Comments
DCM Shriram has reported a net profit of Rs 123 crore for the quarter ended June 30, 2015, a 30.5 per cent decline from Rs 177 crore reported during the corresponding period of the previous fiscal.
The company's total income rose 6 per cent to Rs 1,806 crore in the first quarter of 2015-16 fiscal from Rs 1,704.42 crore a year earlier, mainly on account of higher volume of bulk fertilisers.
High outstanding fertiliser subsidy payment of Rs 555 crore and a sugar inventory of Rs 263 crore led to higher working capital requirement.
"The company has performed satisfactorily, given a challenging business environment, a result of our diversified and integrated business portfolio and comfortable debt levels," said a joint statement by Ajay Shriram, Chairman and Senior Managing Director, and Vikram Shriram, Vice-Chairman and Managing Director, DCM Shriram.
"The unfavourable monsoon pattern and financial stress in agriculture sector have adversely affected demand for agri-inputs leading to lower revenues of bioseed and value-added products," it added.
DCM Shriram stock was trading 6.4 per cent lower at Rs.117 on the BSE at around 11 am on Monday.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.