Tube Investments of India Ltd, part of the Chennai-based Murugappa Group, has posted a consolidated net profit of Rs 77 crore for the quarter ended March 31. This represents 93 per cent growth over Rs 40 crore in the year-ago period. The consolidated turnover for the quarter stands at Rs 1,809 crore (Rs 1,460 crore).
As a standalone company, it has posted a net profit of Rs 58 crore on a turnover of Rs 871 crore during the quarter as against Rs 46 crore on Rs 782 crore in the previous-year quarter.
Cholamandalam Investment & Finance Co Ltd, a financial services subsidiary, posted a net profit of Rs 61 crore during the quarter (Rs 36 crore).
Cholamandalam MS General Insurance Company Ltd, an insurance subsidiary, posted net profit of Rs 5 crore in the quarter (a loss of Rs 34 crore).
Financiere C 10, the company's overseas subsidiary that makes industrial chains, achieved a turnover of Rs 216 crore and net profit of Rs 5 crore.
In the past financial year, Tube Investments posted a consolidated turnover of Rs 6,265 crore (Rs 4,917 crore). Net profit stands at Rs 269 crore (Rs 196 crore).
According to Mr L. Ramkumar, Managing Director of Tube Investments, the bicycles division registered a growth of 8 per cent in volume and 15 per cent in revenue during the year. The slow down in auto industry impacted the turnover of engineering and metal formed product segments. Besides, thanks to inflation, the margins too were under pressure.
The company's board has recommended a final dividend of 50 per cent (Rs 1 a share of face value Rs 2) for the year ended March 31. Thus the total dividend (with an interim dividend of 100 per cent) works out to 150 per cent or Rs 3 a share.