madhaiyaan Angamuthu said.

The company maintained its focus on operational excellence during Q3 FY24 achieving cost management and optimal resource utilization. These efforts resulted in improved profit margins and enhanced shareholder value, its MD & CEO S Divakar said.

He further said the company is expecting to maintain this upward trend to achieve the goal of Rs 1,200 crore turnover for 2023-24.

Based in Visakhapatnam, Andhra Pradesh, DCI caters to dredging and allied services to ports, Indian Navy, fishing harbours and other maritime organisations.

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