The Dredging Corporation of India Limited (DCIL) has registered a profit after tax of ₹44.59 crore during 2018-19 financial year when compared to ₹16.64 crore during the previous fiscal.
The DCIL authorities at the 43rd annual general meeting held in New Delhi on Thursday expressed satisfaction over the performance of the company and hoped that it would further improve its record after the consortium of four major ports led by Visakhapatnam Port Trust (VPT) acquired the government’s shares by investing a little over ₹1,000 crore. The shareholders approved the financial results.
VPT Chairman Rinkesh Roy, who heads the DCIL, presided over the meeting. The operational income of the company was put at ₹691.74 crore when compared to ₹591.87 crore in the previous fiscal.
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The other income was put at ₹6.78 crore against ₹20.25 crore during the previous year. The total income for the 2018-19 financial year was ₹698.52 crore when compared to ₹612.12 crore of the previous year.
The company’s earning per share for 2018-19 was ₹15.92 as against ₹5.94 in the previous year. Besides dredging for three decades, the DCIL caters to the maintenance dredging requirement needs of the major ports and Indian Navy. The company is accepting capital dredging assignments on the availability of the vessels and other logistic requirements.
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During the fiscal year under review, maintenance dredging contracts were executed for Kolkata Port, Cochin Port Trust, Cochin Shipyard, RGPPL-Dabhol, Gangavaram Port, Mumbai, Krishnapatnam Port, Karaikal Port and New Sand Trap and its approaches of Visakhapatnam Port Trust. Capital dredging contracts were executed at Paradip Port in Odisha, Mongla Port in Bangladesh, Pussur River and Muri Ganga in West Bengal.
The DCIL spent ₹1.533 crore on CSR activities, surpassing the target of ₹77.97 lakh as per the Companies Act, a company official said.