Dredging Corporation of India targets 12% growth

01 Jun 2023 CW Team

According to S Divakar, Managing Director and CEO of Dredging Corporation of India (DCI), the company is aiming for a 12 per cent growth and a turnover exceeding Rs 13 billion in the current financial year. To achieve this target, DCI plans to participate in new dredging tenders and venture into new markets, as stated by Divakar in an interview with PTI.

"In the fiscal year 2022-23, our turnover reached Rs 1,164 crore, which is the highest ever since the establishment of the company. Moving forward, we are now setting our sights on surpassing the new milestone of over Rs 1,300 crore in the ongoing financial year," Divakar mentioned.

When questioned about the factors contributing to the company's growth, Divakar emphasized that the scope of dredging activity in the country is projected to expand significantly in the coming months. The government's focus on deepening and widening navigational channels of major ports, as well as the development of inland waterways to enhance intra and inter EXIM trade, will play a vital role.

DCI is targeting new dredging projects at several ports, including Syama Prasad Mookerjee Port Authority, New Mangalore Port Authority, Mormugoa Port Authority, and Deendayal Port Authority. Additionally, the company aims to undertake dredging activities for the Inland Waterways Authority of India (IWAI).

"To adapt to the current market situation, we have requested our clients to review contracts signed years ago, as the cost of fuel and labour has significantly increased. These contract revisions, along with other initiatives, will undoubtedly contribute to the company's revenue growth in this financial year," Divakar explained.

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

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