The company has posted net profit of Rs.252.55 crores for the period ended December 31, 2020 as against net profit of Rs.174.35 crores for the period ended December 31, 2019.
DCM Shriram Limited has reported total income of Rs.2175.76 crores during Q3 FY20-21 ended December 31, 2020 as compared to Rs.2064.61 crores during the period ended September 30, 2020.
The company has posted net profit of Rs.252.55 crores for the period ended December 31, 2020 as against net profit of Rs.118.37 crores for the period ended September 30, 2020.
DCM Shriram has reported total income of Rs.2175.76 crores during the period ended December 31, 2020 as compared to Rs.2229.49 crores during the period ended December 31, 2019. The company has posted net profit of Rs.252.55 crores for the period ended December 31, 2020 as against net profit of Rs.174.35 crores for the period ended December 31, 2019.
Commenting on the performance for the quarter and 9M ending December 2020, in a joint statement, Ajay Shriram, Chairman & Senior Managing Director, and Vikram Shriram, Vice Chairman & Managing Director, said, “The Company has witnessed a sequential improvement in its quarterly performance as the challenges posed by Covid-19 reduced. This quarter has been particularly robust wherein almost all are businesses operated at normal levels.”
He also added that given our resilient performance in last nine months, our balance sheet strength, stable free cash-flows and the improvement in economic environment, the board has approved investment in Chemical downstream products of Epichlorohydrine, Hydrogen Peroxide and expansion of Aluminium Chloride. Further, it has also approved setting up a research and development centre for Chemicals business to enable forward integration of current & pipeline products as well as to develop other value added chemical products. These steps augur well for growth and strengthening of our Chemicals business.
Chlor-alkali business continues to face headwinds of supply being in excess of demand leading to subdued prices. Our efforts on cost optimization in the past and going forward will ensure reasonable margins and competitiveness. 120 MW Coal based Power plant at Bharuch is under implementation and 66 MW plant at Kota was implemented last year, these are significant steps in this direction. Going forward chlorine utilization (partly) in ECH will further strengthen the business.
Sugar business will utilize Ajbapur distillery for full current season, which along with better ethanol prices will help in partly offsetting the impact of lower sugar cane recovery.
Shriram farm solutions, Bioseed and Fenesta are focusing on expanding the product portfolio and market development activities which will enable them to enhance their growth momentum.”
