PSU Dredging Corporation of India (DCI) reported on May 29 that it had recorded an exceptional financial performance by clocking a net profit of Rs 35.68 crore in the financial year 2023-24. It has clocked this performance after providing a one-time provision of 30.71 crore, which affected the quarter four (Q4) performance resulting in a loss of Rs 23.47 crore.
The press release by DCI read, “Dr. Madhaiyaan Angamuthu, IAS, Chairman, DCIL/VPA & the then MD & CEO, Capt S Divakar (who continued till 15th April 2024) and Shri Durgesh Dubey, Deputy Chairman, VPA &MD &CEO, (A/C), who took charge from April 16, 2024, are exuberant to share these outstanding results for the FY 2023-24 stated that our team’s dedication and expertise have enabled us to overcome challenges and achieve growth while upholding our commitment to sustainability and innovation.”
A Trailer Suction Hopper Dredger at a cost of approximately Rs 800 crore is under construction at Cochin Shipyard Limited (CSL) and an amount of Rs 306.00 crore has been paid to date. The delivery and commissioning of this dredger is expected in October 2025, which will lead to the argumentation of DCIL Dredging capability.
DCI has achieved robust growth of 147% with a healthy turnover of Rs 945.50 crore during FY 2023-24. However, in FY 2022-23, one-time provisions of Rs 208.00 crore were provided to address the legacy issues reported in the previous financial year (FY 2022-23). This has resulted in adjusting the reserves to the tune of Rs 193 crore after netting off the reported profit of Rs 15.18 crore during FY 2022-23.
