Dredging Corporation of India Ltd (DCI) has set ambitious goals for the ongoing financial year, aiming to achieve a 12 percent growth and surpass a turnover of over Rs 1,300 crore. S Divakar, MD & CEO of DCI, shared the company’s plans to achieve this milestone by actively participating in new dredging tenders and exploring opportunities in new markets.
In the previous fiscal year, DCI achieved its highest-ever turnover since its inception, reaching Rs 1,164 crore. Building on this success, the company now aspires to surpass the Rs 1,300 crore mark. Divakar emphasized that the growth of the company would be driven by several factors, including the anticipated expansion of dredging activities in the country.
Divakar highlighted the government’s focus on deepening and widening navigational channels of major ports and the development of inland waterways to enhance intra and inter EXIM (Export-Import) trade. This emphasis on maritime infrastructure presents significant opportunities for DCI to contribute to these projects and participate in new dredging works.
To tap into these opportunities, DCI is targeting dredging projects with key ports such as Syama Prasad Mookerjee Port Authority, New Mangalore Port Authority, Mormugoa Port Authority, and Deendayal Port Authority. Additionally, the company is seeking to engage in dredging activities with the Inland Waterways Authority of India (IWAI), further expanding its scope and reach.
Recognizing the challenges posed by rising costs, DCI has requested its clients to revisit contracts signed years ago. With the significant increase in fuel and labor costs, the company is working to renegotiate contracts in line with current market conditions. These adjustments, along with the pursuit of new projects, are expected to contribute to the company’s revenue growth in the current financial year.
DCI, headquartered in Visakhapatnam, Andhra Pradesh, offers dredging and allied services to ports, the Indian Navy, fishing harbors, and other maritime organizations. With its experienced team and proven track record, DCI is well-positioned to capitalize on the growing demand for dredging services in India, making a substantial impact on the country’s maritime infrastructure development.
In summary, DCI’s ambitious target to achieve a 12 percent growth and surpass a turnover of over Rs 1,300 crore demonstrates its commitment to expanding its presence in the dredging industry. By actively participating in new tenders, entering new markets, and collaborating with key stakeholders, DCI aims to play a vital role in the development of India’s maritime infrastructure and contribute to the growth of the nation’s economy.