DCI Q1 Results: Co swings to black; posts Rs 15 crore profit
Dredging Corporation of India Limited (DCI) has reported Rs 15.15 crore net profit for the first quarter of financial year 2023-24. The company had reported a loss of Rs 14.18 crore in the same months of the previous financial year. This profit is on account of lower total expenses reported in the period under review, according to exchange filings by the company on Friday.
Total income during the quarter stood at Rs 205.19 crore, down from Rs 337.76 crore in the first quarter of FY23. Lower top line corresponded with lesser expenses being reported. Total expenditure during the quarter ending June 2023 stood at Rs 189.53 crore, down from Rs 351.57 crore in the comparable months a year ago.
DCI also said it is in the process of resolving its dispute with public sector undertaking, Mazagon Dock Limited (MDL). The two are locked in an impasse since 2013 over quality issues with respect to delays in supply and construction quality of a dredger worth Rs 269.58 crore. This planned resolution was initiated after the Conciliation and Settlement Committee under the Ministry of Ports, Shipping and Waterways advised the DClL Board to do so.
The centre had disinvested it complete holding in DCI of 73.47% to the four ports-Visakhapatnam Port Trust (19.47%), Jawaharalal Nehru Port Trust (18%), Paradeep Port Trust (18%) and Deenadyal Port Trust (18%) in March 2019 along with transfer of Management and control. A statement from DCI said the company is aiming at a record highest ever turnover of Rs 1,200 crore for the financial year 2023-24. Total income in the year ending March 2023 stood at Rs 1168.03 crore.
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