DCM Shriram Consolidated today reported 27 per cent drop in net profit to Rs 44.3 crore for the third quarter ended on December, 2013, due to losses in sugar business.
The integrated company, which has presence in various segments such as sugar, fertilisers, chloro-vinyl, bioseeds, cement and a rural retail chain Hariyali Kisaan Bazaar, had a net profit of Rs 60.80 crore in the same period last year.
Total income increased by 8 per cent to Rs 1,452.1 crore in the third quarter this fiscal, from Rs 1,342.8 crore in the same quarter last year, the company said in a statement.
The sugar division reported a loss of Rs 29.9 crore during October-December, this fiscal against a profit of Rs 24.9 crore in the same period last year, it said.
"The financial results of the company were adversely impacted by a loss of Rs 55 crore in sugar business in nine months of FY'14," DCM Shriram Consolidated Chairman and Senior Managing Director Ajay Shriram said.
"We are glad to report a healthy performance across our chloro-vinyl and agri-input businesses," he said.
Shares of the company today closed marginally down at Rs 55.75 on the BSE.
