DCM Shriram Consolidated Ltd reported a more than three-fold growth in net profit at Rs 114 crore for the June quarter on higher sales.

Revenues for the quarter were up 8.6 per cent at Rs 1,549 crore over corresponding last year.

In June quarter last year, the company’s net profits stood at Rs 31 crore, impacted by one-time charge relating to its Haryali – rural retail business, on revenues of Rs 1,427 crore.

Operating profit for the June quarter this year was up 28 per cent at Rs 167.2 crore, boosted by better margins in chloro-vinyl and higher earnings farm solutions business. Also, the company has managed to reduce losses and reached a near break-even in Hariyali, consequent to the rationalisation of its operations

“Overall, we expect healthy performance,” said Ajay Shriram, Chairman and Senior Managing Director. The company has reduced its debt at Rs Rs 1,550 crore against corresponding last year’s Rs 1,634 crore.

Revenues from sugar business grew 21 per cent during the quarter, but the business continues to face challenges. .

The company’s scrip zoomed 8.11 per cent to close higher at Rs 57.35 on the BSE.

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