Knowledge Marine & Engineering Works (KMEW) rose 2.04% to Rs 250 after the company said that it has bagged a contract worth Rs 67.85 crore from the state owned Dredging Corporation of India (DCI).
The contract is for contract for capital dredging at Mangrol Fishing Harbours Phase-III.
At the beginning of the current financial year KMEW had an order book of Rs 182 crore. With this order win, the company's order book has crossed the Rs 250 crore mark.
The company expects to register a turnover of more than Rs 125 crore in the current fiscal year, by completing half of the order book. Also, there would be no additional capital expenditure incurred by the company.
The order is slated to be completed in two stages, whose timeline ends on June 15, 2023. Also, the contract can be extended if the quantity of work increases by more than 20%. KMEW will be involved in excavating and removing the rocks and sediments from the seabed to increase the depth of the navigation channels, berthing areas to ensure safe passage for the fishing boats.
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Through the contract, the focus is to develop a fishing harbour at the Gujarat based Mangrol Port, which will uplift the coastal and marine infrastructure of the region. The company has partnered with Sahara Dredging for the smooth execution of the project and will soon deploy their fleet to carry out the work.
Sujay Kewalramani, CEO of Knowledge Marine & Engineering Works, said, "We are extremely proud to announce that we have received our first contract by Dredging Corporation of India for rock dredging. This contract is a testimony to our strategy and responsible business practices."
Knowledge Marine & Engineering Works is an established player in the dredging and small-craft business segment in India. In the last 5 years, we have evolved from a small ship-repair unit to a dredging and ship-owning company.
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