DCM Shriram share price reached its all time high at Rs 1,370 per share on the BSE, gaining 3.54 per cent in intraday deals after the company announced capacity expansion at its sugar plant in Loni, Uttar Pradesh.
“It is hereby informed that 2100 TCD expansion of Sugar Plant at Loni Unit, Uttar Pradesh, by increasing cane crushing capacity from 7300 TCD to 9400 TCD, has been achieved at 12:00 midnight on November 19th 2024. This expansion will growth-capture cane potential within the catchment area of the company,” the company said in an exchange filing on Monday.
DCM Shriram is a diversified conglomerate with operations spanning agri-chemicals, plastics, cement, textiles, and energy services. The company focuses on two main operational segments: energy-intensive businesses, which include the chloro-vinyl chain and cement, and agri-businesses, covering urea, sugar, hybrid seeds, and agri-merchandised inputs.
Q2 results
DCM Shriram reported a sharp 95.16 per cent rise in consolidated net profit for the second quarter of financial year 2024-25 (Q2FY25), reaching Rs 62.92 crore, compared to Rs 32.24 crore in the same quarter last year.
The company’s total income increased by 11.81 per cent to Rs 3,183.98 crore from Rs 2,847.42 crore, while expenses grew by 10.29 per cent to Rs 3,088.21 crore.
During the earnings announcement, the company’s board approved major investments in renewable energy, including an equity infusion of up to Rs 60 crore for a 28 per cent stake in special purpose vehicles (SPVs) to develop a 68 MW wind-solar hybrid project. Additionally, a capex of Rs 23 crore was sanctioned for a renewable power project in Kota, Rajasthan.
In the chemicals and metals segment, the company will invest Rs 310 crore to establish a 100 TPD aluminium chloride plant and a 225 TPD granulated calcium chloride facility in Jhagadia, Bharuch. Further, a Rs 149 crore capex was approved for an aluminium extrusion and surface finishing project in Kota.
