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DCM Shriram net up at Rs 13.58 cr

NEW DELHI: DCM Shriram Consolidated Ltd (DSCL) has posted a higher profit before tax of Rs 13.58 crore for the first quarter of the current financial year against Rs 10.02 crore in the previous year.

It has reported a higher gross sales of Rs 271.94 crore (Rs 239.76 crore).

According to a company release, the higher profitability is attributed to improvement in chlor-alkali and cement businesses and reduction in interest cost.

After making provision for minimum alternative tax (MAT) in respect of the profit for this quarter, the profit after MAT is Rs 12.54 crore as compared to Rs 9.19 crore in the corresponding period last year.

As per the new accounting standards AS-22 applicable from April 1, 2001, the company has also provided for deferred tax liability of Rs 4.49 crore in this quarter resulting in a net profit after tax of Rs 8.05 crore.

Earlier, the board of directors also decided to hive off the polymer processing business to a subsidiary - DCM Shriram Exports Ltd. The company will file a scheme of arrangement with the Delhi High Court for necessary approvals shortly. -- Our Bureau