DCI posts a profit of Rs 35.68 crore for FY'24

Dredging Corporation of India (DCI) posted a profit of Rs 35.68 crore for FY 2023-24 against Rs 15.18 crore in FY 2022-23
DCI posts net profit of Rs 35.68 crore for FY'24
DCI posts net profit of Rs 35.68 crore for FY'24

New Delhi: Dredging Corporation of India (DCI) on Wednesday said that it has recorded exceptional financial performance by clocking a net profit of Rs 35.68 crore in the financial year 2023-24. It has clocked this performance after providing a one-time provision of 30.71 crore which affected the quarter four (Q4) performance resulting in a loss of Rs 23.47 crore.

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According to the company, it is a remarkable growth in profitability as compared to Rs 15.18 crore profit achieved during the previous financial year (i.e. FY 2022-23).

According to the financial statement of the company, DCI has achieved robust growth of 147 percent with a healthy turnover of Rs 945.50 crore during FY 2023-24. However, in the FY 2022-23, one-time provisions of Rs 208.00 crore were provided in order to address the legacy issues reported in the previous financial year (FY 2022-23). This has resulted in adjusting the reserves to the tune of Rs 193 crore after netting off the reported profit of Rs 15.18 crore during FY 2022-23. This recasting does not impact the current financial year.

DCI posts net profit of Rs 35.68 crore for FY'24
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According to the company, this recasting move is particularly aimed at bolstering its financial health and positioning it for sustainable future growth. This measure is a part of the company’s ongoing efforts to strengthen its financial position and ensure long-term stability & company’s commitment to financial transparency and prudent fiscal management.

The earnings before interest, taxes, depreciation & amortization (EBITDA) for the Financial Year 2023-24 is at Rs 224.40 crore, with an increase of 81.36 percent in comparison to the previous financial year 2022-23.

The Earning Per Share (EPS) for the Financial Year 2023-24 is at Rs 12.27, as against the EPS of Rs 69.13 per share for FY 2022-23 (Restated).

Project success and expansion

During FY 2023-24, DCI witnessed the successful completion of several significant dredging projects, contributing significantly to Dredging Corporation of India revenue surge. This impressive growth is a testament to the company’s unwavering commitment to delivering high-quality services to its clients. All the existing projects have been monitored meticulously & executed on time to the complete satisfaction of the clients. The company's expertise in implementing complex projects has solidified its position as a preferred partner for clients seeking efficient and sustainable solutions.

Purchase of new Dredger

A Trailer Suction Hopper Dredger at a cost of approximately Rs 800 crore is under construction at Cochin Shipyard Limited (CSL) and an amount of Rs 306.00 crore was paid till date. The delivery and commissioning of this dredger is expected in October 2025, which will lead in argumentation of DCIL Dredging capability.

“Dr Madhaiyaan Angamuthu, IAS, Chairman, DCIL/VPA & the then MD & CEO, Capt S Divakar (who continued till 15th April 2024) and Shri Durgesh Dubey, Deputy Chairman, VPA &MD &CEO, (A/C), who took charge from April 16, 2024, are exuberant to share these outstanding results for the FY 2023-24 stated that our team's dedication and expertise have enabled us to overcome challenges and achieve growth while upholding our commitment to sustainability and innovation,” a press statement issued by the company mentioned.

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