Dredging Corporation of India, a leader in the Dredging Industry recently announced its financial performance wherein it clocked a profit of Rs 35.68 CR for the Financial Year ending 2023-24.

As per an official release from DCIL it has clocked this performance after providing a one-time provision of 30.71 Crs which affected the Quarter four performance resulting in a loss of Rs 23.47 Crs.

DCIL had posted a profit of Rs 15.18 Crs during the last FY 2022-23. This has resulted in achieving a robust growth of 147% with a healthy turnover of Rs 945.50 Crs during FY 2023-24 said the release.

It further added that in the FY 2022-23, one-time provisions of Rs 208.00 Crs were provided in order to address the legacy issues reported in the previous FY year. This resulted in adjusting the reserves to the tune of Rs.193 Crs after netting off the reported profit of Rs 15.18 crs during FY 2022-23.  

This recasting does not impact the current FY year P&L A/c said the press statement from DCIL.The EBITDA for the Financial Year 2023-24 was Rs 224.40 CR, an increase of 81.36% in comparison to the previous financial year 2022-23. 

The Earning Per Share (EPS) for the Financial Year 2023-24 is at Rs 12.27, as against the EPS of Rs 69.13 per share for FY 2022-23 (Restated) said the release.