New Delhi: DCM Shriram Ltd on Tuesday posted 56 percent increase in its consolidated net profit to Rs 177.33 crore for the quarter ended on June 30 on account of higher income.
The company had posted net profit of Rs 113.84 crore for the same quarter last year.
Total income during April-June quarter of 2013-14 rose to Rs 1,719.01 crore from Rs 1,572.88 crore in the same period 2012-13, the company said in a BSE filing.
"We are enthused to begin the new financial year with robust operational and financial performance.
"All segments except Sugar have reported improved performance with higher profits, Shriram Farm solutions had lower growth due to weak monsoons," DCM Shriram Ltd Chairman and Senior Managing Director Ajay Shriram and Vice Chairman and Managing Director Vikram Shriram said in a joint statement.
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 statement added.
During the quarter, the company sold its textile unit in Rajasthan for lumpsum consideration of Rs 17.13 crore, while in the same period US-based Axiall acquired 50 percent stake in its subsidiary Shriram Vinyl Polytech, an entity involved in the production and sale of poly vinyl chloride (PVC) compounds.
