|
|
Fertilizers and chemicals major DCM Shriram has registered a growth in the net profit by 5.6% for the second quarter of the 2009-10 fiscal which ended on Sep 30 with the profit before depreciation and tax reported at Rs.80.31 crore.
The profit of tax has been registered at Rs.13.93 crore for the Q2 of the second fiscal when compared to the Rs.7.12 crore reported during corresponding period last fiscal year.
"We have seen appreciable operating performance in key subsidiary businesses, though certain key areas like fertilisers and agri-business witnessed an impact of drought and to some extent due to floods in Andhra Pradesh," said company chairman and senior managing director Ajay Shriram.
"However, we started selling power from our captive plants (total capacity 300 MW) to offset the lower offtake in fertilisers and annual maintenance shutdown of our plants," said Shriram.
The company had experienced a decrease of Rs.27 crore in the profit due to maintenance shutdowns.
Of this amount, the fertiliser business lost about Rs.9 crore, which the company plans to recoup by the end of the financial year.
"Our debt levels have reduced leading to a leaner balance sheet and lower financing cost," said Shriram.
