Dredging Corporation shares jump 5% on bagging a Rs 64-cr order

This order includes annual dredging of 1.5 million cubic meter approximately at Naval Channel in Ernakulam, Kochi at an estimated cost of Rs 64 crore for the year 2022-23, Dredging Corporation of India said.

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Shares of Dredging Corporation of India climbed 5 percent on March 10 reacting to an order win. At 9:16am, shares of the company were trading at Rs 354.85, up 4.1 percent, on the BSE. The scrip has fallen 12 percent so far this year.

The Southern Naval Command Kochi has awarded the annual maintenance dredging of naval channel at Ernakulam contract to Dredging Corporation. This job includes annual dredging of 1.5 million cubic metres approximately at the Naval Channel in Ernakulam, Kochi, at an estimated cost of Rs 64 crore for 2022-23, the company said in a regulatory filing.

This order will help the company in achieving its aim of clocking highest ever turnover of Rs 1,000 crore for FY23, Dredging Corporation added.

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The company provides dredging services to the major ports of the country and serves major and minor ports, the Indian Navy, fishing harbours and other maritime organisations.

The Indian government has divested its complete holding in the company of 73.41 percent to the four ports-Vishakhapatnam Port Trust (19.47 percent), Jawaharalal Nehru Port Trust (18 percent), Paradeep Port Trust (18 percent), and Deenadyal Port Trust (18 percent) on March 8, 2019, along with the transfer of management and control.

Net sales came in at Rs 371.32 crore in December 2022, up 55 percent on-year, whereas net profit slumped 52 percent to Rs 13.84 crore in the reporting quarter.