Tube Investments Q4 results: Company reports standalone PAT of Rs 129 cr

CHENNAI: Tube Investments of India Ltd has reported standalone net at Rs 129.12 crore for the quarter ending March 31, 2021, the city-based Murugappa Group company said on Thursday.

The company had reported standalone profit after tax at Rs 73.55 crore during corresponding quarter previous year.

For the year ending March 31, 2021 standalone PAT stood at Rs 273.18 crore as against Rs 330.55 crore during corresponding quarter previous year.

Total income for the quarter under review grew to Rs 1,507.06 crore from Rs 958.82 crore registered in the same quarter last year.

For the year ending March 31, 2021 standalone total was Rs 4,302.28 crore as against Rs 4,340.86 crore recorded last year.

The Board which met here on Thursday approved fresh long-term borrowing, to meet the company's financial needs during the fiscal year 2021-22 "not exceeding in the aggregate of Rs 200 crore by way of privately placed secured non-convertible debentures, in one or more tranches."

The Board has now recommended a final dividend of Rs 1.50 per share for the financial year 2020-21.

Engineering business reported a revenue of Rs 854 crore for the quarter ending March 31, 2021 compared to Rs 545 crore in corresponding quarter previous year.

Revenue for the whole year reported by the engineering division was Rs 2,317 crore compared to Rs 2,258 crore recorded previous year.

The cycles and accessories division registered revenue of Rs 301 crore during the quarter compared to Rs 129 crore recorded in the same period last year.

Revenues for the full year from the cycles and accessories division stood at Rs 847 crore as against Rs 781 crore registered in the same period last fiscal.

The metal-formed products registered revenues of Rs 401 crore for the quarter under review as compared to Rs 301 crore in the same quarter last year.

For the full year, the revenue from the metal-formed products stood at Rs 1,274 crore as against Rs 1,399 crore registered a year ago.

During the year 2020-21, the company acquired a controlling stake of 53.16 per cent in CG Power and Industrial Solutions Ltd.

Shanthi Gears Ltd, another subsidiary, registered revenues of Rs 75 crore during the quarter under review as against Rs 43 crore in corresponding quarter previous year.

The revenue for the year ending March 31, 2021 was Rs 224 crore compared to Rs 249 crore registered in the previous year.

Commenting on the financial performance, Tube Investments of India Ltd, chairman, M A M Arunachalam said, "TII has closed the year with a healthy performance post revival of the economy from the 1st wave of the COVID-19 pandemic.

The results are encouraging considering that the company had lost almost one full quarter of operations".

"We are hopeful that with governments' constant endeavor in controlling the spread of the COVID-19 pandemic and efforts towards maintaining the momentum in economic activity, the impetus in our operations is likely to continue," he added.