Dredging Corporation's stock skyrockets ~9% after Q3FY22 earnings

15 Feb 2022 , 03:08 PM

Dredging Corporation Ltd., a unit engaged in dredging business for Indian seaports exclusively, announced that the company has witnessed a turnaround performance for the quarter and nine months ended December 2021.

The company reported the highest turnover over the last 3 quarters at Rs241 crore for Q3FY22. Its PAT for the quarter stood at Rs29 crore, being the highest in last 7 quarters.

The company also made a major capital expenditure for the purchase of a Twelve Thousand Cubic Hopper Capacity dredger worth Rs1,000 crore.

It reported an EPS of Rs10 for the current quarter, highest in last 7 quarters.

The company has also entered into a MoU with National Marine Dredging Company, Abu Dhabi for strategic alliances in India & Abroad.

The company credits its strict cost control measures and close monitoring of contracts for this turnaround.

At around 3.05 PM, DCI was trading in the green bracket at Rs353.50, up by Rs28.90 or 8.90% against its previous closing price of Rs324.60 on NSE. It touched day’s high and low of Rs384 and Rs337.90 respectively, so far in today’s trade.