 "DCM Shriram surges 12% on strong March quarter results")
Shares of DCM Shriram surged 12 per cent to Rs 485 on the BSE on Thursday after the company reported a six-fold jump in the consolidated net profit at Rs 293 crore in March quarter of FY19. It had posted profit of Rs 51 crore during the same quarter last year.
Operational revenue during the quarter under review rose to Rs 1,888 crore, up 21 per cent from Rs 1,566 crore, on quarterly basis. The company’s PBDIT (profit before depreciation, interest and tax) grew five-times at Rs 439 crore from Rs 95 crore.
All the projects and initiatives for achieving scale, strengthening integration, costs reduction and rationalization of un-viable activities have strengthened operating and returns profile," the company said in its statement.
It further added that the chemical business continued to record strong performance with continuous volumes growth and steady margins.
"The distillery operations started in January 2018, and expanded power sale capacity has provided stability to the business. The commencement of 2nd distillery in Q3FY20 will further strengthen the return profile," it said.
At 10:37 am, the stock of DCM Shriram was up 9 per cent at Rs 473 on the BSE. The trading volumes on the counter surged four-times with a total of 4,33,951 shares changing hands on the NSE and BSE, till the time of writing this report.
Operational revenue during the quarter under review rose to Rs 1,888 crore, up 21 per cent from Rs 1,566 crore, on quarterly basis. The company’s PBDIT (profit before depreciation, interest and tax) grew five-times at Rs 439 crore from Rs 95 crore.
All the projects and initiatives for achieving scale, strengthening integration, costs reduction and rationalization of un-viable activities have strengthened operating and returns profile," the company said in its statement.
It further added that the chemical business continued to record strong performance with continuous volumes growth and steady margins.
"The distillery operations started in January 2018, and expanded power sale capacity has provided stability to the business. The commencement of 2nd distillery in Q3FY20 will further strengthen the return profile," it said.
At 10:37 am, the stock of DCM Shriram was up 9 per cent at Rs 473 on the BSE. The trading volumes on the counter surged four-times with a total of 4,33,951 shares changing hands on the NSE and BSE, till the time of writing this report.
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