Knowledge Marine bags Rs 66 crore order but stock remains under pressure

The order is for supply and sale of dredged marine sand for an amount of 3.01 million Bahraini Dinar (approx. equivalent to Rs 66.38 crore Indian rupees, using an exchange rate of 1 BD = Rs. 220.44). The period of supply is five years.

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Shares of Knowledge Marine & Engineering Works plunged five percent on November 15 even as the company’s subsidiary bagged orders worth Rs 66 crore from a Bahraini entity.

“We are pleased to inform you that M/s Knowledge Dredging Co. W.L.L., Bahrain (Subsidiary Company of M/s Knowledge Marine & Engineering Works Limited, India) has received Letter of Intent (LOI) from Nass Corporation B.S.C,” said the company in a release.

The order is for supply and sale of dredged marine sand for an amount of 3.01 million Bahraini Dinar (approx. equivalent to Rs 66.38 crore Indian rupees, using an exchange rate of 1 BD = Rs. 220.44). The period of supply is five years.

The work shall commence from Q3 of FY 2023-2024, the company said.

Dredged sand (usually removed from an existing waterbody) is used for various purposes including land or mine reclamation, replacement fill, land-fill cover, road foundations and noise barriers.

This signifies the company’s attainment of the sixth contract for the supply of dredged marine sand in Bahrain. Having successfully secured six contracts, the company has established an order book totaling Rs 450 crore for the upcoming five years.

This achievement highlights the robust demand in the Bahraini economy, driven by a notable upswing in both real estate activities and associated infrastructure development, the company said in a release.

“Our primary focus revolves around achieving success in the dredging industry and ensuring the timely execution of secured projects, paving the way for future endeavors and establishing a significant position within the industry,” said Sujay Kewalramani, CEO of Knowledge Marine & Engineering Works.

The stock traded at Rs 1,239.90, down about six percent. The stock has risen about 10 percent so far this year.