Click here for the Unaudited Financial Results of Q3 FY 2013-14
Chennai, 4 February 2014: The Board of Directors of Tube Investments of India Limited (TII) met today and approved the financial results for the quarter and nine months ended 31st December, 2013. The Board declared an interim dividend of 1.50 per share (75%) for the financial year 2013-14.
Consolidated Results
The Company’s consolidated Net Profit before Minority Interest for the quarter was at 127 Cr., a growth of 16% against the corresponding quarter of the previous year. Net profit after minority interest for the quarter was at
77 Cr. against
68 Cr. for the corresponding quarter in the previous year.
Cholamandalam Investment & Finance Company Ltd, a subsidiary company in the financial service business, registered a good growth of 7% in the disbursements for the quarter. Profit after Tax (PAT) for the quarter was at 93 Cr. against
82 Cr. for the corresponding quarter in the previous year, registering an impressive growth of 14%.
Cholamandalam General Insurance Company Ltd., a general insurance subsidiary of the Company registered a growth of 8% in Gross Written Premium during the quarter. Gross Written Premium for the quarter was at 420 Cr. as against Rs 389 Cr. and the PAT for the quarter was at
13 Cr. as against
16 Cr. compared with corresponding quarter in the previous year.
Shanthi Gears Ltd., a subsidiary company in the Gears Business, registered a revenue growth of 4% for the quarter compared with corresponding quarter of the previous year. Profit after Tax (PAT) for the quarter was at 4.64 Cr. as against
4.24 Cr., a growth of 9% compared with corresponding quarter in the previous year.
Standalone Results
TII’s Revenue for the quarter was higher by 9% at 834 Cr. as against
765 Cr. for the corresponding quarter in the previous year. The profit before interest and tax for the quarter was at
58 Cr. as against
44 Cr. for the corresponding quarter in the previous year. The PAT for the quarter was
15 Cr. as compared to
7 Cr. for the corresponding period in the previous year.
Mr. L. Ramkumar, Managing Director said, “During the quarter, the Company benefited from the pick-up in demand of two wheelers in the country. This coupled with enhanced service levels and better operational efficiencies helped the top and bottom lines. The Company has put in place operational excellence initiatives to realize break through improvements in all operating parameters.
Review of Businesses
Bicycles
The Bicycle division registered a growth in volumes during the quarter compared with corresponding quarter in the previous year. The revenue for the quarter was 278 Cr. as against
268 Cr. for the corresponding quarter in the previous year. Profit before Interest and Tax for the quarter was
8 Cr. as against
5 Cr. for the corresponding quarter in the previous year. The margins were under pressure due to increase in input costs and competitive environment.
Engineering
The Engineering division registered a volume growth of 7% in Tubes and 12% in Cold Rolled Steel Strips during the quarter compared with corresponding quarter in the previous year. The Engineering division’s revenue for the quarter was 380 Cr. as against
341 Cr. for the corresponding quarter in the previous year. Profit before Interest and Tax for the quarter was
34 Cr. as against
19 Cr. for the corresponding quarter in the previous year. The improvement in profit was achieved through better internal efficiencies and cost reduction.
Metal Formed Products
In this segment, the domestic volumes of the automotive Chains increased by 31% and volume to the replacement market increased by 30% over the corresponding quarter in the previous year. The doorframe segment and railway segment registered a drop over the corresponding quarter in the previous year. The revenue for the quarter was 210 Cr. as against
188 Cr. for the corresponding quarter in the previous year. Profit before Interest and Tax for the quarter was
20 Cr. as against
16 Cr. for the corresponding quarter in the previous year.
About the Murugappa Group
Founded in 1900, the INR 225 Billion Murugappa Group is one of India’s leading business conglomerates. The Group has 28 businesses including eleven 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, 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 Crucible and Sociedad Química y Minera de Chile (SQM). The Group has a wide geographical presence spanning 13 states in India and 5 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