Dredging Corporation of India eyes over Rs 1,300-crore turnover in FY24: CEO
All these will definitely contribute to the growth of companys revenues in this financial year, Divakar said.Based in Visakhapatnam in Andhra Pradesh, Dredging Corporation of India Limited DCI caters to the dredging and allied services to ports, Indian Navy, fishing harbours and other maritime organisations.
- Country:
- India
Dredging Corporation of India Ltd (DCI) is targeting a 12 per cent growth to hit the turnover of more than Rs 1,300 crore in the ongoing financial year, MD & CEO S Divakar said.
To achieve the goal, the company is looking to participate in new dredging tenders and also planning to enter new markets, Divakar told PTI.
''Our turnover was at Rs 1,164 crore in FY22-23. It is the highest ever turnover since 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 government's focus is on deepening and widening navigational channels of major ports, and developing the inland waterways for improving the intra & inter EXIM trade.
The company is eyeing to tap the new dredging works of several ports such as Syama Prasad Mookerjee Port Authority, New Mangalore Port Authority, Mormugoa Port Authority and Deendayal Port Authority, and also looking to carry out dredging activities of the Inland Waterways Authority of India (IWAI).
''We have also requested our clients to revisit the contracts signed years back 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 company's revenues in this (financial) year,'' Divakar said.
Based in Visakhapatnam in Andhra Pradesh, Dredging Corporation of India Limited (DCI) caters to the dredging and allied services to ports, Indian Navy, fishing harbours and other maritime organisations.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
CR earns Rs 300 cr in fines from 46.26 lakh cases in 2023-24, highest among all rail zones
TN: Fire breaks out at Vellalore dump yard in Coimbatore, 300 fire brigades at spot
Oppn missed chances, BJP to gain in east, south, may win over 300 seats: Prashant Kishor
Israel says Iran launched more than 300 drones and missiles, 99% of which were intercepted
Italian wrestler Chamizo exposes attempted match-fixing bribery of USD 300,000