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New Delhi, Oct. 27 DCM Shriram Consolidated (DSCL), a diversified agribusiness and chemical company, has reported a 56.15 times rise in net profit for the second quarter ended September 2007. The net profit was at Rs 607.05 crore compared with Rs 10.81 crore in the second quarter of the previous year.

Net sales for the quarter, however, was down 10.33 per cent to Rs 597.46 crore (Rs 666.36 crore). “The rise in net profit for the quarter was due to the sale of 50 per cent rights, title and interests in SBM Land Redevelopment Project. The net sales, however, were down primarily on account of discontinuation of imported bulk fertilisers trading,” a company release said.

“Subsequently, the company declared a special interim dividend of 150 per cent on equity shares having a face value of Rs 2. The total outgo for the interim dividend was Rs 58 crore including dividend distribution tax of Rs 8 crore. The net addition to net worth, after capital gains tax and dividend, is around Rs 650 crore,” the release added.

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