Dredging Corp Share Price Soars 15% Post Q4 Revenue, Profit Rise

The share price for Dredging Corp. surged as high as 15% to trade at Rs 779 apiece on Wednesday at high volume.

The company announced its results for the quarter ending March 31 on Tuesday and reported a 42.5% rise in revenue at Rs 462 crore compared to Rs 324 crore in the year-ago period. Net profit also rose to Rs 21.4 crore, up 33.8% from Rs 16 crore in the same quarter last year.

Earnings before interest taxes depreciation and amortisation grew 46.7% to Rs 76.7 crore, compared to Rs 52.3 crore in the same quarter last year and margins expanded 0.6% to 16.6% from 16%.

The share price for Dredging Corp rose as much as 14.91% to Rs 779 apiece, the highest level since Feb. 1. It pared gains to trade 12.94% higher at Rs 764 apiece, as of 11:25 a.m. This compares to a 0.79% advance in the NSE Nifty 50.

The stock has fallen 8.29% on a year-to-date basis, and is down 13.97% in the last 12 months. Total traded volume so far in the day stood at 48 times its 30-day average. Relative strength index was at 72.09.