Chemicals company DCM Shriram, on Tuesday, announced its quarter-ending March (Q4 FY23) results.

The New Delhi-headquartered company’s profit dropped a whopping 53 percent to Rs 186.7 crore against Rs 401 crore in the same quarter last year. However, the revenue fell by just 1 percent to Rs 2,948.7 crore against Rs 2,873.3 crore in the same quarter last year.

The company also saw a decline of over 45 percent in its earnings before interest, taxes, depreciation and amortization (EBITDA), which came in at Rs 346.3 crore as opposed to Rs 634.6 crore in the same quarter last year.

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The board recommended a final dividend of 180 percent i.e. Rs 3.60 per equity share, the company revealed. Therefore, the total dividend for the financial year 2022-23 aggregates to 700 percent i.e. Rs.14 per equity share.

Furthermore, the board of the company also approved the appointment of Aditya A. Shriram as additional director, and deputy managing director, effective July 2, 2023, subject to the approval of shareholders of the company. The term of Aditya A. Shriram as deputy managing director of the company will be for 5 years, the company added.

During the quarter, the company said it commissioned two projects including the expansion of distillation capacity from 200 KLD to 320 KLD at the Ajbapur sugar unit and the expansion of Anhydrous Aluminum Chloride capacity from 60 TPD to 150 TPD (including 15 TPD debottlenecking in existing unit) at Bharuch plant.

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DCM Shriram’s net debt as of March 31, 2023, stood at Rs 681 crore against Rs 4 crore in the same quarter last year.

The stock of DCM Shriram settled at Rs 819.35 apiece, up nearly 0.25 percent, when the market closed today, May 2, 2023. However, the stock has remained under pressure this year as it has been down nearly 9 percent to date.

Watch: Amit Agarwal, Executive Director and CFO of DCM Shriram in interaction with CNBC-TV18

Founded in 1932 by Bansi Dharji, DCM Shriram manufactures sugar, distilleries, rayons, nylon, organic chemicals, armoured vehicles, containers, and hand sanitizer.