DCM Shriram Q2 net profit down by 26 pc

NEW DELHI: DCM Shriram Industries Ltd (DSIL) today reported 26 per cent drop in its standalone net profit at Rs 4.31 crore in the second quarter of this fiscal mainly due to losses suffered in sugar business.

The company had clocked a net profit of Rs 5.80 crore in the same period last year, it said in a BSE filing.

DSIL performance took a beating because its sugar division reported a loss of Rs 54 lakh during the second quarter of the fiscal, as against the profit of Rs 15.19 crore in the same period last year. Also, expenses remained higher.

However, the company's overall net income increased to Rs 315.87 crore from Rs 257.76 crore in the review period.

DSIL also informed BSE that it has reappointed Tilak Dhar as Chairman and Managing Director of the company effective from April 2014 for a period of five years.

Apart from sugar, DSIL is engaged in the manufacturing of chemicals and industrial fibres.

The company's share closed at Rs 30.60 a piece on the BSE today.