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Tube Investments’ operational profit consolidated basis has dropped by over 50 per cent during the fourth quarter of 2015-16 compared with the comparable quarter previously.
Profit from operations and before other income, finance costs and exceptional items for quarter ended March 31, 2016, was ₹143.15 crore (₹301.11 crore) on a total income of ₹1,710.76 crore (₹2,391.90 crore).
Sale of 14 per cent stake in Cholamandalam MS General Insurance Company to its joint venture partner Mitsui Sumitomo Insurance for ₹882.67 crore on March 31, 2016, has contributed to a huge jump in net profit during the quarter.
The company has recommended a special dividend of ₹3.50 a share of ₹ 10 following the profit from stake sale.
The Murugappa Group company has reported a net profit of ₹ 725.55 crore (₹147.52 crore) on a consolidated basis for the quarter. Exceptional gain was ₹ 725 crore (₹ 45.73 crore).
For fiscal 2015-16, its operation profit was ₹764 crore (₹1,088 crore) on a total income of ₹ 7991.21 crore (₹ 9722.11 crore).
Net profit was ₹1,038.91 crore (₹424.36 crore) with an exceptional income of ₹726.52 crore (₹34 crore). The Engineering Division’s volumes were flat during the year with the market for cold rolled steel strips down. Revenue was down 6 per cent to ₹1,629 crore (₹1,725 crore) and profit before interest and tax was ₹95 crore (₹103 crore). The drop was due to additional costs in the new unit, a large diameter tube facility.
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