DCM Shriram June qtr net profit up 39.65% on strong sales

DCM Shriram today posted 39.65 per cent increase in consolidated net profit at Rs 233.47 crore for quarter ended June 30.
Net profit stood at Rs 167.18 crore in the same quarter last year, the company said in a BSE filing.
Net income rose 35.41 per cent to Rs 2,065.03 crore during June quarter of 2017-18 fiscal from Rs 1,524.96 crore in the same period last year.
Revenue from sugar business rose to Rs 659.79 crore from Rs 551.99 crore, while that of from chloro-vinyl improved to Rs 501.39 crore from Rs 371.99 crore in the said period.
The income from bioseeds segment increased to Rs 306.48 crore from Rs 280.84 crore in the year-ago period.

However, revenue from farm solutions and fertiliser businesses remained flat in the said period.

Company's Chairman and Senior MD Ajay Shriram and Vice Chairman and MD Vikram Shriram expressed "satisfaction" about the first quarter results, which was led by high volumes and profit growth in chemicals and sugar businesses.
"We continue to focus on strengthening our chloro-vinyl and sugar business. At the same time, we are taking steps to grow our Fenesta Windows business and Farm inputs businesses i.E. Bioseed and Farm Solutions. We expect to sustain overall good growth of the company over the medium term," they said in a separate statement.

The company's scrip was trading up by 5.34 per cent at Rs 388 per piece on BSE at 1300 hours. The shares had peaked Rs 404.80 in the early trade.
DCM Shriram is engaged in sugar, fertiliser, seeds, chloro-vinyl and cement businesses, among others.