DCM Shriram Q2 profit rises 88% to Rs172 crore
DCM Shriram posts a 88.21% jump in its consolidated net profit at Rs171.95 crore in the second quarter of the current fiscal as against Rs91.36 crore in the same quarter last year
New Delhi: DCM Shriram Ltd on Tuesday posted a 88.21% jump in its consolidated net profit at Rs171.95 crore in the September quarter of the current fiscal on strong sales. Its net profit stood at Rs91.36 crore in the same quarter last year, the city-based company said in a regulatory filing.
Total income increased sharply to Rs1,620.53 crore in the July-September period of the current fiscal from Rs1,456.16 crore in the year-ago period. Expenses remained a little higher at Rs1,370.25 crore during the second quarter of this year as compared with Rs1,364.26 crore in the corresponding period last year.
The company’s chairman and senior managing director Ajay Shriram and vice chairman and managing director and Vikram Shriram said: “All our business reported better operating performance.” The investments undertaken over last few years for expansion of capacity and cost optimisation also contributed to better performance, they said.
The company is implementing projects involving investment of about Rs350 crore and additional Rs850 crore investment would be made for expansion of its sugar, chemical and power plants, they noted.
The Board approved an interim dividend of Rs4 per equity share for the current fiscal, which will be paid to the shareholders before 6 December. The company’s gross debt stood at Rs673 crore as on 30 September 30 this year.
Shares of the company fell by 2.22% to close at Rs540.95 apiece on BSE on Tuesday.
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