Dredging Corporation Of India Ltd. share price target and research reports

Name: Latest research reports of Dredging Corporation Of India Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: Dredging Corporation Of India Ltd.
Rating: 3
Author: ICICI Securities Limited

Latest analyst research reports with target prices and PDF download for DREDGECORP, BSE:523618 Dredging Corporation Of India Ltd.

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Dredging Corporation Of India Ltd.

09 Aug 2019

940.30

-0.65%

Dredging Corporation of India

Hold: Dredging Corporation Of In...

Target

ICICI Securities Limited

New initiatives to garner higher revenue growth During FY19, the company utilised 77% of the number of days (2501 days against a target of 3228 days) and it dredged 54.5 cu.m. against 63.9 cu.m. (85% utilisation). It has won 16 new contracts and completed 16 important contracts during FY19. Dredging Corp garners highest revenues from a maintenance dredging contract at Kolkata Port Trust (~|1120 crore for five years), followed by maintenance dredging contract at Cochin Shipyard (|110 crore for five years) and a capital dredging contract (|103 crore for 15...

Dredging Corporation has gained 33.07% in the last 6 Months

Dredging Corporation Of India Ltd.

03 Jun 2019

940.30

-0.65%

Dredging Corporation of India

Hold: Dredging Corporation Of In...

Target

ICICI Securities Limited

Better fleet utilisation expected to continue in FY20 FY19 has been a moderate year for the company with FY19 revenues and EBITDA increasing (12%, 5% respectively) on a YoY basis. Dredging Corp garners highest revenues from a maintenance dredging contract at Kolkata Port Trust (~| 1120 crore for five years), followed by maintenance dredging contract at Cochin Shipyard (| 110 crore for five years) and a capital dredging contract (| 103 crore for 15 months). Overall, the company has commitments tied to over nine clients totalling over | 1680 crore to be...

Dredging Corporation has gained 33.07% in the last 6 Months

Dredging Corporation Of India Ltd.

05 Feb 2019

940.30

-0.65%

Dredging Corporation of India

Hold: Dredging Corporation Of In...

Target

ICICI Securities Limited

ICICI Securities Ltd | Retail Equity Research Revenues grew 38% YoY at | 165 crore (I-direct estimate: | 132 crore), mainly due to better fleet utilisation & low base. The base quarter was impacted by employee strikes against privatisation of the company The EBITDA margin increased 290 bps to 23.4%, leading to an...

Dredging Corporation Of India Ltd. is trading above all available SMAs

Dredging Corporation Of India Ltd.

13 Nov 2018

940.30

-0.65%

Dredging Corporation of India

Hold: Dredging Corporation Of In...

Target

ICICI Securities Limited

ICICI Securities Ltd | Retail Equity Research Revenues remained flat YoY at | 148 crore Optically, absolute EBITDA came in at a loss of | 46 crore vs. profit of | 41 crore in Q2FY18. However, adjusting for the one-off, EBITDA declined 6% to a profit of | 38 crore while adjusted EBITDA margin declined 132 bps to 25.7% and came in higher than I-direct estimate of 22%. The one-off was on the account of a provision of bad and doubtful debt, amounting to | 84 crore as receivable from Government...

Dredging Corporation has gained 42.23% in the last 3 Months

Dredging Corporation Of India Ltd.

16 Aug 2018

940.30

-0.65%

Dredging Corporation of India

Hold: Dredging Corporation Of In...

Recommendation Target

ICICI Securities Limited

ICICI Securities Ltd | Retail Equity Research Revenues de-grew 11% YoY to | 140 crore (I-direct estimate: | 150 crore). Revenue growth appears to have contracted after growing 17% YoY in Q4FY18, due to lower utilisation of fleet EBITDA margin declined 33 bps to 23.3% (I-direct estimate: 22%), mainly due to higher other expenses to sales ratio (58.7% in Q1FY19 vs 58.5% in Q1FY18). Absolute EBITDA de-grew 13% to | 33 crore (Idirect estimate: | 33 crore) Subsequently, PAT de-grew 28% to | 3 crore and was higher than Idirect estimate of | 2 crore...

Dredging Corporation Of India Ltd. is trading above all available SMAs

Dredging Corporation Of India Ltd.

31 May 2018

940.30

-0.65%

Dredging Corporation of India

Sell: Dredging Corporation Of In...

Target

ICICI Securities Limited

However, PAT grew 358% to | 17 crore (I-direct estimate: | 3 crore), mainly due to higher other income (| 15 crore in Q4FY18 vs | 6 crore in Q4FY17) and lower tax rate (15% in Q4FY18 vs 36% in Q4FY17) EBITDA growth revival visible in FY18 For FY18, revenues were flattish with growth of 1% to | 592 crore vs. | 586 crore in FY17. However, the EBITDA margin has improved 280 bps YoY to 22.8% in FY18. The improvement in EBITDA margin has been owing to fuel expense as a percentage of sales declining 200 bps from...

Dredging Corporation has gained 33.07% in the last 6 Months

Dredging Corporation Of India Ltd.

14 Feb 2018

940.30

-0.65%

Dredging Corporation of India

Sell: Dredging Corporation Of In...

Recommendation Target

ICICI Securities Limited

In addition to a weak operational performance, higher interest expense (up 8% YoY) coupled with increase in depreciation (up 19% YoY) led DCI to report a loss of | 22.5 crore (I-direct estimate: | 2.1 crore) Sluggish YTD performance; revival to take some time DCI posted five-year low revenues of | 119.9 crore (vs. a normal run rate of | 140-160 crore. For 9MFY18, revenues de-grew 6% YTD to | 428.4 crore vs. | 455.7 crore in 9MFY17. However, benefiting from lower crude prices in FY18, EBITDA for the same period grew marginally by 6% YoY...

Dredging Corporation has gained 33.07% in the last 6 Months

Dredging Corporation Of India Ltd.

13 Nov 2017

940.30

-0.65%

Dredging Corporation of India

Hold: Dredging Corporation Of In...

Target

ICICI Securities Limited

ICICI Securities Ltd | Retail Equity Research Revenues remained flattish YoY (up 2% QoQ) to | 161.3 crore (I-direct estimate: | 169 crore). The reported revenues includes an insurance claim of | 10.8 crore, adjusting for the same revenues stood at degrowth of 7% YoY to | 150.5 crore EBITDA, optically, more than quadrupled to | 51.4 crore as compared our estimate of | 40 crore. The Q2FY17 EBITDA was impacted by higher dry-docking resulting higher spares and stores expenses. Adjusted for the insurance claim, EBITDA stood at | 40.7 crore....

Dredging Corporation has gained 33.07% in the last 6 Months

Dredging Corporation Of India Ltd.

17 Aug 2017

940.30

-0.65%

Dredging Corporation of India

Hold: Dredging Corporation Of In...

Recommendation Target

ICICI Securities Limited

ICICI Securities Ltd | Retail Equity Research Revenues grew 11% YoY and 21% QoQ to | 157.9 crore vs. our estimate: | 174.8 crore. Though revenue was lower than our estimate...

Dredging Corporation has gained 33.07% in the last 6 Months

Dredging Corporation Of India Ltd.

01 Jun 2017

940.30

-0.65%

Dredging Corporation of India

Sell: Dredging Corporation Of In...

Recommendation Target

ICICI Securities Limited

ICICI Securities Ltd | Retail Equity Research Revenues de-grew 26% YoY (down 14% QoQ) to | 130 crore (I-direct estimate: | 180 crore) compared to | 176.7 crore in Q4FY16 and | 152 crore in Q3FY17. Revenues continue to stay impacted with Kolkata port scaling down its dredging expenses On account of a deceleration in execution, operating expenses degrew 31% YoY. Also employee expenses de-grew 49%. The resultant EBITDA grew 25% YoY (down 9% QoQ) to | 36.5 crore (I-direct estimate: | 52.7 crore). Following this, EBITDA margins were at 28%...

Dredging Corporation Of India Ltd. is trading above all available SMAs

Is Dredging Corporation Of India Ltd. worth buying?

167 Votes:

Buy 80.84%

Sell 10.78%

Hold 8.38%