Stock Report

Knowledge Marine & Engineering Works Limited bags International Dredging contract

Posted On : 2021-11-22 09:16:15( TIMEZONE : IST )

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 MinistryofExternalAffairs, 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 two Years and 7 months. The project may be extended for further two 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 atSittwePortfor executing the above-mentioned work.

Commenting on the Letter of Award win, Mr. Sujay Kewalramani, CEO of Knowledge Marine & Engineering Works Limited said that, "It is a big order win for us. We are extremely delighted and lookingforward to delivery of the projectin 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,safetyandcostefficiency."he further added.

In H1FY22, the company's total income rose 18.81 percent 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 ofRs. 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.

Shares of Knowledge Marine & Engineering Works Ltd was last trading in BSE at Rs. 120.90 as compared to the previous close of Rs. 115.15. The total number of shares traded during the day was 3000 in over 1 trades.

The stock hit an intraday high of Rs. 120.90 and intraday low of 120.90. The net turnover during the day was Rs. 362700.00.