Dredging Corp net profit at Rs 11 cr in June quarter

Dredging Corporation of India on Monday reported a manifold jump in net profit to Rs 11.45 crore for the quarter ended June 30, 2020.

It clocked a net profit of Rs 0.81 crore in the corresponding quarter a year ago, the public sector enterprise said in a regulatory filing to the BSE.

Its total income during the quarter under review stood at Rs 168.22 crore as against Rs 199.65 crore in the year-ago period.

Total expenses declined to Rs 156.44 crore as against Rs 198.17 crore in the year-ago quarter.

The company is involved in maintenance dredging, capital dredging, beach nourishment, land reclamation, shallow water dredging, project management consultancy and marine construction.

In June, Shipping Minister Mansukh Lal Mandaviya had directed Dredging Corporation to explore the possibilities of recycling of dredging material on coastline as well as on riverine ports of India.