DCM Shriram Ltd, which is mainly into chemical, sugar and fertiliser businesses, on Monday reported a 22 per cent fall in its consolidated net profit to Rs 175.43 crore for the December 2019 quarter, on higher expenses and provision for losses in sale of foreign subsidiaries.
The company's net profit stood at Rs 225.65 crore in the year-ago quarter, the company said in a regulatory filing.
Total income, however, rose to Rs 2,229.49 crore during the third quarter of this fiscal year from Rs 2,135.2 crore in the corresponding period of the previous year.
DCM Shriram said the board has "approved the proposed sale of entire equity capital and the underlying business including all assets and liabilities thereof on a going concern and 'as is where is' basis of the step-down subsidiaries in Indonesia and Vietnam by Bioseed Holdings PTE Ltd, a subsidiary of the company in Singapore."
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