DCM Shriram Ltd today reported over two-fold jump in its consolidated net profit at Rs 136.65 crore for the quarter ended December on higher sales in sugar and chemical businesses.
Its net profit stood at Rs 60.90 crore in the year-ago period.
Income from operations rose to Rs 1,448.32 crore in the third quarter of this fiscal from Rs 1,309.23 crore in the corresponding period of the previous year.
Besides sugar and chemicals, the company is also into seed, cement, fertiliser businesses, among others.
"The company reported healthy earnings growth during the quarter driven by better performance of the sugar and chemical businesses," company's Chairman & Senior MD Ajay Shriram said in a statement.
"The company completed the Chlor-Alkali (along with captive power) expansion project at Bharuch (Gujarat). Plant has stabilized and is expected to achieve higher capacity utilization gradually as the market expands. The smaller expansion cum up-gradation project at the Kota plant is expected to be completed by Dec 2017," they added.
The power co-generation up-gradation/expansion project in sugar business has also been successfully commissioned and has achieved full capacity utilization. Distillery project is on schedule to be commissioned by December 2017.
"The commissioning of all the above projects will provide stable profit growth and will improve our competitiveness. We continue to focus on ensuring healthy balance sheet, which will enable us to take up consistent growth initiatives over the medium-long term," Vice Chairman & MD Vikram Shriram said.
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