DCI is targeting sales of Rs 1,300 crore in FY24: CEO

Dredging Corporation of India Ltd (DCI) is targeting 12 per cent growth to reach revenue of more than Rs.1,300 crore in current fiscal year, said MD and CEO S. Divakar. To achieve that goal, the company wants to participate in new dredger tenders and also plans to enter new markets, Divakar told PTI.

“Our turnover was Rs 1,164 crore in FY22-23. It is the highest turnover since the company was founded. Going forward, we are now aiming for the new milestone of over 1,300 crore rupees in the current fiscal year,” he said.

When asked about the factors that would contribute to the company’s growth, the CEO said that the level of dredging activity in the country is expected to increase significantly in the coming months as the government’s focus on deepening and widening the navigation channels of major ports and harbours the development of inland waterways to improve intra and inter-EXIM trade.

The company intends to take advantage of the new dredging operations of several ports such as Syama Prasad Mookerjee Port Authority, New Mangalore Port Authority, Mormugoa Port Authority and Deendayal Port Authority and also intends to undertake dredging operations of the Inland Waterways Authority of India (IWAI).

“We have also asked our customers to re-examine contracts signed years ago as fuel and labor costs have increased significantly and contracts are currently being adjusted to the current market situation. All of which will definitely contribute to the company’s revenue growth this (fiscal) year,” said Divakar.

Based at Visakhapatnam in Andhra Pradesh, the Dredging Corporation of India Limited (DCI) provides dredging and related services to ports, the Indian Navy, fishing ports and other maritime organizations.

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