DCIL clocks highest Q2 profit in 10 years
Garners Rs 28.61 cr in July-Sept FY 23 as against loss of Rs 3.98 cr in the same quarter FY 22
image for illustrative purpose
Visakhapatnam: Dredging Corporation of India Limited (DCIL), which has its head office in Visakhapatnam, has reported turnaround performance in Q2 (July-September) of current financial year with a profit of Rs 28.61 crore as against loss of Rs 3.98 crore in the same quarter during 2021-22. This is the highest second quarter profit in the last 10 years. The Earning per Share (EPS) was Rs 10.22. The EBITDA for Q2 was at Rs 62.68 crore as against Rs 27.97 crore during the same period last year.
DCIL has achieved promising performance despite rising fuel prices mainly due to the Russia-Ukraine war. All the existing projects have been monitored meticulously and executed on time to the complete satisfaction of the clients.
Visakhapatnam Port Authority (VPA) Chairman, who is also the Chairman of DCIL K Rama Mohana Rao, Chairman of DCIL Capt S Divakar said on Thursday that they could do well due to the team efforts of all the employees of DCIL.
They said the company is committed to maintain this upward trend and continue to show improved performance which is aiming at a record highest ever turnover of Rs 1,000 crore for current fiscal, according to a media release.
DCIL, a mini ratna company, is now owned by a consortium comprising VPA, Deen Dayal Port Authority, Paradip Port Authority and Jawaharlal Nehru Port Authority, in 2019. After the Central government dropped the proposal for strategic sale of DCIL on the direction of then Shipping Minister Nitin Gadkari, the four major ports picked up 73 per cent equity of Government of India on payment of Rs 1,050 crore. VPA holds the highest shareholding among the four major ports.
