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Tube Investments of India Ltd (TII) has more than doubled its net profit to ₹148 crore for the quarter ended March 31, 2015, from ₹69 crore in the corresponding period of the previous year. Total revenue for the quarter under consideration was ₹2,367 crore, a 4 per cent growth over ₹2,283 crore reported for the comparable quarter in 2013-14.
For the full year, it posted a 36 per cent growth in net profit at ₹424 crore, against ₹311 crore in 2013-14. Revenue grew 10 per cent to ₹9,698 crore from ₹8,834 crore in the previous year.
The board has recommended a final dividend of 0.50 paise per share (25 per cent). This, with the interim dividend of ₹1.50 a share paid in February, makes the total dividend 100 per cent for 2014-15.
One of its subsidiaries Cholamandalam Investment and Finance Company Ltd registered a 49 per cent growth in net profit during the quarter at ₹136 crore against ₹91 crore in the previous year quarter.
A press release from the company says the bicycle division registered a growth of 6 per cent in volumes during the year, driven by institutional sales.
The revenue for the year was higher by 11 per cent at ₹1,314 crore against ₹1,185 crore in the previous year. The engineering division registered a volume growth of 6 per cent in tubes and 2 per cent in cold rolled steel strips during the year.
In the ‘metal formed products’ segment, sales of automotive chains to OEMs recorded a volume growth of 11 per cent over the previous year.
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