Knowledge Marine & Engineering Works bags International Dredging Contract from Ministry of External Affairs, India

MUMBAI, India, Nov. 22, 2021 /PRNewswire/ — Knowledge Marine & Engineering Works Limited (KMEW), a BSE listed Company, has been awarded with the contract for ‘Dredging and providing maintenance on Access Channel and Port basin at Sittwe Port, Myanmar and Kaladan River for Shipping and Navigation in KMTTP, Myanmar‘ from the Ministry of External Affairs, Government of India.

This is the first ever-international contract awarded to the Company. The company shall contribute to assist the Government of India to build the strategic port at Sittwe, Myanmar which will connect the northeastern states via the Kaladan River and reduce the transportation time and cost.

The value of the contract is aggregated to Rs. 139 crores, which is to be executed within a period of 2 Years and 7 months. The project may be extended for further 2 years at additional cost.

The said contract is awarded jointly to Knowledge Marine & Engineering Works Limited, Lead Partner, and Sahara Dredging Limited. The company recently acquired vessel River Pearl 8 (ex – TSHD Cauvery) with other dredgers and ancillary crafts will be deployed at Sittwe Port for executing the above-mentioned work.

Commenting on the Letter of Award win, Mr. Sujay Kewalramani, CEO of Knowledge Marine & Engineering Works Limited, said, “It is a big order win for us. We are extremely delighted and looking forward to delivery of the project in the given timeline.”

“The company is constantly focusing on delivering the best all round marine solutions on times. The company has a vision to emerge as a global player in the field of marine services by maintaining professional standards with specialist knowledge of environmentally-friendly techniques, innovative approach and focus on health, safety and cost efficiency,” he further added.

In H1FY22, the company’s total income rose 18.81 per cent on a year-on-year basis (YOY) to Rs. 1,941.85 lakhs as against a total income of Rs. 1,634.39 lakhs in the corresponding period. EBITDA of the company rose 18.52 per cent y-o-y to Rs. 788.72 lakhs in H1FY2022 from Rs. 665.48 lakhs in H1FY2021. The company has reported a 9.36 per cent jump on a year-on-year basis in the profit after tax (PAT) at Rs. 415.36 lakhs in April to September 2021 period as against a net profit of Rs. 379.80 lakhs in the same period previous year.

KMEW came up with its IPO on BSE SME platform in March, 2021 with an Issue Price of Rs. 37 per equity share. The stock of the Company is currently trading at Rs. 120.90 per share, delivering a return of over 225% to the shareholders, who invested in IPO.

About Knowledge Marine & Engineering Works Limited:

Incorporated in 2015, KMEW is in the business of owning and operating Marine Crafts, dredging, repair and maintenance/refits of Marine Crafts and Marine Infrastructure. The company has an assets value of more than Rs 28 crores, with headcount of more than 60.

The Company provides multiple solutions of marine engineering including dredging at various ports, carrying out repair and refit services of naval and merchant ships, conducting hydrographic and magnetometer surveys and technical solutions for maintenance and operations of vessels. Over the years, it has become an established player in the small marine craft business segment and dredging services in India and have evolved from a small ship-repair unit to a ship-owning Company. The company has a multi-million order book from esteemed clients such as Ministry of External Affairs, Kolkata Port Trust, Visakhapatnam Port Trust, Deendayal Port Trust, Paradip Port Trust and various other ports.

Disclaimer: The above press release comes to you under an arrangement with PR Newswire. Business Upturn takes no editorial responsibility for the same.

Subscribe to our newsletter
Subscribe to our newsletter
Sign up here to get the latest news delivered directly to your inbox.
You can unsubscribe at any time