Chennai, 03 November 2015 : 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, 2015.
Consolidated Results
The Company’s consolidated Net profit after minority interest for the quarter was at 107 Cr. against
100 Cr. for the corresponding quarter in the previous year.
Cholamandalam General Insurance Company Ltd., a general insurance subsidiary of the Company registered a Gross Written Premium (GWP) of 612 Cr. during the quarter as against
530 Cr. a growth of 16%. PAT for the quarter was at
32 Cr. as against
42 Cr. compared with corresponding quarter in the previous year.
Shanthi Gears Ltd., a subsidiary company in the Gears Business, registered a revenue growth of 12% for the quarter compared with corresponding quarter of the previous year. The revenue for the quarter was 42 Cr. as against
38 Cr. for the corresponding quarter in the previous year. PAT for the quarter was at
6 Cr. as against
2 Cr.
Cholamandalam Investment & Finance Company Ltd, an associate company in the financial service business, disbursed 3672 Cr. during the quarter compared to
3029 Cr. in the corresponding quarter of the previous year, a growth of 21%. Consolidated Profit after Tax (PAT) for the quarter was at
122 Cr. against
99 Cr. for the corresponding quarter in the previous year, registering a growth of 23%.
Mr. L. Ramkumar, Managing Director said, “The Revenue and Profit during the quarter in Engineering and Metal forming businesses were affected due to lower commodity prices and passing on some of these benefits to customers. The ramping up of production of Large Diameter Tubing Facility has gained momentum during the quarter”
Standalone Results
TII’s Revenue for the quarter was at 967 Cr. as against
1006 Cr. for the corresponding quarter in the previous year. The profit before interest and tax for the quarter was at
72 Cr. as against
71 Cr. for the corresponding quarter in the previous year. The PAT for the quarter was
25 Cr. which was in line with corresponding period in the previous year.
Review of Businesses
Bicycles
The Bicycle division registered a revenue growth of 2% during the quarter compared with corresponding quarter in the previous year. The revenue for the quarter was 349 Cr. as against
342 Cr. for the corresponding quarter in the previous year. Profit before Interest and Tax for the quarter registered a growth of 40%, was
20 Cr. as against
15 Cr. for the corresponding quarter in the previous year.
Engineering
The Engineering division registered a revenue drop of 9% during the quarter compared with corresponding quarter in the previous year. The revenue for the quarter was 420 Cr. as against
462 Cr. for the corresponding quarter in the previous year. Profit before Interest and Tax for the quarter was
25 Cr. as against
30 Cr. for the corresponding quarter in the previous year.
Metal Formed Products
This division has registered a revenue drop of 4% during the quarter compared with corresponding quarter in the previous year. The revenue for the quarter was 230 Cr. as against
238 Cr. for the corresponding quarter in the previous year. Profit before Interest and Tax for the quarter was
21 Cr. which was slightly lower than the corresponding quarter in the previous year.
About Murugappa Group
Founded in 1900, the INR 269 Billion Murugappa Group is one of India’s leading business conglomerates. The Group has 28 businesses including nine 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.,Shanthi Gears Ltd., Tube Investments of India Ltd., and Wendt (India) Ltd.
Market leaders in served segments including Abrasives, Auto Components, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies like Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Crucible and Sociedad Química y Minera de Chile (SQM). The Group has a wide geographical presence spanning 13 states in India and 6 continents.
Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, Chola, Gromor and Paramfos are from the Murugappa stable. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees.
Caution Notice
The public is hereby cautioned that it has been brought to our notice that certain unscrupulous persons/agencies are issuing fake sanction letters to customers and getting their signatures in fake loan agreements purporting to be a loan sanction letter & loan agreement of Murugappa Group and such persons /agencies are attempting to extort money by demanding security deposit/processing fee/insurance fee from the gullible customers for processing the required loan etc. In the aforesaid documents, those unscrupulous persons/agencies are also using the registered logo and name of Murugappa Group against law with intent to gain wrongfully by using the goodwill and reputation of the Group.
Please be informed that Murugappa Group is not a separate legal entity and never requires any customers to pay any advance money or deposit for loan sanctioning. Public is cautioned not to rely or act on any such fraudulent sanction/offer made in the name of Murugappa Group without verifying the authenticity of the contents.
Customers who are interested in availing loans may directly contact any of the nearest branch of Cholamandalam Investment and Finance Company Limited (Cholamandalam) a constituent of our group for further details or get in touch with us at 1800 200 4565 or alternatively email at customercare@chola.murugappa.com, or SMS at 9500000312.
MURUGAPPA GROUP