DCI targeting sales of Rs 1,300 crore in FY24: CEO S Divakar

The Dredging Corporation of India Ltd (DCI) aims to achieve 12% growth in the current financial year to increase revenue to over Rs.1,300 crore. To reach this goal, DCI plans to participate in new dredger tenders and venture into new markets, according to CEO S. Divakar. The growth is expected to be driven by an increase in dredging activity in India due to the government’s focus on developing ports and inland waterways. DCI intends to take advantage of new dredging operations of ports such as Syama Prasad Mookerjee Port Authority, New Mangalore Port Authority, Mormugoa Port Authority, and Deendayal Port Authority. The company will also undertake dredging operations of the Inland Waterways Authority of India (IWAI).

The CEO mentioned that the company had requested its customers to revisit contracts signed years ago to adjust to the current market situation driven by rising fuel and labor costs. These adjustments are expected to contribute to the company’s revenue growth in the fiscal year. DCI had a turnover of Rs.1,164 crore in FY22-23, the highest turnover since the company was founded.

DCI is based in Visakhapatnam in Andhra Pradesh and offers dredging and related services to ports, the Indian Navy, fishing ports, and other maritime organizations. The company’s goal is to achieve the new milestone of over 1,300 crore rupees in the current fiscal year.

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