DCM Shriram rallies 15% on strong numbers in Dec quarter

New Delhi: Shares of DCM Shriram zoomed more than 15 per cent during the early trade on Wednesday as the company reported a strong set of numbers in the December 2021 quarter.

The sugar producer posted a 38 per cent growth in profit after tax (PAT) for the third quarter ending December 31, 2021, at Rs 350 crore compared to Rs 253 crore posted in the year-ago period.

Following the update, shares of DCM Shriram surged to Rs 1,169.20, before trading at Rs 1,141.65 at 10.10 am. The scrip settled at Rs 1013.05 on Tuesday. BSE barometer and benchmark Sensex was trading 282.9 points or 0.47 per cent at 60,471.96 at the time of writing this report.

Revenue from operations of the company during the quarter under review grew by 26.5 per cent year-on-year (YoY) to Rs 2,730 crore compared with Rs 2,159 crore in the same period of FY21, DCM Shriram said in a statement.

DCM Shriram stock has zoomed more than 175 per cent in the last one year. The counter has outperformed the benchmark index with a wide margin in the last three and five years.

"Erratic rains made supply chain management difficult for our agri inputs businesses. We are glad that overall our businesses did well despite these challenges," DCM Shriram Chairman and Senior Managing Director Ajay Shriram and company Vice-Chairman and Managing Director Vikram Shriram said in a joint statement.