Dredging Corporation of India Ltd. is targeting a 12% growth rate to hit a turnover of more than Rs 1,300 crore in the ongoing financial year, Managing Director and Chief Executive Officer S Divakar said.
To achieve the goal, the company is looking to participate in new dredging tenders and is also planning to enter new markets, Divakar told PTI.
"Our turnover was Rs 1,164 crore in FY22–23." It is the highest ever turnover since the inception of the company. Going forward, we are now targeting the new milestone of over Rs 1,300 crore in the ongoing financial year," he said.
When asked about the factors that would contribute to the company's growth, the CEO said the scope of dredging activity in the country is expected to grow significantly in the months to come as the government's focus is on deepening and widening navigational channels of major ports and developing the inland waterways for improving intra- and inter-exim trade.
The company is eyeing to tap the new dredging works of several ports, such as the Syama Prasad Mookerjee Port Authority, the New Mangalore Port Authority, the Mormugoa Port Authority, and the Deendayal Port Authority, and is also looking to carry out the dredging activities of the Inland Waterways Authority of India.
"We have also requested our clients revisit the contracts signed years ago, as the cost of fuel and labour has gone up significantly and the contracts are being corrected in line with current market situations. All these will definitely contribute to the growth of the company's revenues in this financial year," Divakar said.
Based in Visakhapatnam, Andhra Pradesh, Dredging Corporation of India Ltd. provides dredging and allied services to ports, the Indian Navy, fishing harbours, and other maritime organisations.
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