Posted on October 2, 2023
The profit after tax (PAT) of Dredging Corporation of India Limited (DCIL) during 2022-23 was Rs 12.56 crore compared to Rs 3.57 crore of previous year, according to the financial results approved by the board.
The operational income of the company for the year was Rs1164.80 crore as compared to Rs 801.03 crore for the previous year. The other income for the year under review was Rs 3.23 crore as compared to Rs 2.44 crore for the previous year. The total income for the year was Rs 1168.03 crore as compared to Rs 803.47 crore for the previous year. The shareholders in the 47th AGM held on Wednesday approved the financial results for the year 2022-23.
The company’s earnings per share for the year was Rs 5.42 as compared to Rs 1.90 for the previous year. The company has been performing dredging at the ports for the last four decades. DCIL also caters to the maintenance dredging requirements of other major ports/Indian Navy. The company is taking capital dredging assignments on the availability of the vessels and other logistic requirements.
The government of India concluded the strategic disinvestment of DCIL by way of the transfer of management control and sale of whole of 73.47 per cent equity share capital of DCIL held by it to the four major ports – Visakhapatnam Port Authority (VPA), Paradip Port Authority (PPA), Deendayal Port Authority (DPA) and Jawaharlal Nehru Port Authority (JNPA). The Share Purchase Agreement in this regard was executed on March 8, 2019. The new management took charge of the company from the same day.
During the year under review, maintenance dredging contracts were executed for Syama Prasad Mookerjee Port Authority, Jawaharlal Nehru Port Authority, Visakhapatnam Port Authority, Kamarajar Port Limited, New Mangalore Port Authority, Mormugao Port Authority, Cochin Port Authority, Paradip Port Authority, Chennai Port, Cochin Shipyard Ltd, SNC Kochi and Muriganga, West Bengal.
The agreement between DCIL and Cochin Shipyard Limited was signed on March 17, 2022 and tripartite agreement between DCI-CSL-IHC was signed on April 13, 2022.