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DCM Shriram has soared 19% to Rs 184 on National Stock Exchange after reporting a strong 33% year-on-year jump in consolidated net profit at Rs 203 crore for the quarter ended June 2014 (Q1), on health growth recorded by its Bioseed and Chloro-Viny business. The company had profit of Rs 114 crore in the same quarter last fiscal.
Net revenues increased by 9% at Rs 1,704 crore during the quarter under review against Rs 1,561 crore in the corresponding quarter previous year.
EBITDA or operating profit margins improved by nearly 300 basis points to 15.81% from 12.91%.
The company said the performance of Bioseed business has been very encouraging. The new Cotton seed products are gaining acceptance in south and central India and are expected to drive growth going forward. International operations are moving towards stability.
The stock opened at Rs 168 and touched a low of Rs 166 so far on NSE. The trading volumes on the counter jump over two-fold with a combined 522,000 shares changing hands till 0950 hours on NSE and BSE.
