Net sales during the quarter increased by 16.6% YoY to Rs 337.22 crore.

Total expenditure increased by 23.2% to Rs 310.37 crore in Q4 FY23 over Q4 FY22, due to sharp increase in other expenses (up 27.7% YoY).

Interest payments amounted to Rs 6.17 crore (up 77.8% YoY) and depreciation charges aggregated to Rs 35.04 crore (up 6.6% YoY) in the fourth quarter.

The company posted a pre-tax loss of Rs 13.81 crore in Q4 FY23 as compared with a pre-tax profit of Rs 1.27 crore in the same period last year.

For FY23, Dredging Corp recorded a PAT of Rs 12.56 crore as against a net loss of Rs 12.07 crore in FY22. Net sales jumped 45.8% to Rs 1164.80 crore in FY23 over FY22.

Dredging Corporation of India carries out dredging activities including capital dredging, maintenance dredging as well as beach nourishment, land reclamation for Indian ports and Navy. The consortium of four port trusts – Jawaharlal Nehru Port Trust, Deendayal, Port Trust, Paradip Port Trust and Visakhapatnam Port Trust currently holds a 73.47% shareholding in the company, with remaining being held by the public.