Dredging Corporation was locked in upper circuit of 5% at Rs 1,337.45 after it received the annual maintenance dredging contract from the Cochin Port Authority worth Rs 156.50 crore with a provision to extend for another one year.
The contract entails dredging of the Cochin Port's outer channel, approach channel, ICTT Basin, LNG Basin Channels (Ernakulam & Mattancherry Channels), and other areas of Cochin Port ensuring the port remains navigable for vessels of various sizes. This operation is crucial for the port's functionality, enabling seamless and efficient maritime trade activities.Dr Madhaiyaan Angamuthu, IAS, Chairman, VPA/DCIL said, We are honored to have been selected by the Cochin Port Authority for this significant project. This contract is a testament to DCIL's capabilities and our unwavering commitment to delivering high quality dredging services. We look forward to contributing to the continued success and operational efficiency of Cochin Port.
Dredging Corporation of India carries out dredging activities including capital dredging, maintenance dredging as well as beach nourishment, land reclamation for Indian ports and Navy. The consortium of four port trusts Jawaharlal Nehru Port Trust, Deendayal, Port Trust, Paradip Port Trust and Visakhapatnam Port Trust currently holds a 73.47% shareholding in the company, with remaining being held by the public.
The company reported a consolidated net loss of Rs 23.46 crore as against a net profit of Rs 27.22 crore in Q4 FY24 over Q4 FY23. Revenue from operations grew 4.69% to Rs 277.88 crore in Q4 FY24.
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