DCIL clocks turnover of Rs.198.59 crore in H1

Visakhapatnam Dredging Corporation of India Limited (DCIL), a leader in the dredging Industry has recorded a robust revenue growth with the earning of a profit of Rs.16.77 crore in Q2 of 2023-24 and posting of a turnover of Rs.198.59 crore during the first half.

The Visakhapatnam-headquartered company announced its financial performance for the quarter (Q2) of the current fiscal. The company's remarkable achievements during the period underscored its continued dedication to excellence and innovation in the maritime sector.

The key highlights of the Q2 results posting impressive profit with a healthy turnover of Rs.198.59 crore. The profit posted half yearly ending in September was Rs.31.92 crore.

The Earning Per Share (EPS) was put at Rs.5.99 for Q2. The EPS half yearly was put at Rs 11.40.

The earnings before interest, taxes, depreciation & amortization (EBIDTA) for the Q2 was Rs.57.97 crore. The EBIDTA posted half yearly for the FY 2023-24 was Rs.114.83 crore. This impressive growth was a testament to the company's unwavering commitment to delivering high-quality services to its clients, a DCIL official said.

The second quarter of FY 2023- 24 witnessed the successful completion of several significant dredging projects, contributing significantly to the company's revenue surge. The company's expertise in executing complex projects has solidified its position as a preferred partner for clients seeking efficient and sustainable solutions.

DCIL maintained its focus on operational excellence during Q2 achieving commendable cost management and optimal resource utilisation. These efforts resulted in improved profit margins and enhanced shareholder value.

Dr Madhaiyaan Angamuthu,Chairman, DCIL/VPA and Capt S. Divakar, MD & CEO, (additional charge), DCIL were exuberant to share the outstanding results for the second quarter of FY 2023- 24 and stated that their team's dedication and expertise had enabled them to overcome challenges and achieve growth while upholding their commitment to sustainability and innovation.

The company is committed to maintain this upward trend and continue to show improvement, they stated. The company is aiming at a record highest-ever turnover of Rs 1200 crore this fiscal.