Dredging of India : JAN-MAR 2024

DREDGING CORPORATION OF INDIA LIMITED

CIN.No.: L29222DL1976PLC008129 GST NO. 37AAACD6021B1ZB Head Office: "DREDGE HOUSE",H.B. Colony Main Road, Seethammadhara,

Visakhapatnam- 530 022

Phone: [phone]

ISO 14001 : 2015

ISO 9001 : 2015

Approved by IRQS

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Website : www.dredge-india.com
Reg. Office: Core-2, First Floor, Scope
Minar, Laxminagar District Centre, Delhi -110092
DCl7CS7E.17SE720247	29.05.2024
Listing Compliance		Scrip Code: 523618
Bombay Stock Exchange Limited
Floor 1, Phiroze Jeejeebhoy Towers, Fort, Mumbai- 400001
Listing Compliance	Symbol: DREDGECORP
The National Stock Exchange of India Ltd.
Exchange Plaza, C-1, Block G
Sandra Kurla Complex, Sandra (E) , Mumbai- 400051
The Secretary		Scrip Code: 14050
The Calcutta Stock Exchange Assn. Ltd.
7, Lyons Range, Kolkata - 700001

Dear Sir,

As per the Regulation 29 (1) (a) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, The Stock Exchanges were informed on 08/05/2024 that a meeting of the Board of Directors would be held on 29/05/2024 inter-alia to consider the Standalone Audited Financial Results for the period ended 31/03/2024.

1. We have to inform you that the Board in the said meeting considered and approved the Audited Financial Results for the period ended 31/03/2024 and the same are attached along with the Limited Review Audit report given by the Statutory Auditors for the same.
2. We have taken steps to publish the standalone Audited Financial Results in the "Business Standard" all editions for English version and "Business Standard" all editions for Hindi versions to meet the provisions of the aforesaid clause of the Listing Regulations, 2015.
3. Pursuant to Regulation 33 (3) of the Listing Regulations, as amended, we have inform you that the Auditors have given an un-qualified opinion on the Audited Financial Results of the Company and the replies to the same are included in the Notes of the Financial Results for the period ended 31/03/2024.
4. This may please be treated as intimation to Stock Exchanges as per Regulation 47 and Regulatiuon 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
5. The Board meeting commenced on 29/05/2024 at 11:00 Hrs. and ended at 17:00 Hrs. Thanking You.

Yours faithfully,

For Dr

Corporation of India Limited

�

(P. �andra Kalabhinetri)

Company Secretary

DREDGING CORPORATION OF INDIA LIMITED

CIN no: L29222DL1976PLC008129

Registered Office: Core-2, 1st Floor, "SCOPE Minar", Plot No.2A & 2B, Laxmi Nagar District Centre, DELHl-11O 091.

Head Office : "Dredge house'" HB Colony,Seethammadara , Visakhapatnam-530022

		Standalone Financial Results for the Quarter and Year ended 31st March, 2024	Rs.lakhs
							Quarter	Quarter							Year Ended
							Ended		Quarter		Year Ended
							Ended			March 31,
S.Nc		Particulars	March 31,		Ended		March 31, 2024
	March 31,			2023
	2023				Dec 31, 2023		(Audited)
							2024							(Audited)
									(Audited)		(Un-Audited)
							(Audited)					(Restated)
							(Restated)
1	Revenue from operations	27,788.95			33,743.87			26,541.76		94,550.08	1,16,501.46
2	Other Income	91.38		'53.60			81.53		330.90	323.11
3	Total Income (1+2)		27 880.33		33,797.47			26,623.29			94,880.98	1,16,824.57
4	Expenses
	(a)	Employee benefit expense	2,550.63		2,644.36			2,396.96		9,824.71	9,599.51
	(b)	Finance costs	652.87		696.58			835.64		2,847.51	2,935.88
	(c)	Depreciation and amortization expense	3,942.62		4,886.39			3,353.90		14,082.21	14,967.53
	(d)	Sub Contract Expense	10,341.72		13,940.00			7,535.12		21,101.55	32,194.49
	(e)	Other expenses	12,723.43		33,887.23			9,731.11		43,193.25	76,619.50
5	Total expenses (4)		;30,211.27		56,054.57			23,852.73			91,049.24	1,36,316.91
Profit before exceptional items and tax (3-4)
	-2,330.94			-	22,257.11			2,770.55		3,831.74	-19,492.34
6	Exceptional Items	-			-			-		79.42	-
7	Profit before tax (5-6)
	-2,330.94			-22,257.11			2,770.55		3,752.33	-19,492.34
8	Tax Expense:
	Current tax	15.96			36.65			48.00		183.95	127.59
							15.96			36.65			48.00		183.95	127.59

9

10

11

12

13

Profit for the year (7-8)Other comprehensive income

Total comprehensive income for the period (9-10)Paid up share capital (face value Rs,10/- each) Earnings per equity share

1. Basic (in ')
2. Diluted (in ')

-2,346.90-132.13

-2,479.03 2,800.00

(8.85) (8,85)

-22,293.76262.78

-22,030.98 2,800.00

(4.13)

(4.13)

2,722.55

2,722.55

2,800.00

9.72

9,72

3,568.38 -132.13 3,436.25 2,800.00

12.27

12.27

-19,619.93 262.78 -19,357.15 2,800.00

(69.13)

(69.13)

�-

CA.E.Kiran

Chief Financial Officer

Place:Visakhapatnam

Date:29/05/2024

CA E ( ,,:'(_AN

Chief rinJ:,.-.,alOfficer

Dredging r: .Jrpr• ::• :rn of India Limited "Dredge· .juse", 3. Coloriy Main Road Seet; .; ·h,,ra

VISA!<''·?2

Shri. Durges	r Dubey, IRTS
Managing Director&CEO (A/C)
				�'19'·��
lL				1' 11!'11ff
D�RGESH KUMAR
				,.		DUBEY
				.�- (31/tfl)•MD & CEO (A/C)
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DREDGING CORPORATION OF INDIA LTD
		�fii61Qi°l
					'l•VISAKHAPATNAM

		Statement of Assets & Liabilities				(Rs.lnlakhs)
				As at		As at		As at
		ASSETS			March 31, 2023	1st April, 2022
			March 31, 2024
				(Audited)	(Audited)
				(Audited)
					(Restated)	(Restated}
Non-current assets
(a) Property, plant and equipment		1,43,845.40			1,53,084.87		1,59,879.83
(b)	Capital work-in-progress		3,104.39			470.99		2,940.04
(c)	Financial Assets		-				-		-
	(i)	Investments
(c)	(ii)	Other financial assets		51.52			51.26		50.63
Other Non Current Assets		31,325.84			11,545.47		-
Total non-current assets		1,78,327.15			1,65,152.58		1,62,870.50
Current assets
(a)	Inventories		11,668.33			13,562.67		15,975.04
(b)	Financial Assets
	(i)	Trade receivables		17,511.00			26,692.32		20,972.78
	(ii) Cash and cash equivalents		4,979.78			3,097.13		9,364.03
	(iii)	Bank balances other than (ii) above	(	48.26			49.46		50.48
(c)	(iv) Other financial assets		14,635.97			13,593.66		13,468.36
Current tax assets (Net)		8,426.08			7,270.42		6,338.64
(d)	Other current assets		4,668.30			3,189.06		3,512.60
(e) Assets Classified as held for sale		31.90			31.90		31.90
Total current assets		61,969.60			67,486.62		69,713.83
Total assets		2,40,296.75			2,32,639.20		2,32,584.33
EQUITY AND LIABILITIES		As at		As at	As at
	March 31 2024		March 31 2023	1st April, 2022
Equity
(a)	Equity Share Capital		2,800.00			2,800.00		2,800.00
(b)	Other Equity		1,23,560.22			1,20,123.96		1,39,481.11
Total equity		1,26,360.22				1,22,923.96		1,42,281.11
Liabilities
Non-current liabilities

1. Financial Liabilities

(b)	Borrowings	31,161.54	11,272.73	6,929.31
Provisions	967.65	842.45	897.41
(c)	Other non-current liabilities	1,978.95	1,884.30	2,029.01
Total non-current liabilities	34,108.14	13,999.47	9,855.73
Current liabilities

1. Financial Liabilities

	(i)	Trade Payables	26,509.48	41,239.71	37,532.12
	(ii)	Other financial liabilities		13,166.29	10,102.62	9,793.64
(b)	(iii)	Short Term Borrowings		11,474.91	16,783.44	20,354.07
Provisions		281.22	348.71	291.58
(d)	Other current liabilities		28,396.49	27,241.30	12,476.08
Total current liabilities		79,828.40	95,715.77	80,447.49
Total Liabilities		1,13,936.54	1,09,715.24	90,303.22
Total Equity And Liabilities	2,40,296.75	2,32,639.20	2,32,584.33

CA.E.Kiran	Shri. Durgesh �IRTS
Chief Financial Officer	Managing Director&CEO (A/C)

.		CAE. KIRAII
Place-Va	�	n	ancial	Officer
			of India Lllllilld
Date.2·	-	orpor1tion
	11•, H.B. Coton, 11111 ROid
		SNtammadh■ ra

VISAKHAPATNAM-130 022

		����
Dl:JRGESH KUMAR
Jl.,. �		DUBEY
	ffitWJ���
R,j
		�.1Til.3l. (3f/irl')•MD & CEO (A/C)
DREDGING CORPORATION OF INDIA LTD.
��ll&Q�O]'i-VISAKHAPATNAM

Dredging Corporation of India Limited

Cash Flow Statement for the oer1od ended

31-03-2024

							Year ended		Year ended
							March 31, 2023
							March 31, 2024
								(Audited)
							(Audited)
										(Restated)
	Cash flows from operating activities
	Profit for the year		3,436.25		·19,357.15
	Adjustments for
	Income tax expense recognised in profit or loss		183.95		127.59
	Finance Costs recognised in profit or loss		2,791.20		2,124.13
	Other non-operating income (net of directly attributable expenses)		-158 93		-354.69
	Depreciation and amortisation of non-current assets		14,082.21		14,967 53
	Net foreign exchange (gain)/loss		56.31		731.91
	Provision for Bad debts		1,729.01		7,421 04
	Provision for Other losses		1 328.30		12.256.67
	Movements in working capital		23,448.30				17,917.03
	(lncrease)/decrease in trade receivables		1,867.31		2,437 63
	(lncrease)/decrease in inventories		7,900.11		-12,681.73
	(lncrease)/decrease in other current assets		-1,566.46		-972 06
	lncrease/(decrease) in trade payables&Other liabilities		-11.601,09		10,161.31
	Cash generated from operations
		20,048.16		16,862.19
	Income Taxes Refund (Paid)		-804.92		-1,594.06
	Exceptional income (Expenses)		-79.42		-
	Excess provision no longer required written back		-93.71		-464.43
	Net cash generated by operating activities					14,803.71
			19,070.11
	Cash flows from investing activities
	Payments for property, plant and equipment		-29,100.32		-17540 69
	Proceeds from disposal of property, plant and equipment				-
	Interest Received		95.79		224.24
	Net Cash (used in) /generated by investing activities		-29,004.53		-17,316.45
	Cash flows from financing activities
	Cash Repayment of amounts borrowed		-4,925,56		-14,229 31
	Cash Receipt of amounts borrowed		19,590.57		12,596.01
	Interest Paid		-2.849 15		-2,121.87
	Net Cash used in financing activities		11,815.86		-3,755.18
	Net increase in Cash and Cash equivalents
			1,881.44		-6,267.92
	Cash and cash equivalents at the beginning of the year/period (A)		3,146.60		9,414.51
	Bank Over Draft at the beqinina of the year/period /B)		-10,044 67		-9 733.26
	Net Cash and cash equivalents at the be!linninq of the vear/period (A+B)		·6,898.07		-318.75
	Cash and cash equivalents at the end of the year/period (C) (Ref.Note No.7)..		5,028 04		3.146.60
	Bank Over Draft at the end of the vear/period ID) (Ref.Note No.18)		-13.166 29		-10,044.67
	Net Cash and cash equivalents at the end of the year/period (C+D)		-8,138.25		-6,898.07
	.. Comprises of Balances with banks in current accounts
	Balances with banks in current accounts/cash on hand#	2,368.53		1,440.07
	Balances with banks in deposits account with original	2,659.50		1.706.53
	maturity of less than three months @
	Total	5,028.03		3,146.60
	#Balances with banks in current accounts unavailbel for use	-
	Debt Service Reserve A/c-Deautch Bank		257 80
	Escrow Ale Balance	700.00		33.98
	MargIng money	44 82		44.82
	un-cIaImed 0IvIoend	3.44		464
	Total		748.26		341.24
	Balances with banks in
	deposits account with original
	maturity of less than three months unavaible for use@				.
	ueot ::;ervIce Keserve A/C-ueautcn tsanK	892.40
	Dsposit for court case	93.91		87.61
	ueposIts tor t:SG's and LC's	1,293.04		1,219.96
	Pension Annuiity fund	379.84		398.97
	Total	2,659.19		1,706.54

�-

CA.E.Kiran

Chief Financial Officer

CA E. KIRAN

Place:Visakhap�f Financial Officer

Date:29/(0tliifh,g Corporation of India Limited

•Ortclge House•, H.B. Colony Main Road

S.etammadhar■ · ·

VIIAKHAPATNAM-530 022

Shn. D,,ges�RTS Managing Director&CEO (A/C)

JI.,��			CORPORATION OF
				��IWiffl�
D�RGESH KUMAR DUBEY
		:J.CJ)f.3f. (3f/1fT)•MO & CEO (A/C)
		�"" 3fflli � �
DREDGING		INDIALTD.
fil'1	1
dl42•rri-v1sAKKAPA11Ual

Notes

1. The Company is engaged in the business of dredging and therefore, has only one reportable segment in accordance with IND AS 108 "Operating Segments".
2. The standalone financial results of the Company have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act 2013, read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) and other accounting principles generally accepted in India.
3. The Statutory Auditors of the Company have carried out the audit of the standalone financial results for the quarter and year ended 31.03.2024, pursuant to the requirements of Regulation 33 of the SEBI (LODR) Regulations, 2015 (as amended from time to time) and expressed an unmodified opinion in their audit report.
4. The Company has the practice of seeking confirmations of balances from all the parties in respect of the Trade Receivables, Trade Payables and Deposits.Reconciliation of vendor/customer balances is an ongoing process. Management is of the view that effect of changes in the balances on account of above reconciliation and subsequent impact of foreign exchange gain / loss will not be material.
5. The Company (DCIL) carried out maintenance dredging with JNPA in the financial year 2019-20. During the year, DCIL executed part of dredging area on its own and some of the areas were dredged by subcontractor named M/s. International Seaport Dredging Pvt. Ltd. (herein after called as ISDPL). DCIL received payments from JNPT as per the rates mentioned in the agreement. However, DCIL released payments to ISDPL as per the agreement between DCIL Vs. ISDPL. As there is difference in between JNPT rates to DCIL and DCIL rates to ISDPL, JNPT started recovering these amounts from subsequent invoices raised by the Company. As on 31/03/2024 an amount of Rs.34.98 Cr (excluding GST) has been recovered by JNPA, Company pursuing for realization and views this amount as disputed trade receivables, but considered good.

6. As per the requirement of Schedule II to the Companies Act,2013, where cost of a part of the asset do not have significant to the total cost of the asset and useful life of that part is different from the useful life of the remaining asset, useful life of that significant part shall be determined separately for depreciation purpose. After careful examination, the company is of the view that ,the Physical component parts of the fixed asset that are considered to be significant different useful lives as compared to total asset (PPE) except non physical component that represents a major inspection of Dry Dock expenses (including Spares consumed) incurred for dredgers

.Consequently, other than for Dry Dock expenses, the charging of depreciation for component parts was not required. Dry Dock expenses(including Spares consumed) are capitalized to the respective dredger and depreciated over a period of next due date docking from the date of capitalization based on management evaluation.The management is of the view that there is no impairment required for it's vessel as the "Market valueNalue in use " is more than carrying amount of PPE as at the reporting date.

CA E. KiRAN

Chief Financial Officer

Dredging Corporation of India Limited

•Dredge House•, H.B. Colony Main Road

Seetammadhara

VISAKHAPATNAM-530 022

		I'ltr
				JsrR
						�
	D(:1RGESH KUMAR	DUBEY
� lj	.<1iJ.31'	.					)
Jr.fr!.			(31'/"ifr)-Mo&	CEO	(A/C
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DRE&_GJNG CORPOR:'T
	l<1�1i�qpli1-V1	JON OF INOJA LTO
				SAKHAPATNAM

7. Additional line items (Ratios) disclosure pursuant to Regulation 52 (4) of SEBI (LODR):

S.No

Ratios

Year Ended

Year Ended

31/03/24

31/03/23

a)

Debt-equity ratio

0.34:1

0.23:1

b)

Debt Service Coverage ratio

1.46:1

0.13:1

c)

Interest Coverage ratio

1.46:1

0.13:1

d)

Outstanding redeemabale preference shares

0

0

e)

Debenture redemtion reserve (Rs.lakhs)

0

0

f)

Net worth (Rs.Lakhs)

1,26,360.22

1,22,923.96

g)

Net profit after tax (Rs.lakhs)

3568.38

-19619.93

h)

Outstanding redeemabale preference shares (Qua

-

-

-

-

i)

Capital Redemption Reserve

i)

Curent ratio

0.71

0.78:1

:1

j)

Long term debt to working capital

(1.74):1

0.89:1

k)

Bad debts to Account receivable ratio

0.51:1

0.39:1

I)

Current liability ratio

0.70:1

0.87:1

m)

Total debt to total assets

0.18:1

0.12:1

n)

Debtors turnover (Annualised )

4.28:1

4.89:1

o)

Inventory Turnover Ratio

7.49:1

7.89:1

p)

Opearting Profit Margin(%)

0.21%

-0.02%

q)

Net Profit Margin (%)

0.04%

-0.17%

r)

Sector specific equilant ratios

-

-

8. Disclosure as per Ind AS 8-Prior Period Restatements:Prior period errors in respect of previous year 2022-23 were restated as given below. Further, short recognition (PPE) for FY 2021-22 Rs.1843.85Lakhs and Short recognition of IOCL interest expense of Rs.300.15Lakhs were adjusted to the opening reserves of retained earnings as at 1st April, 2022

				(Rs. in Lakhs)
	Particulars						Amount
	Retained earnings Balance as at 31st March,2022				84621.58
	Adjustment pertaining to prior period errors				1843.85
	(Retrospective impact of Depreciation as per
	change in policy)
	Interest on IOCL delayed payments				-300.15
	Retained earnings Balance as at 1st April,2022 (A)				85165.28
	Profit After Tax for the year 2022-23(Prior Restatement)				1518.58
	Operating Expenses :Dr		-1539.91
	Short recognition of Bad debts -LO charges by ports
	Short recognition of Provision for IOCL interest		-369.60
	Short recognition of Depreciation-As per Revised policy		-1382.61
	Non Operating Expenses: Dr				-534.69
	Short recognition of Provision for Tax Receivables
	Sho� r�gtifon	of Bad debts- Sethusamudram dues		-6583.79
·	�� l'eM	iti5-W	(Wl.... l,!ler losses -Court cases		-10409.27
. , ·	.,	·. ·, '·. :n	}

cieftr e,!Ln! to nv:£10q1e>J gnigbe10 of! nisM �110100 .8.H ,"eeuoH apb&1a• sistfbsmm,c;l�'.!"2

StO oi�c-MAV11!,9AH>IAatv

	Short recognition of Provision for TDS Receivable and GST		-77.94
	interest liability
	Non Operating income: Cr
	Short recognition of non operating income		21.67
	Net Prior period Adjustment		-20875.61
	Restated Profit (Loss) for the year 2022-23 (8)		-19357.15
	Retained Earnings Balance as at 31st March,2023 (A+B)			66336.13

1. The audited accounts are subject to review by C&AG U/s 143(6) of The Companies Act, 2013.
2. The figures of the last quarter ending 31/03/2024 are the balancing figures in respect of figures for full financial year 2023-24 and the figures published up to third quarter of FY 2023-24.
3. The above financial results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 28/05/2024 and 29/05/2024.
4. The figures of the previous year/periods have been regrouped/ rearranged/restated wherever necessary/ practicable to conform to current year/ period's transactions.

By Order of the Board

For Dredging Corporation of India Ltd

��,
CA.E.Kiran	Shri.Durge
Chief Financial Officer		Managing Director &CEO (A/C)
Place: Visakhapatnam		����
f.f D�RGESH KUMAR DUBEY
Date: 29/05/2024	Jl.	� �j:;JJ.	{3!!1fl)-MD& CEO	(A/C)
			�Jfm;��
	DRE�GING CORPOR	ATION
		�IH�G�
			D]'f-VISAKHOF INOIA LTD
CA E. KIRAN					APATNAM
Chief Financial Officer
Dredging Corporation of India Limited
•Oredg House•, H.B. Colony	Main Rold
Seetammadhara

VISAKHAPATNAM•530 02%

CEO / CFO CERTIFICATION

We Shri. Durgesh Kumar Dubey,IRTS, in the capacity of Managing Director& CEO (A/C) and Shri.E.Kiran in the capacity of CFO of Dredging Corporation of India Limited, certify to the Board that

1. We have reviewed financial statements and the cash flow statement for the year 2023-24 and that to the best of our knowledge and belief:

i) These statements	do not	contain	any materially untrue
statement or	omit	any material fact or contain statements
that might be misleading;

ii) These statements together present a true and fair view of the company's affairs and are in compliance with existing accounting standards, applicable laws and regulations.

1. There are, to the best of our knowledge and belief, no transactions

entered into by the company during the year which are fraudulent, illegal or violative of the company's code of conduct.

1. We accept responsibility for establishing and maintaining internal

controls for Financial	Reporting	and	that we have evaluated the
effectiveness of the	internal	control	systems of the company

pertaining to financial reporting and they have disclosed to the auditors and the Audit Committee, deficiencies in the design or operation of such internal controls, if any, of which they are aware and the steps they have taken or propose to take to rectify these deficiencies.

1. We have indicated to the Auditors and the Audit Committee:
2. 1. Significant changes in internal control over financial Reporting during the year:

�<-4-__

CAE. KIRAN

Chief Financial Officer

Dredging Corporation of India Limited

•DrtclgeHouse•, H.B. Colony Mlin Rold

s-1ammadh■ra

���'Atl'flJR.��

DURGESH KUMAR DUBEY

JI.A. ,.'llil.3f. (-31/1fl)•MD & CEO (A/Cl

DREDGING CORPORATION OF IN.DIA LTD. rc.iilii!IQ�"l't•VISAKHAPATNA�

1. significant changes in accounting policies during the year and that the same have been disclosed in the notes to the financial statements; and
2. instances of significant fraud of which they have become aware and involvement therein, if any, of the management or an employee having a significant role in the company's internal control system over financial reporting.

�tt4.	Shri. Durges	�
CA.E.kiran	ey, IRTS
Chief financial Officer	Managing Director&CEO (A/C)

Place:Visakhapatnam

Date: 29/05/2024

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	Rao& Kumar
I ND IA	Chartered Accou11l011ls
email: [e-mail]	I 0-50-19, Soudamani, Siripuram, Visakha-2
Web: raoandkumar.com Tcl:(0891 )4803999

Independent Auditor's Report on the Quarterly Standalone Financial Results and Standalone Year to Date Results of Dredging Corporation of India Limited, pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended

To

The Board of Directors

Dredging Corporation of India Limited

Report on the Audit of the Standalone Annual Financial Results

Opinion

We have audited the accompanying standalone annual financial results of Dredging Corporation of India limited (hereinafter referred to as "the Company"}, for the quarter ended 31 March 2024 and for the year ended 31 March 2024 ("the Statement" or "Standalone annual financial results"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").

In our opinion, to the best of our information and according to the explanations given to us, the Statements:

1. are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in this regard as amended; and
2. Gives a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India of the net profit, other comprehensive income and other financial information of the Company for the quarter ended 31 March 2024 and for the year ended 31 March 2024.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143 (10} of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.

Emphasis of Matter

We draw anention to;

1. Note No. 4 to the financial statements regarding the debtors and creditors balances respectively. The said balances are subject to confirmations and reconciliations.
2. Note No. 5 to the financial statements regarding amounts receivable from M/s Jawaharlal Nehru Port Trust on account of a disputed recovery made by them.
3. Note No. 6 to the financial statements regarding absence of impairment as the market value/value in use is more than the carrying amount of PPE as at the reporting date.
4. Note No. 8 in respect of restatement of comparative and previous periods on account of prior period items accounted during the current year.

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