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Diversified group DCM Shriram has reported a net profit of Rs 51 crore in the fourth quarter (Q4) of financial year 2015-16. It suffered losses of Rs 40 crore in the same quarter last year.
In fiscal 2015-16, the company earned a net profit of Rs 297 crore, which was 41 per cent higher than net profit of Rs 211 crore last fiscal, as per results declared on Tuesday.
The company’s net revenue increased to Rs 1,333 crore in Q4, from Rs 1,309 crore in the same period of 2014-15.
Chloro-vinyl business’ earnings recorded moderate growth driven by lower input costs and stable prices in the chemicals business, the release said.
“We are enthused by the performance of the chemical business. The commissioning of expanded capacity at Bharuch in the current year is expected to significantly improve the cost structure and provide volume growth,” according to Ajay Shriram, Chairman & Senior Managing Director, DCM Shriram.
Sugar business turned breakeven from significant losses last year, led by lower cost of production and better prices in Q4.
Sugar Industry’s viability improved during the second half of FY 16 with increase in sugar prices and lower cost of production, a result of high sugar recovery. The government evolved more rational policy frameworks in respect of cane pricing, ethanol, and exports which contributed to the turnaround,” Shriram said.
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