Dredging Corporation bags Rs 57-cr contract from Visakhapatnam Port Authority

Dredging Corporation of India said that the Visakhapatnam Port Authority (VPA) had awarded the company with an Annual Maintenance Dredging contract with the project cost of about Rs 57crore for three years.

The contract includes dredging at new sand trap (NST), its approaches and other areas of VPA and to pump the dredged material to the shore for Beach Nourishment for three years 2022-23, 2023-24 and 2024-25.

The annual maintenance sand trap dredging contract award by Visakhapatnam Port Authority is feather on the cap of Dredging Corporation of India, Visakhapatnam which is aiming at a record highest ever turnover of Rs 1000 crore for this financial year 2022-23, the company said in a statement.

Dredging Corporation of India is engaged in providing the services of capital dredging, maintenance dredging, beach nourishment, land reclamation, shallow water dredging, project management consultancy, and marine construction.

The company reported a standalone net loss of Rs 15.71 crore in the quarter ended June 2022 as against net loss of Rs 22.72 crore during the previous quarter ended June 2021. Sales rose 82.83% to Rs 217.53 crore in Q1 FY23 over Q1 FY22.

The scrip shed 0.27% to currently trade at Rs 277.20 on the BSE.

Powered by Capital Market - Live News