Dredging Corporation of India Limited has submitted to the Exchange, the financial results for the period ended March 31, 2025.
DREDGECORP · price
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Dredging Corporation of India (DCI) reported its audited financial results for Q4 FY25 and full year FY25. Revenue from operations grew about 20.8% year-on-year to Rs 1,142.14 crore, up from Rs 945.50 crore (restated) in FY24. However, the company swung to a net loss of Rs 27.46 crore in FY25, compared to a profit of Rs 33.18 crore in the previous year, with EPS turning negative at Rs -12.07 from Rs 12.27. Q4 FY25 alone posted a loss of Rs 25.97 crore versus a profit of Rs 16.06 crore in the year-ago quarter. The loss was driven by higher sub-contract and employee costs, partly offset by a net exceptional gain of Rs 18.05 crore from the reversal of an excess liability related to the Mazagon Dockyard legal case. Prior year figures were also restated under Ind AS 8, and the auditor flagged an emphasis of matter along with a qualified opinion on the company's internal financial controls.
Strong revenue growth was overshadowed by a sharp swing into losses, rising borrowings (debt-equity ratio nearly doubled to 0.76:1), and weakening interest coverage, all of which are negative signals for shareholders. The negative earnings and restated prior-year numbers may weigh on the stock, though positive operating cash flow of Rs 111.95 crore offers some near-term cushion.