Dredging Corporation of India rose 1.30% to Rs 272.80 after the company announced the signing of an agreement with the Department of Fisheries for developing water bodies across India.
The company will develop fishing harbours/reservoirs/ponds/other water bodies across India through dredging and other marine activities.
Prof Dr G.Y.V Victor MD & CEO of Dredging Corporation of India (DCIL) said that going forward this agreement will provide big opportunities for DCIL to venture into long term contracts with States and Centre to develop the fishing harbour and maintain it.
He further said that the earlier MOU that was signed between DCIL & Director of Fisheries, State Government of Gujarat, the work has already commenced at Mangrol Fishing harbour Rock Dredging and this will further enable DCI to qualify for all future Rock Dredging Projects that otherwise was not possible as DCI did not have any prior Rock Dredging experience.
The agreement of DCIL with the Department of Fisheries, Ministry of Animal Husbandry, Dairying and Fisheries, Government of India, is another step towards expansion and diversification of DCIL into new business vertical which is aiming at a record highest ever turnover of Rs 1000 crore for this financial year 2022-23.
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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 net profit of Rs 1.06 crore in the quarter ended March 2022 as against a net loss of Rs 106.52 crore recorded during the previous quarter ended March 2021. Sales rose 36.44% YoY to Rs 289.09 crore in Q4 FY22.
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