Wed, 01 Dec 2021

Mumbai (Maharashtra) [India], November 22 (ANI/PRNewswire): Knowledge MarineEngineering 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 MarineEngineering 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, Sujay Kewalramani, CEO of Knowledge MarineEngineering 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.

This story is provided by PRNewswire. ANI will not be responsible in any way for the content of this article. (ANI/PRNewswire)

More Myanmar News

Access More

Sign up for Myanmar News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!