Share price of this small-cap stock hit a 2% upper circuit on BSE at Rs. 1,300 in the trading session of Friday, after securing a Letter of Award (LOA) from the Myanmar Port Authority for the work of maintenance dredging with a total contract value of US$4.85 million.
With a market capitalisation of Rs. 1,404.13 crore, Knowledge Marine & Engineering Works Limited has delivered positive returns of nearly 13.2 percent in the last one year.
According to the recent regulatory filings with the BSE, Knowledge Marine & Engineering Works Limited (KMEW) received a Letter of Award (LOA) from the Myanmar Port Authority for the work of maintenance dredging of the Yangon River for FY25.
The contract received by the company is valued at $4.85 million, to be executed over a period of one year.
The said order follows the successful completion of a similar dredging project awarded by the Myanmar Port Authority to KMEW in October 2023.
The company has secured its third consecutive international order with the recent contract win, following the initial project with the Government of India and the subsequent dredging of the Yangon River.
The contract, valued at $4.85 million, is more than double the previous order of $2.2 million received in October 2023.
Additionally, earlier this month on 10th May, KMEW secured from Inland Waterways Authority of India (IWAI) for dredging operations along the 74 km stretch of National Waterway – 1, from Barh to Digha.
The contract was valued at Rs. 73.14 crore for a period of three years and further extendable by 2 more years.
In terms of financials, the company reported a growth in the revenue from operations by 293.4 percent YoY from Rs. 49.5 crore in FY21-22 to Rs. 194.72 crore in FY22-23, accompanied by a rise in the net profit by 139 percent from Rs. 19.5 crore to Rs. 46.6 crore, during the same period.
Incorporated in 2015, Knowledge Marine & Engineering Works Limited is engaged in the business of owning and operating Marine Crafts, dredging, repair and maintenance/refits of Marine Crafts and Marine Infrastructure.
The company provides multiple solutions for marine engineering including dredging at various ports, carrying out repair and refit services for naval and merchant ships, conducting hydrographic and magnetometer surveys and technical solutions for maintenance and operations of vessels.
Written by Shivani Singh
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