Posted on May 29, 2023
Visakhapatnam The Visakhapatnam-headquartered Dredging Corporation of India Limited (DCIL) has posted highest-ever annual turnover of Rs.1165 crore in FY 2022-23.
This was the highest since its inception in 1976. The company is under the control of a consortium of four major ports comprising Visakhapatnam, Deendayal (Kandla), Paradip and Jawaharlal Nehru Port authorities.
The company is committed to maintain this upward trend and continue to show improvement in the performance in the coming years also which is aiming for a turnover of Rs.1300c crore for the financial year 2023-24.
The profit for the entire FY ending 2022-23 was Rs.15.18 crore notwithstanding the stiff competition it faced following entry of private players in dredging sector.
DCIL has clocked this performance despite inflationary pressure throughout the year which significantly impacted its operation posting various challenges such as rising costs, increased pricing pressure and a loss of Rs.11.55 crore in the fourth quarter, a company official said.
“We are happy to inform that despite these external high inflationary pressures, the Team DCIL has shown remarkable resilience and dedication consistently delivering strong performance for the FY 2022-23 by posting a profit of Rs.15.18 crore for the entire year. This ability to navigate through this period of elevated inflation demonstrates DCIL’s exceptional adaptability and proactive approach,” he said.
The earnings before interest, taxes, depreciation & amortization (EBIDTA) for the FY was Rs.178.24 crore. The earning per share (EPS) for 2022-23 was at Rs.5.42 compared to Rs.1.90 for the FY 2021-22.
All the existing projects have been monitored meticulously and executed on-time to the complete satisfaction of the clients. Madhaiyan Angamuthu, Chairman, DCIL and Visakhapatnam Port Authority and Capt. S. Divakar, MD & CEO, (additional charge), DCIL are exuberant for the turnaround performance and entrusted complete confidence that DCIL will overcome the challenges with collective efforts of Team DCIL and emerge even stronger in the near future.