DCM Shriram Q2 net profit up 88 pc at Rs 172 cr

DCM Shriram Ltd today posted a 88.21 per cent jump in its consolidated net profit at Rs 171.95 crore in the September quarter of the current fiscal on strong sales.
Its net profit stood at Rs 91.36 crore in the same quarter last year, the city-based company said in a regulatory filing.
Total income increased sharply to Rs 1,620.53 crore in the July-September period of the current fiscal from Rs 1,456.16 crore in the year-ago period.
Expenses remained a little higher at Rs 1,370.25 crore during the second quarter of this year as compared with Rs 1,364.26 crore in the corresponding period last year.

The company's Chairman and Senior Managing Director Ajay Shriram and Vice Chairman and Managing Director and Vikram Shriram said: "All our business reported better operating performance."
The investments undertaken over last few years for expansion of capacity and cost optimisation also contributed to better performance, they said.

The company is implementing projects involving investment of about Rs 350 crore and additional Rs 850 crore investment would be made for expansion of its sugar, chemical and power plants, they noted.
The Board approved an interim dividend of Rs 4 per equity share for the current fiscal, which will be paid to the shareholders before December 6.

The company's gross debt stood at Rs 673 crore as on September 30 this year.
Shares of the company fell by 2.22 per cent to close at Rs 540.95 apiece on BSE today.