Small-cap stock engaged in the business of hiring, operation, and maintenance of marine infrastructure and marine crafts jumps 2 percent in the day’s trade upon receiving a work order worth Rs. 98.06 Crores from the Inland Waterways Authority of India (IWAI).
With a market capitalization of Rs. 1,620 Crores, the shares of Knowledge Marine & Engineering Works Limited were trading at Rs. 1,509, up 0.64 percent from its previous day’s close price of Rs. 1500.30.
Knowledge Marine & Engineering Works Limited has received a new work order worth Rs. 98.06 Crores for three years further extendable by two more years, from the Inland Waterways Authority of India (IWAI) for the fairway maintenance of the Farakka – Kahalgaon (146 km) stretch of river Ganga under the National Waterway -1.
Commenting on the Letter of Award (LoA), Mr. Sujay Kewalramani, CEO of Knowledge Marine & Engineering Works Limited said We are thrilled to announce a major breakthrough as we secure our first contract with the Inland Waterways Authority of India, underscoring our unwavering commitment to this sector wherein we will be deploying our first Cutter Suction Dredger.
We have secured the work of 146 km out of the total focus of the Government of India ~20,000 km plus river length. The potential is immense and we intend to further our efforts toward securing more business with IWAI in the coming year
Knowledge Marine & Engineering Works Limited is engaged in the business of owning, hiring, manning, operating, and technical maintenance of marine crafts and repairs, maintenance of, marine infrastructure marine crafts, and allied works.
Its revenue from operations grew by 230 percent from Rs. 61 Crores in FY22 to Rs. 202 Crores in FY23, accompanied by increasing profits of Rs. 21 Crores to Rs. 47 Crores.
Written by: Bharath K.S
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