Dredging Corporation of India reports Q4 net loss of ₹23.47 crore, stock hits lower circuit

Operating earnings before interest, tax, depreciation, and amortisation (EBITDA) plunged 68.40% YoY to ₹21.73 crore.

For the financial year ending on March 31, 2024, the company reported a net profit of ₹35.68 crore compared to a net loss of ₹196.19 crore in the previous financial year. Dredging Corporation’s total standalone income saw a decline of 19% YoY to ₹948.80 crore.

During the financial year, the company made a provision of ₹30.71 crore which impacted the financial performance during the fourth quarter. A provision of ₹208 crore was made in FY23 which resulted in adjusting the company’s reserves to ₹193 crore after netting off the profit of ₹15.18 crore, it said.

The earnings per share (EPS) for FY24 stood at ₹12.27, as against the EPS of ₹69.13 per share for FY23.

The company said that the recasting did not impact the profit and loss account of FY24 and was being done to improve the financial health of the company and to position it for sustainable growth.

The firm reported that it has completed several significant dredging projects which has contributed to the surge in revenue. It also reported that a new trailer suction hopper dredger worth ₹800 crore is under construction at the Cochin Shipyard. The commissioning and delivery of the same is expected in October 2025.

Shares of the company have risen by nearly 52% since the beginning of the year. The stock has gained over 198% in the last one year.