DCM Shriram shoots up 8% after Q3 PAT jumps 38% yoy to Rs350cr

Revenue from operations rose26.5% yoy to Rs2,730cr in Q3FY22. Board Declared Interim dividend of 260%.

January 19, 2022 11:05 IST | India Infoline News Service
DCM Shriram Limited reported higher consolidated profit at Rs350cr in Q3FY22 against Rs253cr in Q3FY21, an increase of 38% yoy. Revenue from operations rose to Rs2,730cr from Rs2,159cr yoy, a rise of 26.5% yoy.

The company stock was in demand on Wednesday. At around 11.08 am, DCM Shriram Ltd was trading at Rs1,095.65 per share up by Rs82.6 or 8.15% from its previous closing of Rs1,013.05 per share on the BSE. The scrip opened at Rs1,101 and has touched a high and low of Rs1,169.20 and Rs1,069.70 respectively

The company said growth in revenues was led by Chloro-vinyl, Fenesta, and Shriram Farm Solutions. Chloro-Vinyl revenues up 90% yoy at Rs1,042cr primarily led by prices. Shriram Farm Solutions revenues up 13% yoy at Rs446cr led by volumes. Fenesta revenues up 26% yoy at Rs137cr driven by volumes and prices. Sugar revenues down 14% yoy, at Rs565cr primarily due to lower sugar volumes despite better prices, led by lower monthly releases. Cane crush during the current season is higher than same period last year.

Profit Before Deduction of Income Tax (PBDIT) up 46% yoy at Rs614cr.  Chloro-Vinyl PBDIT at Rs411cr, up 107% yoy. Sugar Business PBDIT up 13% yoy at Rs132cr.

Surplus cash net of debt at December 31, 2021 is Rs245cr vs net debt of Rs385cr at December 31, 2020.  ROCE came in higher at 27% vs 17% for Dec’20.

Second Interim Dividend declared by the Board at 260% amounting to Rs81.1cr.

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