We are targeting more than Rs 1,300-crore turnover in FY24: DCI CEO

Dredging Corporation of India Ltd (DCI) is targeting 12 per cent growth to reach a turnover of over Rs 1,300 crore in the current financial year, CEO and CEO S. Divakar said.

To achieve this goal, the company is looking forward to participating in new dredging tenders and also plans to enter new markets, Devakar told PTI.

He said, “Our turnover was Rs.1,164 crore in FY22-23. It is the highest turnover ever since the establishment of the company. Going forward, we are now targeting a new milestone of over Rs.1,300 crore in the current financial year.”

When asked about the factors that would contribute to the company’s growth, the CEO said that the scope of dredging activity in the country is expected to grow significantly in the coming months as the government’s focus is on deepening and widening the navigational channels of major ports, and developing inland waterways to improve trade within and outside EXIM.

The company is looking to capitalize on new dredging business for several ports such as Syama Prasad Mookerjee Port Authority, New Mangalore Port Authority, Mormugoa Port Authority and Deendayal Port Authority, and is also looking forward to carrying out dredging activities for the Inland Waterways Authority of India (IWAI).

“We have also asked our customers to reconsider the contracts signed years ago as the cost of fuel and labor has skyrocketed and the contracts are being rectified in line with current market conditions. All of this will surely contribute to the growth of the company’s revenues in this fiscal year,” said Devakar.

Based in Visakhapatnam in Andhra Pradesh, Dredging Corporation of India Limited (DCI) provides dredging and halving services to Ports, Indian Navy, Fishing Ports and other offshore organisations.

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First published: May 30, 2023 | 10:39 a.m ist