DCM Shriram Ltd reported a significant 95.7% increase in net profit, reaching ₹63 crore for the second quarter ending September 30, 2024, compared to ₹32.2 crore in the same quarter last year, according to a regulatory filing on October 30. Revenue from operations grew by 10.8%, totaling ₹3,130.1 crore against ₹2,825.4 crore a year earlier.
Operating performance was also strong, with EBITDA rising 58.8% to ₹181.2 crore, compared to ₹114.1 crore in the previous Q2. The EBITDA margin improved to 5.8%, up from 4% in the corresponding period last year.
DCM Shriram’s board announced a 100% interim dividend (₹2 per share of face value ₹2), with a record date of November 11, 2024. Eligible shareholders will receive the payment by November 28, 2024. The board approved an investment of up to ₹60 crore to acquire a 28% equity stake in one or more special purpose vehicles for a wind-solar hybrid renewable power project.
This initiative aims to replace the current 40 MW coal-based power with 68 MW of renewable energy at its Kota, Rajasthan plant, alongside a ₹23 crore capex approval for the project. In addition, the board sanctioned a ₹310 crore capex for a new aluminium chloride facility of 100 tons per day (TPD) and a granulated calcium chloride unit of 225 TPD at Jhagadia, Bharuch.
With an existing 150 TPD aluminium chloride plant, DCM Shriram is set to become India’s largest producer of this chemical. The company is also establishing a repackaging unit in Europe to cater to aluminum chloride customers in that region, tapping into strong export potential.
