Dredging Corporation looking to get into port development

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Dredging Corporation posted a widened loss in this quarter and revenue slipped 7 percent. GYV Victor, MD, Dredging Corporation of India discussed the performance.

The company since says that it has taken corrective measures in Q1FY22, it has cleaned up all the past provisions and is augmenting its dredging capacity, which is going to be built in Kochin shipyard.

“We are in the advanced stage of discussion with international projects with assistance from the Indian government, which will give us a good topline,” Victor said.

The company is also spreading its wings and going into the development of ports.

“Because dredging is an inherent process for any port. So we being the stakeholders of the port, we are expanding ourselves and we are moving forward to take stakes in all the ports so that we have a confirmed work order for the coming years in terms of dredging,” he explained.

Dredging guidelines 2021 provides an option to award work directly to Dredging Corporation of India and this will help them going forward.

“Thereby our books for FY21-FY22 as on date is Rs 864 crore against Rs 763 crore last year. I am pretty sure, we should be able to add another Rs 60-80 crore to our order book for our current year 2021-2022,” Victor updated.

The company might see a small loss in Q1FY22 but not as big as previous quarters, he added.

In terms of MoUs, he mentioned, “FY21-FY22 we have already executed 2 MoUs. Thereby our topline has increased to Rs 864 crore. We are also looking to execute two three MoUs this year before Q3FY22 which might give a push for about Rs 60-80 crore on our topline.”

Source: 
www.hellenicshippingnews.com
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