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In May 2022, Knowledge Marine & Engineering Works (KMEW) received one-year dredging contract worth Rs 67.85 crore from Dredging Corporation of India (DCI) for its Mangrol Fishing Harbour facility for capital dredging in hard rock. The ongoing work is 50% complete.
On 30 December 2022, KMEW received an additional work order of Rs 16.50 crore from DCI under the original contract.
The additional work order increases the target estimated dredging quantity from 110,150 cubic meters to 136,937 cubic meters, an increase of 24% in the original work order. The additional dredging work will be carried out at the same rates, terms and conditions of the original contract. KMEW is fully equipped to execute the additional work with the equipment present at Mangrol Site.
Sujay Kewalramani, CEO of KMEW said: "The Mangrol Fishing Harbour contract is being conducted by River Pearl 11, a self-propelled hopper barge (built 2017), and is successfully well underway. We look forward to completing this enhanced contract and continuing to build a long-term partnership with the DCI, Gujarat Maritime Board and Department of Fisheries, Government of Gujarat."
KMEW provides multiple marine engineering solutions across dredging and port ancillary craft services. Its clients include the Ministry of External Affairs, Deendayal Port Trust, Dredging Corporation of India, Haldia Port Trust, Kolkata Port Trust, Paradip Port Trust and Visakhapatnam Port Trust.
On a consolidated basis, the company's net profit surged 425.11% to Rs 23.84 crore on 540.78% increase in net sales to Rs 122.71 crore in six months ended 30 September 2022 (H1 FY23) over the six months ended 30 September 2021 (H1 FY22).
Shares of KMEW fell 2.27% to Rs 1016.70 on Friday, 30 December 2022.
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