Your Directors are pleased to present the 49th Annual Report together with the audited financial statements of the Company for
the year ended 31st March, 2025.

1. FINANCIAL RESULTS

The Company's financial performance for the year under review along with previous year's figures is given hereunder:

2. ACQUISITION OF NEW DREDGER

As informed in previous year's Board's Reports we are happy to give you update on procurement of 12000 m3 TSHD
dredgers by DCI to be constructed at Cochin Shipyard Limited under the Atma Nirbhar Program. The agreement between
Dredging Corporation of India and Cochin Shipyard Limited was signed on 17/03/2022 and tripartite agreement between
DCI-CSL-IHC was signed on 13/04/2022. The Cost of the dredger is 104.59 million EURO's. The first dredger is targeted for
delivery by 2025 with the second in 2028. The third dredger's procurement will depend on the performance of the previous
two. The third dredger capacity will be calculated based on a market gap viability analysis in 2030, to meet the dredging
requirements at Indian Major Ports as outlined in the Maritime Vision 2030. All the installments/payments due under the said
agreement in the financial year 2024-2025 were paid by DCI within time limit. The company has been working on this new
market for more than a decade, and this is a significant milestone.

3. CAPACITY UTILIZATION

The capacity utilization in number of days and quantity dredged as against the targets during the year is as under:-

The lower capacity utilization is mainly because of dry-docking and ageing of dredgers.

4. DCI FLEET

The Company has, 10 Trailer Suction Hopper Dredgers (TSHDs), one Cutter Suction Dredger (CSD), one Back Hoe Dredger
and one Inland Cutter Suction Dredger apart from other ancillary crafts. Fleet details are as under:

5. DREDGING OPERATIONS

A. i) Important contracts completed during the

year: 2024-25

1. Maintenance dredging in the Hooghly Estuary,
primarily in the shipping channel leading to
the Haldia Dock Complex of Syama Prasad
Mookerjee Kolkata (SMPK) for the year 2023-24.

2. Maintenance dredging of approach channel,
entrance channel, turning circle, docks and
sand trap of Paradip Port Authority (PPA) for
the year 2023-24.

3. Capital dredging in the North Dock Complex of
Paradip Port Authority (PPA) for the year 2023-24.

4. Maintenance dredging at New Sand Trap (NST),
its approaches and other areas of Visakhapatnam
Port Authority (VPA) for the year 2023-24.

5. Chartering of DR-XV to M/s. J.P. Offshores for
dredging operations at DGNP, Visakhapatnam.

6. Chartering of DR-XI to M/s. Aurobindo Realty
Infrastructure Pvt. Ltd. for dredging operations
at Ramayapatnam for the year 2023-24.

7. Maintenance dredging of channels and
basins of Cochin Port Authority (CoPA) for
the year 2023-24.

8. Maintenance Dredging of Cochin Shipyard
Limited (CSL) for the year 2023-24.

9. Maintenance dredging of New Mangalore Port
Authority (NMPA) for the Year 2023-24.

10. Maintenance dredging of Mumbai harbor
channel and JN Port channel of Jawaharlal Nehru
Port Authority (JNPA) for the year 2023-24.

B. ii) New Contracts taken up during the year:
2024-25

1. Maintenance dredging in the Hooghly Estuary
primarily in the shipping channel leading
to Haldia Dock Complex of Syama Prasad
Mookerjee Kolkata (SMPK), for a period of five
(5) years for the year 2024-25.

2. Maintenance dredging of approach channel,
entrance channel, turning circle, docks and
sand trap of Paradip Port Authority (PPA) for
the year 2024-25.

3. Capital dredging in the North Dock
Complex of Paradip Port Authority (PPA) for
the year 2024-25.

4. Maintenance dredging at the New Sand Trap
(NST) and its approaches and other areas
of Visakhapatnam Port Authority (VPA) for
the year 2024-25.

5. Chartering of DCI BH-I to M/s. ISDPL for
dredging operations at Rambilli.

6. Dredging for maintenance of channels and
basins of Cochin Port Authority (CoPA) for
the year 2024-25.

7. Maintenance Dredging of Cochin Shipyard
Limited (CSL) for the year 2024-25.

8. Maintenance dredging of New Mangalore Port
Authority (NMPA) for the Year 2024-25.

9. Maintenance dredging of Mumbai harbor
channel and JN Port channel of Jawaharlal Nehru
Port Authority (JNPA) for the year 2024-25.

10. Dredging in the Navigational Channel, Kandla
Creek and alongside Cargo Berths and Oil
Jetties of Deendayal Port Authority (DPA) for
the year 2024-25.

11. Development and maintenance of a fairway
width of 32m and depth of 2.5/2.0m in
Brahmaputra River (NW-2) and in Barak River
for a period of three years for the year 2024-25.

6. SAFETY MANAGEMENT SYSTEM (ISM)

(a) DCI DR-XII, DR-XIV, DR-XV, DR-XVI, DR-XVII, DR-
XIX, DR-XX, DR-XXI (hold valid Safety Management
Certificate (SMC).

(b) DCI Dredge VIII hold valid Indian Coastal Vessel
Safety Certificate.

(c) DCI holds a Document of Compliance (DOC) valid
till 24.06.2027. The same is being endorsed every
year after annual verification audit by DG Shipping.

Ship Security System (ISPS):

(a) DCI DR-XII, DR-XIV, DR-XV, DR-XVI, DR-XVII, DR-XIX,
DR-XX, DR-XXI hold valid International Ship Security
Certificate (ISSC).

(b) DCI Dredge VIII, DCI Dredge XI and DCI Multicat-1
ensure compliance with regard to Ship Security
measures as defined in Annex -11 of the Notification
for Indian Coastal Vessels.

Quality Management System (ISO 9001:2015):

The QMS (Quality Management System) Renewal Audit
was held in March2025 and the audit team recommended
for issuance of certificate. A draft ISO 9001:2015
certificate, valid for next 3 years was issued. The original
certificate is awaited.

Environmental Management System (ISO
14001:2015):

The EMS Renewal Audit was held in March2025 and the
audit team recommended for issue of certificate. A draft
ISO 14001:2015 certificate, valid for next 3 years was
issued. The original certificate is awaited.

Maritime Labour Convention (MLC) -2006

All dredgers of DCI, except dumb vessel DCI Dredge
XVIII, currently hold valid MLC-2006 certificates.

7. MEMBERS/ INVESTOR SERVICES

The shares of the Company are listed on Bombay Stock
Exchange and National Stock Exchange. The shares of
the Company have been delisted from the official list
of Calcutta Stock exchange with effect from March 29,
2025.The shares of the Company are dematerialized
with both the depositories, NSDL and CDSL. M/s.
Alan kit Assignments Limited, Delhi are the R&T Agents
of the Company.

8. CHANGE IN NATURE OF BUSINESS:

The Company has not changed its nature of business
during the relevant financial Year 2024-25.

9. HIGHLIGHTS OF PERFORMANCE OF
SUBSIDIARIES, ASSOCIATES AND JOINTVENTURE
COMPANIES AND THEIR CONTRIBUTION TO THE
OVERALL PERFORMANCE OF THE COMPANY
DURING THE PERIOD UNDER REPORT

The Company did not have any subsidiary, associate and
Joint Venture Company during the FY 2024-2025 and
hence, Consolidated Financial Statement for the Financial
Year has not been prepared.

10. CAPITAL AND DEBT STRUCTURE

A. Any changes in the Capital Structure of the Company
during the year including the following:

i. CHANGES IN SUBSCRIBED, ISSUED, PAID-UP SHARE
CAPITAL:

During the year under review, there is no changes in
subscribed, issued, paid-up share capital -.

ii. CHANGES IN AUTHORIZED SHARE CAPITAL:

During the year Financial Year 2024-25, Company
has not increased Authorized share capital.

iii. RECLASSIFICATION OR SUBDIVISION OF
AUTHORIZED SHARE CAPITAL:

There were no reclassifications or subdivision
of Authorized share capital during the

year under review.

iv. REDUCTION OF SHARE CAPITAL:

There was no Reduction of share capital during the
year under review.

v. BUYBACK OF SHARES:

There was no buyback of share capital during the
year under review.

vi. CHANGES IN CAPITAL STRUCTURE RESULTING
FROM RESTRUCTURING:

There was no restructuring of capital during the
year under review.

vii. CHANGES IN SHARE TRANSFER AND SHARE
TRANSMISSION:

There were no transfer and transmission of securities
during the year under review.

B. ISSUE OF EQUITY SHARES WITH DIFFERENTIAL
RIGHTS:

There was no issue of Equity Shares with Differential
Rights during the year under review.

C. ISSUE OF SWEAT EQUITY SHARES:

There was no issue of Sweat Equity Shares during the
year under review.

D. DETAILS OF EMPLOYEE STOCK OPTIONS:

There were no shares issued under Employee stock
options during the year under review.

E. SHARES HELD IN TRUST FOR THE BENEFIT OF
EMPLOYEES WHERE THE VOTING RIGHTS ARE NOT
EXERCISED DIRECTLY BY THE EMPLOYEES:

There were no shares held in trust for the benefit of
employees where the voting rights are not exercised
directly by the employees during the year under review.

F. ISSUE OF DEBENTURES, BONDS OR ANY NON¬
CONVERTIBLE SECURITIES:

There was no Issue of debentures, bonds or any non¬
convertible Securities during the year under review.

G. ISSUE OF WARRANTS:

There was no Issue of warrants during the
year under review.

H. Securities of the Company are not suspended from
trading during the year under review.

I. During the year under review, statement of deviation in
the use of proceeds from the objects stated in the offer
document or explanatory statement to the notice for the
general meeting for public issue, rights issue, preferential
issue in pursuance to Regulation 32(4) of the SEBI(LODR),
2015 is not applicable on the Company.

PARTICULARS PURSUANT TO SECTION 134 (3) OF
THE COMPANIES ACT 2013 ARE AS UNDER:-

11. The Annual Return pursuant to Section 92 (3) of the
Companies Act, 2013, read with Section 134(3)(a) and
rule 12(1) of the Company (Management & Administration)
Rules, 2014 for the Financial Year ended 31st March 2025
is available on the Company's website https://dredge-
india.com/files/Mqt7.PDF.

12. N umber of meetings of the Board:- During the financial
year 2024-25, the company has held Six Board Meetings.
Further details are provided in the Corporate Governance
Report. The Company has duly constituted Audit
Committee, Nomination and Remuneration Committee,
Stakeholders Relationship Committee, Corporate
Social Responsibility Committee and Risk Management
Committee and the details of the same including their
Constitution, Number of meetings etc., are included in
the Corporate Governance Report.

13. Directors' Responsibility Statement:- Pursuant to the
provisions of Section 134(3)(c) & 134 (5) of the Companies
Act, 2013 your Directors state that:

i) in the preparation of the Annual Accounts, the
applicable accounting standards had been
followed along with a proper explanation relating
to material departures;

ii) the Directors had selected such accounting
policies, applied them consistently and made
judgements and estimates that are reasonable and
prudent to present a true and fair view of the state
of affairs of the Company at the end of the financial
year and its profit or loss for that period;

iii) the Directors had taken proper and sufficient
care to maintain adequate accounting records in
accordance with the provisions of the Act, ensuring
the safeguarding of the Company's assets and for
the prevention and detention of fraud and other
irregularities;

iv) the Directors had prepared the Annual Accounts on
a going concern basis;

v) the Directors, had laid down internal financial
controls to be followed by the Company and that
such internal financial controls are adequate and
operating effectively;

vi) the Directors had devised proper systems to ensure
compliance with the provisions of all applicable
laws and that these systems were adequate and
operating effectively.

14. DETAILS IN RESPECT OF FRAUDS REPORTED BY
AUDITORS UNDER SUB-SECTION (12) OF SECTION
143 OTHER THAN THOSE WHICH ARE REPORTABLE
TO THE CENTRAL GOVERNMENT

No fraud was reported by Auditors to the
Central Government as per section 143(12) of the
Companies Act, 2013.

15. During the year, all the Independent Directors have
met the requirements specified under Section 149(6)
of the Companies Act, 2013 for holding the position of
'Independent Director' and necessary declaration from
each Independent Director under Section 149 (7) of the
Companies Act, 2013 was received.

16. The Independent directors are paid a sitting fee of
H 20,000/-(Rupees Twenty Thousand Only) for attending
each meeting of the Board or its committees and they
do not receive any other remuneration. Non-Independent
Directors are not paid any remuneration or sitting fees by the
Company. The Company has constituted a Nomination and
Remuneration committee as per Section 178, comprising
three Independent Directors, which consider different
criteria for recommendation of person as directors like
qualifications, positive attributes, independence etc of a
director. Terms and conditions for appointment of Director
is available on website of the company https://www.
dredge-india.com/investors/terms-and-conditions-for-
the-appointment-of-independent-directors. Remuneration
policy is available on website of the company https://www.
dredqe-india.com/investors/remuneration-policv

17. Explanations or comments by the Board on every
qualification, reservation or adverse remark or disclaimer
made.

MANAGEMENT COMMENTS ON STATUTORY
AUDITORS' REPORT

The chartered accountant firm M/s. Grandhy & Co., Chartered
Accountants, Hyderabad was appointed by the Comptroller
and Auditor General of India as Statutory Auditors for auditing
the accounts of the Company and compliance with applicable
laws, regulations, and accounting standards for the financial
year 2024-25. Pursuant to Section 142 (1) of the Companies
Act, 2013 the remuneration of the Auditors has to be approved
by the Members at the Annual General Meeting (AGM). In the
previous AGM the Board of Directors of the Company was
authorized to fix the fees payable to the Statutory Auditors.
It was recommended to authorize the Board of Directors
of the Company for fixation of remuneration for statutory
auditors for 2025-26.

The Statutory Auditors of the Company have given a report on
the accounts of the Company for the financial year 2024-25.
They have drawn attention under 'Emphasis of Matter' to the
following notes of the Financial Statements:

A. Note No. 1 relating to management's assessment that no
impairment of Property, Plant, and Equipment is required
as their recoverable value exceeds the carrying amount
as at the reporting date.

B. Note No. 29(11) relating to outstanding trade receivables
and payables which are subject to confirmation and
reconciliation.

C. Note No. 29(12) relating to restatement of comparative
figures due to prior period items adjusted in
the current year.

The issues have been adequately explained in the respective
Notes referred to by the Auditors.

The Management's response on the comments in the Statutory Auditors Report is mentioned below: -

REVIEW OF ACCOUNTS BY COMPTROLLER & AUDITOR GENERAL OF INDIA (C&AG)

Review and comments of the C&AG on financial statements for the FY 2024-25 form part of the financial Statements of the
Company. The Management's comments on same are being placed with the report of Statutory Auditors of your Company
elsewhere in this Annual Report.

MANAGEMENT COMMENTS ON SECRETARIAL AUDIT REPORT

The "Secretarial Audit Report" from the secretarial auditor in Form MR-3 as required under Section 204 of the Companies Act, 2013
read with rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of this report.
The Management's Response on the qualification in the Secretarial Auditor Report is mentioned below:

18. PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENTS UNDER SECTION 186

Pursuant to provisions of Section 186 of the Companies
Act, 2013 and the Companies (Accounts) Rules, 2014, the
Company has not made any Investment, given guarantee
and securities during the year under review.

19. CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION &FOREIGN EXCHANGE EARNINGS
AND OUTGO:

The Particulars as described under Section 134(3) (m) of
the Companies Act 2013 read with Companies (Accounts)
Rules 2014 are given in Annexure to this report.

20. RELATED PARTIES TRANSACTIONS

The particulars of contracts or arrangements with related
parties referred to in sub-section (1) of section 188 are
given in form AOC-2 forming part of Board's Report.

21. TRANSFER TO RESERVES

The details of amount transferred to reserves are
given in note no. 13 of the Notes forming part of the
financial statements.

22. DIVIDEND

Your Directors did not recommend any dividend for the
financial year 2024-25.

23. MATERIAL CHANGES AND COMMITMENTS, IF
ANY, AFFECTING THE FINANCIAL POSITION
OF THE COMPANY WHICH HAVE OCCURRED
BETWEEN THE END OF THE FINANCIAL YEAR
OF THE COMPANY TO WHICH THE FINANCIAL
STATEMENTS RELATE AND THE DATE OF THE
REPORT

There have been no material changes and commitments,
which affect the financial position of the company which
have occurred between the end of the financial year to
which the financial statements relate and the date of this
Report. However, following are the capital commitments
as on 31st March 2025.

24. RISK MANAGEMENT POLICY

Risk Management is the process of identification,
assessment and prioritization of risks followed by
coordinated efforts to minimize, monitor and mitigate/
control the probability and/or impact of unfortunate
events or to maximize the realization of opportunities.
The Company has laid down a comprehensive Risk
Assessment and Minimization Procedure which is
reviewed from time to time. These procedures are
reviewed to ensure that executive management controls
risk through means of a properly defined framework. The
major risks have been identified by the Company and
its mitigation process/measures have been formulated
in the areas such as business, project execution, event,
financial, human, environment and statutory compliance.

25. CORPORATE SOCIAL RESPONSIBILITIES (CSR)

The Company firmly believes that the commitment
towards playing a defining role in the development
of its stakeholders extends to uplifting lives of the
weaker segments of the society living in and around
its areas of operation. The principles of Corporate
Social Responsibility (CSR) are deeply imbibed in your
Company's corporate culture. The provisions of section
135 towards the Corporate Social Responsibility are
applicable on the Company.

In pursuant to the provisions of Section 135 and Schedule
VII of the Companies Act, 2013, the Board of Directors of
the Company had duly constituted the Corporate Social
Responsibility (CSR) Committee.

The details of the members of the CSR Committee and
the details of the meeting of CSR Committee along
with their attendance held during the year are given in
annexure to Board Report.

Mr. Arun Kumar Gupta has been appointed the Chairman
of the Corporate Social Responsibility Committee.

The Company has a duly approved Corporate Social
Responsibility Policy. A brief outline of the Company's

CSR policy and a reference to the web - link to the CSR
policy in pursuance to section 134(3)(o) is as follows:

The Corporate Social Responsibility Committee has
been entrusted with the responsibility of recommending
to the Board the activities/projects/programs to be
undertaken by the Company as per its Corporate Social
Responsibility Policy. The terms of reference of the CSR
Committee include the matters specified in Section
135 of the Act. Weblink of the CSR Policy is https://
www.dredge-india.com/left-related-links/corporate-
social-responsiblities

Further, pursuant to Rule 8(1) of the Companies (CSR
Policy) Rules, 2014, an annexure containing the details on
CSR is enclosed with Board Report

26. ANNUAL EVALUATION OF THE PERFORMANCE
OF THE BOARD, ITS COMMITTEES AND OF
INDIVIDUAL DIRECTORS

The Board implemented a formal procedure to assess its
performance, along with its Committees and Individual
Directors, including the Chairman. This evaluation
involved a structured process covering various aspects
of the Board's functioning, such as composition,
Committee effectiveness, experience, competencies,
fulfilment of specific duties and obligations, contribution
to meetings, and overall governance issues. After the
Independent Directors' meeting, the Board convened
its meeting to discuss the performance of the Board, its
Committees, and Individual Directors.

The evaluation of Independent Directors was conducted
by the entire Board, excluding the Independent Director
under evaluation.

27. STATEMENT REGARDING OPINION OF THE
BOARD WITH REGARD TO INTEGRITY,
EXPERTISE AND EXPERIENCE (INCLUDING
THE PROFICIENCY) OF THE INDEPENDENT
DIRECTORS APPOINTED DURING THE YEAR

During the Financial Year 2024-2025, no independent
directors were appointed.

28. THE NAMES OF COMPANIES WHICH HAVE
BECOME OR CEASED TO BE ITS SUBSIDIARIES,
JOINT VENTURES OR ASSOCIATE COMPANIES
DURING THE YEAR

During the Financial Year 2024-2025, the Company did
not have any subsidiaries, joint ventures or associate
companies. Hence statement containing salient features
of the financial statement of Subsidiaries/associates
companies/joint venture are not provided in AOC -1.

29. DETAILS RELATING TO DEPOSITS, COVERED
UNDER CHAPTER V OF THE COMPANIES ACT,
2013

The Company does not have any deposits which are
in compliance with the requirements of or are covered
under Chapter V of the Act.

30. DETAILS OF DEPOSITS WHICH ARE NOT IN
COMPLIANCE WITH THE REQUIREMENTS OF
CHAPTER V OF THE ACT

The Company does not have any deposits which are not in
compliance with the requirements of Chapter V of the Act.

31. DETAILS OF SIGNIFICANT AND MATERIAL
ORDERS PASSED BY THE REGULATORS OR
COURTS OR TRIBUNALS IMPACTING THE
GOING CONCERN STATUS AND COMPANY'S
OPERATIONS IN FUTURE

There was no significant and material order passed by
the regulators / court / tribunal during the financial year
against the company which impacts the going concern
status and company's operations in future.

32. INTERNAL FINANCIAL CONTROL

The Company has in place adequate internal financial
controls with reference to financial statements. During the
year, such controls were tested and no reportable material
weakness in the design or operation was observed.

33. COST AUDITOR AND COST RECORDS

Pursuant to Section 148 of the Companies Act, 2013
read with The Companies (Cost Records and Audit)
Amendment Rules, 2014, appointment of cost auditor
and maintenance of cost audit records is not applicable
on the company for this year.

34. VIGIL MECHANISM

The Company has in place a robust vigil mechanism for
reporting genuine concerns through the Company's
Whistle-Blower Policy. All cases reported as part of
whistleblower mechanism are taken to their logical
conclusion within a reasonable timeframe. The
Whistle-Blower Policy is available on the Company's
website at https://www.dredqe-india.com/

35. DETAILS OF APPLICATION MADE OR

PROCEEDING PENDING UNDER INSOLVENCY
AND BANKRUPTCY CODE 2016

No application has been made under the Insolvency
and Bankruptcy Code by your Company. Hence, the
requirement to disclose the details of the application
made or any proceeding pending under the Insolvency
and Bankruptcy Code, 2016 during the year along

with their status as at the end of the financial year is
not applicable.

36. THE DETAILS OF DIFFERENCE BETWEEN
AMOUNT OF THE VALUATION DONE AT THE TIME
OF ONE TIME SETTLEMENT AND THE VALUATION
DONE WHILE TAKING LOAN FROM THE BANKS
OR FINANCIAL INSTITUTIONS ALONG WITH
THE REASONS THEREOF

During the year under review, there has been no
one-time settlement of loans taken from bank and
financial institutions.

37. INSURANCE

The Company has taken appropriate insurance
for its assets.

38. SIGNIFICANT AND MATERIAL ORDERS PASSED
BY REGULATORS OR COURTS or TRIBUNALS

There are no significant and material orders passed
by the Regulators, Courts or Tribunals which would
impact the going concern status and the Company's
future operations.

39. DISCLOSURE AS PER SECTION 197 OF THE
COMPANIES ACT AND THE REQUIREMENTS
OF COMPANIES (APPOINTMENT AND
REMUNERATION OF MANAGERIAL PERSONNEL)
RULES 2014.

Pursuant to provisions of Section 197 of the Companies Act,
2013, read with the Rule 5 of Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014,
the names and other particulars of employees along with
the ratio of remuneration of each Director to the median
employee's remuneration and such other details forms
part of Directors' Report and is Annexed to this Report.

40. VENDOR DEVELOPMENT

This is a continuous process and DCI procures stores and
services on a regular basis from suppliers spread all over
the world. DCI is updating the supplier-base continually.
DCI has adopted e-procurement and GeM process, as
per Govt. of India guidelines, where emphasis was given
to facilitate and enable the vendors by way of training
support and hand holding support to participate in the
e-procurement processes of the Company. Tenders
are published in DCI official website Central Public
Procurement Portal and GeM portal for wider publicity so
that MSMEs can participate. In view that out of the total
annual procurement, a major portion is fuel, lubes and OEM
spares which cannot be procured from MSME Vendors
and further that since most of dredgers of DCI have been
built at Netherlands and therefore most of the spare
need to be imported from OEMs abroad, the Company
has represented for relaxation for implementation of the
Public Procurement Policy mandatory provision of 20%

procurement from MSMEs. However, DCIL incorporate
the clause in tenders as public procurement policy and
following the same.

41. R&D ACTIVITIES

DCI Dredge Aquarius was fitted with an indigenously
developed Programmable Logic Controller (PLC) in place
of existing PLC system which was imported and giving
frequent problems because of non-availability of spare
parts/ services of the Original Equipment Manufacturer
abroad. The newly installed PLC has been found to be
cost effective and working satisfactorily.

42. CORPORATE GOVERNANCE AND MANAGEMENT
DISCUSSION AND ANALYSIS REPORT

Pursuant to the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements)
Regulations, 2015 (SEBI (LODR) Regulations, 2015)
Management Discussion and Analysis Report, Corporate
Governance Report, Secretarial Audit Report, and
Certificate from the Company Secretary in practice
regarding compliance of conditions of Corporate

Governance, Certificate of Non-Disqualification of
Directors, Compliance Certificate under Regulation 17(8)
of SEBI (LODR) Regulations, 2015 are attached, forming
part of this Report.

43. MAN POWER:

The total number of employees (both Shore and Floating)
in the Company, as on March 31, 2025 was as under:

Number of employees as on the closure of financial year

44. INDUSTRIAL RELATIONS:

The industrial relations in the Companycontinued to be
cordial throughout the year under report.

45. EMPLOYMENT OF VARIOUS RESERVED CATEGORIES:

The manpower position with regard to various reserved categories is as indicated hereunder:

A. Employment of SC/ST Candidates

The Companycontinued its efforts to fulfill its obligation in providing employment opportunities to SC/ST candidates, in
accordance with the Government Policy. The overall representation of SC/STs in the Company (both Shore and Floating
Establishments, but excluding MPWs) as on March 31, 2025.

B. Employment of Ex-Servicemen

The representation of ex-servicemen (shore-based employees) in Group 'C' and 'D' categories in the Company was Nil in
both categories, against the Government-prescribed percentage of 14.5% and 24.5%, respectively.

C. EMPLOYMENT OF PHYSICALLY CHALLENGED:

The number of Physically Challenged employees in the Companyas on 31st March , 2025 is 02 (Two). The group-wise break¬
up A, B, C, D Categories in Shore Establishment, is as furnished hereunder :

D. The existing schemes and the policy on WOMEN employees in DCI:

The number of women employees Executives :13

31

on Rolls as on 31.03.2025 Non-Executives :18

46. COMPLIANCE WITH GOVERNMENT'S POLICY ON WOMEN— PREVENTION OF SEXUAL HARASSMENT
COMMITTEE (POSH):

Basing on the Supreme Court's judgment and keeping in view the Government instructions on sexual harassment of women
at work places, a Complaints Committee/ Internal Committee headed by a woman officer was constituted to inquire into the
complaints of sexual harassment at work places. A complaints register is also being maintained. Training/workshop is also
being conducted for the employees for the purpose. The Company has in place a robust Policy on Prevention, Prohibition
and Redressal of Sexual Harassment of Women at Workplace in line with the requirements of the Sexual Harassment of
Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013. The weblink of the policy is - https://www.dredge-
india.com/investors/prevention-of-sexual-harassment-posh-policy

DCI is a Life Member of the Forum for Women in Public Sector and one woman representative from DCI has been nominated
to the above forum. Apart from the Trade Unions, the problems, if any relating particularly to women employees are looked
into as and when the same are brought to the notice of the Management.

The company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual
Harassment of woman at workplace (Prevention, Prohibition and Redressal) Act, 2013.

The Complaints Committee/Internal Committee have following members which are nominated by the employer, namely:

Disclosures in relation to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
with respect to FY 2024-25 is as under:

47 EXISTING BENEFITS AND WELFARE MEASURES
FOR THE WOMEN EMPLOYEES:

a) The women employees of the Company, with less
than two surviving children are entitled for 26 weeks
of Maternity Leave.

b) Special casual leave not exceeding 14 working days
is sanctioned to regular women employees of the
Companyto undergo non-puerperal sterilisation.

c) One day special casual leave is allowed to the
regular women employees of the Company who
had ICUD insertions.

d) As per the Apex Court judgement and basing on the
Government instructions, a Complaints Committee
headed by a Woman Officer was constituted to inquire
into the complaints of Sexual Harassment at work
places. A Complaints Register is also being maintained.

e) Apart from the Trade Unions, the problems, if any,
relating particularly to women employees are
looked into as and when the same are brought to
the notice of the Management.

f) A Recreation Room has been provided exclusively
for the women employees in the Company.

g) Working uniforms are provided to Group 'D'
employees, as per the scales prescribed in the Rules.

h) Maternity Benefit Act 1961 is implemented
in the Company.

OTHER BENEFITS:

Paternity leave of 15 days is allowed to a regular male employee
having less than two children, during confinement of his wife,
as per Leave Rules of the Company.

48. WAGE SETTLEMENTS:

A. SHORE ESTABLISHMENT:

i) Pay revision of Executive Employees is implemented
w.e.f. 01.01.2017.

ii) The wage revision of Non-Executive employees
in the Shore Establishment is implemented
w.e.f. 01.01.2017.

B. FLOATING ESTABLISHMENT :

i) New Wage Agreements in respect of Officers is due
w.e.f. 01.01.2024.

ii) New Wage Agreements in respect of Floating Petty
Officers is due w.e.f. 01.01.2024.

iii) New Wage Agreements in respect of Floating crew
is due w.e.f. 01.01.2024.

49. WELFARE MEASURES

The Company continued various welfare schemes viz.,
Family Pension Scheme, Gratuity Scheme, Personal
Accident Insurance Coverage, Group Savings Linked
Insurance Scheme, Contributory Provident Fund, Maternity
Leave, Paternity Leave, Payment of ex-gratia to legal heirs/
members of the family of deceased employees, Canteen
for project employees, Medical Attendance, Merit
Scholarships for the children of SC/ST employees, Pension
Scheme and DCI, Retired Employees Medical Trust/
Scheme, family carriage facility for fleet personnel etc.
Other welfare measures such as Special Casual Leave for
maternity/ paternity are also extended to the employees.

50. HUMAN RESOURCES DEVELOPMENT:

The Company is making sincere and concerted efforts
for the overall development of Human Resources. During
the year 2024-25, 164 Executives and 64 Non-Executives
were imparted with various training Programs.

51. IMPLEMENTATION OF THE RIGHT TO
INFORMATION ACT, 2005:

As per the Directives of the Government of India, your
company implemented the Right to Information Act, 2005
w.e.f. 12.10.2005. All necessary infrastructural arrangements
have been made, including the appointment of Public
Information Officers, Asst. Public Information Officers
and Appellate Authority. Additionally, procedures have
been established for the submission of periodic reports
on the Act's implementation progress. A register is being
maintained for monitoring the requests from public
seeking information and the replies by the concerned are
also being coordinated. Required periodical reports on
the implementation of RTI/ Status of RTI replies are being
furnished to the CIC from time to time.

52. ACTIVITIES OF PUBLIC GRIEVANCES AND
COMPLAINTS CELL:

A Public Grievance Cell has been functioning in the
Company since 1988 to look into the Grievances/
Complaints received from the Public. The Company
Secretary is the officer in charge for Public Grievances.
As per the Ministry's guidelines, a status report is
being submitted for the information to the Board of
Directors at the Board meetings and a quarterly status
report is forwarded to the Ministry. In line with the
Ministry's direction, a Public Grievance Redressal and
Monitoring System (PGRAMS) software was installed in
the Computer Network in the Company, which works in
a collaborative 'hand-shake' mode between the Ministry
and the Company.

53. WELFARE MEASURES PROVIDED FOR THE
EMPLOYEES AND THEIR FAMILY MEMBERS:

The Company continued various welfare schemes viz.,
Family Pension Scheme, Gratuity Scheme, Personal
Accident Insurance Coverage, Group Savings Linked
Insurance Scheme, Contributory Provident Fund,
Maternity Leave, Paternity Leave, Payment of ex-gratia
to legal heirs/members of the family of deceased
employees, Canteen for project employees, Medical
Attendance, , Merit Scholarships for the children of SC/ST
employees, Pension Scheme and DCI, Retired Employees
Medical Trust/Scheme, family carriage facility for fleet
personnel etc. Other welfare measures such as Special
Casual Leave for maternity/ paternity are extended to
the employees.

54. ACTIVITIES AND ACHIEVEMENTS OF VIGILANCE
DEPARTMENT DURING THE YEAR 2024-2025

Vigilance Department is playing a proactive role for
continuous simplification and improvements in systems
and procedures and facilitating faster and effective
decision making in transparent manner.

a) The Vigilance Awareness Week (VAW) 2024

The Vigilance Awareness Week 2024 was observed
at the Corporate Headquarters and at various
Regional / Project Offices of Dredging Corporation
of India Ltd. from 28th October 2024 to 03rd
November 2024, under the auspices of Central
Vigilance Commission (CVC) to spread awareness
against corruption. CVC's theme for the year 2024
was "Culture of Integrity for Nation's Prosperity"
with emphasis on spreading awareness in fight
against corruption to all sections of Society. In line
with the letter and spirit of the theme and guidelines
of CVC, several activities were organized covering a
wide spectrum of society, with the aim of spreading
awareness and sensitizing the public about ways
and means to fight corrupt practices.

During the VAW-2024, outreach activities were
conducted at schools and colleges like essay writing,
elocution and painting etc. We could achieve this with
the help of support of the print media and social media,
which gave wide publicity to our activities.

2) Preventive Vigilance

As a measure of preventive vigilance, 8 Periodic, 9
Surprise and 4 CTE type inspections have been taken up
during the year. The lapses/ irregularities noticed in this
regard have been communicated for taking remedial/
corrective actions.

3) Systemic Improvements undertaken:

During the year, various Systemic improvement measures
were suggested by the Vigilance Department for
implementation.

i) Technical superintendent shall comply with
Standard Operating Procedure (SOP) for Dry-dock
repair of Dredgers.

ii) Material department to prepare SOP for
handling re-export, re-import of spares for
reconditioning purpose.

iii) To the extent possible indigenise the ship spares
to avoid more dependence on OEMs and to
reduce the cost.

iv) The estimate for the tender to be worked out
in a realistic and objective manner on the basis
of prevailing market rates, last purchase price,
economic indices for the raw material/labour, other
input costs, IEEMA formula wherever applicable and
assessment based on intrinsic value etc.

v) Proper evaluation of tender by TC members - where
there is a difference in tax component quoted by the
various bidders, TC members should evaluate basic
cost of the items i.e., excluding taxes to arrive at
reasonableness of the price quoted by the parties.

4) Training Programs conducted:

As a part of Vigilance Awareness Week campaign,
multiple training programs were conducted to the
employees on following thematic areas.

a) Ethics and Governance

b) Conduct Rules

c) Procurement

d) Systems and Procedures of the Organization

There about 80 employees have attended online / offline
including Projects during training program on GeM
Portal (Procurement).

About 40 employees have attended Training programs
on "Ethics and Governance; Conduct rules; Procurement;
Systems and procedures of the Organization".

55. INFORMATION TECHNOLOGY DEPARTMENT -
ACTIVITIES DURING 2024-25

DEVELOPMENT / IMPROVEMENT IN ERP

• Automation of invoice (E invoice and e way bill)

• Development of project wise Profit and loss report

• Balance sheet

• Corporate profit and loss

• Budget implementation

1. Cyber security enhanced through the installation
of a new Firewall featuring the latest advanced
security features, operating in a high availability
active / passive mode.

2. Vessel connectivity improved by installing an
Omnidirectional antenna and Sim- based router,
improving the speed and availability of internet for
accessing ERP from vessel.

3. Hypack PC upgraded with higher configuration to
support remote access from the Head Office of the
vessel's Hypack system.

4. New Hardware Procured for implementation of PMS
in the vessel for Users access of PMS Software.

5. New Online Shore recruitment portal revamped and
successfully launched.

56. BUSINESS RESPONSIBILITYAND SUSTAINABILITY
REPORT (BRSR)

The Business Responsibility Report for the year ended
31st March, 2025 as required under the SEBI regulations
is annexed to the Directors Report.

57. VOLUNTARY DELISTING FROM CALCUTTA
STOCK EXCHANGE:

As per the approval of the Board, the Company has
applied for Voluntary Delisting of Shares from Calcutta
Stock Exchange in June, 2020. In response to the
exchange's request, clarifications were provided and the
delisting certificate was received from the Exchange on
29th March, 2025.

58. DIRECTORS & KEY MANAGERIAL PERSONNEL:

The changes in composition of the Board during the
Financial Year 2024-2025 is given in detail in Corporate
Governance Report. The Directors recommend for
approval of the Members the appointments/re-
appointment of the Directors as proposed in the
Notice to the AGM.

59. COMPLIANCE OF THE SECRETARIAL STANDARDS

Your directors state that proper systems have been
devised to ensure compliance with the applicable laws.
Pursuant to the provisions of Section 118 of the Act,

during FY 2024-25, the Company has generally adhered with the applicable provisions of the Secretarial Standards (SS-1
and SS-2) relating to 'Meetings of the Board of Directors' and 'General Meetings' issued by the ICSI and approved by the
Central Government under Section 118 (10) of the Act.

60. ACKNOWLEDGEMENTS:

The Directors thank Hon'ble Minister of State of Ministry of Ports, Shipping and Waterways, its Officers and staff for the
valuable help, assistance and guidance rendered from time to time. The Directors thank all other Ministries for the help and
co-operation extended by them. The Board is grateful to the Comptroller & Auditor General of India, the Member, Audit
Board and the Statutory Auditors for their co-operation. The Board also thanks the Bankers of the Company for their valuable
services. The Board expresses its gratitude to the valued customers for their continued patronage. The Directors place on
record their appreciation of the services rendered by all the employees of the Company.

For and on behalf of the Board of Directors

-sd/-

Place : Visakhapatnam Dr.Madhaiyaan Angamuthu, IAS

Date : 13.08.2025