Tube Investments of India Ltd
Consolidated Q2 Net Profit up by 18%

 

Chennai, 03 November 2014: The Board of Directors of Tube Investments of India Limited (TII) met today and approved the financial results for the quarter and half year ended 30th September, 2014.

Consolidated Results

The Company’s consolidated Net Profit before Minority Interest for the quarter was at Rs. 161 Crores, a growth of 18% against the corresponding quarter of the previous year. Net profit after minority interest for the quarter was at rs100 Crores against rs85 Crores for the corresponding quarter in the previous year.

Cholamandalam Investment & Finance Company Limited, a subsidiary company in the Financial Service Business, disbursed rs3028 Crores during the quarter compared to rs2827 Crores in the corresponding quarter of the previous year, registering a growth of 7%. Consolidated Profit after Tax (PAT) for the quarter was at rs99 Crores against rs91 Crores for the corresponding quarter in the previous year, registering a growth of 9%.

Cholamandalam MS General Insurance Company Limited, a subsidiary company in the General Insurance Business, registered a growth of 147% in PAT. Gross Written Premium for the quarter was at rs530 Crores as against rs439 Crores and the PAT for the quarter was at rs42 Crores as against rs17 Crores compared with corresponding quarter in the previous year.

Shanthi Gears Limited, a subsidiary company in the Gears Business, registered revenue of rs38 Crores during the quarter compared to rs42 Crores in the corresponding quarter of the previous year. PAT for the quarter was at rs2.3 Crores as against rs6.7 Crores.

Standalone Results

TII’s Revenue for the quarter was higher by 12% at rs1006 Crores as against rs900 Crores for the corresponding quarter in the previous year. The profit before interest and tax for the quarter was at rs71 Crores as against rs72 Crores for the corresponding quarter in the previous year. The PAT for the quarter was rs25 Crores as compared to rs32 Crores for the corresponding period in the previous year.

Mr. L. Ramkumar, Managing Director said, “The positive growth in two wheeler and passenger car markets enabled Engineering and Metal Forming businesses to maintain their growth momentum. Enabled by Specials, the Bicycle business continued to register a growth in the current quarter compared to the corresponding quarter in the previous year. The Company inaugurated the Large Diameter Tube Plant in Tiruttani in October 2014. This would help TI leverage the growth in the infrastructure segment”

Review of Businesses

Bicycles

The Bicycle division registered a revenue growth of 5% during the quarter compared with corresponding quarter in the previous year. The revenue for the quarter was rs342 Crores as against rs325 Crores for the corresponding quarter in the previous year. Profit before Interest and Tax for the quarter was rs15 Crores as against rs14 Crores for the corresponding quarter in the previous year.

Engineering

The Engineering division registered a revenue growth of 16% during the quarter compared with corresponding quarter in the previous year. The revenue for the quarter was rs462 Crores as against rs398 Crores for the corresponding quarter in the previous year. Given the higher depreciation, Profit before Interest and Tax for the quarter was rs30 Crores as against rs32 Crores for the corresponding quarter in the previous year.

Metal Formed Products

This division has registered a revenue growth of 12% during the quarter compared with corresponding quarter in the previous year. The revenue for the quarter was rs238 Crores as against rs213 Crores for the corresponding quarter in the previous year. Profit before Interest and Tax for the quarter was rs21 Crores as against rs19 Crores for the corresponding quarter in the previous year.

About Murugappa Group

Founded in 1900, the INR 243 Billion Murugappa Group is one of India’s leading business conglomerates. The Group has 28 businesses including ten listed Companies traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Sabero Organics Ltd., Shanthi Gears Ltd., Tube Investments of India Ltd., and Wendt (India) Ltd.

Market leaders in served segments including Abrasives, Auto Components, Transmission systems, Cycles, Sugar, Farm Inputs, Fertilisers, Plantations, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies like Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Advanced Materials, Sociedad Química y Minera de Chile (SQM), Yanmar & Co. and and Compagnie Des Phosphat De Gafsa (CPG). The Group has a wide geographical presence all over India and spanning 6 continents.

Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, Chola, Gromor, Shanthi Gears and Paramfos are from the Murugappa stable. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees.