Net revenue from operations declined by 3% YoY to Rs 2,720 crore during the quarter.

In Q4 FY23, revenue for Chloro-vinyl segment fell by 21% at Rs 918 crore.

Sugar business revenue increased by 24% YoY at Rs 939 crore on account of higher sugar and distillery volumes and higher prices for both products.

SFS revenue contracted by 41% at Rs 66 crore due to lower volumes in vegetable seed and wheat seed sales completed in Q3 this year as against till Q4 last year. Also, Q4 is an off season.

Fenesta revenue rose by 13% YoY at Rs 173 crore due to higher volumes in project segment.

Fertilizer revenue fell by 4% at Rs 428 crore resulting from lower gas prices which is a pass through. Volumes up by 4%

Bioseed improved by 38% at Rs 84 crore led by volume growth. Q4 is off season in India.

Profit before depreciation, interest & taxes for Q4 FY23 was down 44% YoY to Rs 372 crore.

Net debt as at 31 March 2023 was Rs 681 crore as against Rs 4 crore as at 31 March 2022.

The company said that the projects in sugar business have been commissioned except for approval for grain ethanol operations, which is expected soon. Projects in chemical business are slightly delayed given the supply chain disruptions. These are being funded by mix of debt and internal accruals.

The company recorded 15% fall in net profit to Rs 911 crore despite a 20% jump in net revenue from operations to Rs 11,547 crore in FY23 over FY22.

In a joint statement, Ajay Shriram, chairman & senior managing director, and Vikram Shriram, vice chairman & managing director, said: “The chloro-vinyl business delivered reasonable returns although they have come off their all-time highs witnessed last year.

Though the output prices are expected to remain under pressure for a couple of quarters, the margins should be reasonable considering the captive energy costs likely to reduce in the coming quarters in view of reduced imported coal prices and commissioning of an efficient 120MW power plant and 50MW green power project for Bharuch by second quarter. In the coming year, Chemical business will usher a new era of growth with all the Chemical projects being commissioned. These projects are slightly delayed by a quarter given the supply constraints.

Sugar business continues to be stable though sugar prices have not yet increased to levels to compensate for the increase in sugarcane prices last year. India's crush and sugar production is expected to be much lower than last year and should support higher sugar prices domestically & globally. Our Sugarcane crush as well as recovery this season has been better than previous season. 120 KLD distillery is operational on molasses feedstock, the grain attachment is ready and awaiting regulatory approval, which is expected in Q1 FY24.

Fenesta & Shriram Farm Solution businesses continue to grow at a good rate.”

DCM Shriram is a diversified company with presence agri-rural business, chloro-vinyl business and value added business (fenesta building systems-UPVC windows & doors).