Mumbai, February 3, 2025 – Dredging Corporation of India Limited (BSE: 523618, NSE: DREDGECORP) has released its unaudited standalone financial results for the quarter and nine months ended December 31, 2024. The company reported a notable improvement in revenue, despite incurring a net loss during the quarter.
Financial Highlights (Standalone)
| Particulars | Q3 FY2025 (₹ in lakhs) | Q2 FY2025 (₹ in lakhs) | Q3 FY2024 (₹ in lakhs) | 9M FY2025 (₹ in lakhs) | 9M FY2024 (₹ in lakhs) |
|---|---|---|---|---|---|
| Revenue from Operations | 32,443.90 | 20,449.67 | 25,641.76 | 86,671.13 | 94,550.08 |
| Total Income | 34,174.41 | 20,560.89 | 26,623.29 | 89,898.74 | 97,000.56 |
| Total Expenses | 15,934.19 | 15,078.47 | 9,731.12 | 40,682.30 | 43,193.25 |
| Profit Before Tax | 1,676.53 | -3,297.70 | 2,772.55 | -4,885.40 | 5,915.28 |
| Net Profit (Loss) After Tax | 1,605.57 | -3,350.59 | 2,722.55 | -4,885.40 | 5,915.28 |
| Basic EPS (₹) | 5.73 | -11.97 | 9.72 | -17.45 | 21.13 |
Segmental & Operational Performance
- Operating Segments: The company operates solely in the dredging sector under IND AS 108.
- Cost Factors: Employee benefit expenses for Q3 FY2025 were ₹2,371.48 lakhs, while subcontract expenses amounted to ₹8,394.07 lakhs.
- Foreign Exchange Gains: An income of ₹15.41 crores was recorded due to forex variance gain on foreign borrowings.
Balance Sheet Overview (as of December 31, 2024)
| Particulars | Dec 31, 2024 (₹ in lakhs) | March 31, 2024 (₹ in lakhs) |
| Total Assets | 2,62,800.07 | 2,40,296.77 |
| Equity Share Capital | 2,800.00 | 2,800.00 |
| Total Equity | 1,20,644.82 | 1,26,360.22 |
| Total Liabilities | 1,42,156.15 | 1,13,936.56 |
| Long-Term Borrowings | 51,031.62 | 31,161.54 |
Key Financial Ratios
| Ratio | 9M FY2025 | FY2024 |
| Debt-Equity Ratio | 0.52:1 | 0.34:1 |
| Debt Service Coverage Ratio | 0.61:1 | 1.46:1 |
| Interest Coverage Ratio | 8.22:1 | 8.51:1 |
| Current Ratio | 0.76:1 | 0.78:1 |
| Net Profit Margin (%) | -0.07% | 0.04% |
Audit & Compliance
- The financial results have been reviewed by the Statutory Auditors, who issued an unmodified opinion, confirming compliance with Indian Accounting Standards (Ind AS) and SEBI regulations.
- No deviations or variations were observed in the utilization of funds.
Management Commentary
Shri Durgesh Kumar Dubey, Managing Director & CEO, stated:"While the company has delivered revenue growth this quarter, profitability remains a challenge due to increased cost structures and operational expenditures. We are committed to optimizing costs and enhancing operational efficiency to improve our bottom line in the coming quarters."
Strategic Outlook
- Debt Management: The company plans to optimize its debt-equity structure to improve financial stability.
- Operational Efficiency: Continued focus on cost efficiency and higher-margin projects.
- Industry Growth: The dredging industry is poised for expansion, with increasing government projects and maritime infrastructure development.
Conclusion
Dredging Corporation of India Limited demonstrated strong revenue growth in Q3 FY2025 but faced profitability challenges. The management remains focused on improving efficiency and capital structure. With strategic initiatives underway, the company aims for long-term financial stability.
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