Murugappa Group’s engineering company, Tube Investments of India Ltd (TII), has reported an 85 per cent increase in its standalone profit after tax to ₹251 crore for the quarter ended March 31, 2023, compared with ₹136 crore in the year-ago period, aided by higher other income and lower expenses.
The board has also recommended a final dividend of ₹1.50 per share for FY23. It had declared an interim dividend of ₹2 per share in February this year and the same was paid to shareholders the following month, said a statement.
Profit before tax (after exceptional items) stood at ₹331 crore in Q4 (₹173 crore). Revenue from operations was lower at ₹1,663 crore (₹ 1,735 crore), but the other income was higher at ₹172 crore (₹38 crore).
“Engineering and metal formed products businesses continued their good performance in the fourth quarter as well. The bicycle industry continues to suffer from contraction in demand,” said Arun Murugappan, Chairman, Tube Investments of India Ltd. Revenue from the engineering business was marginally higher at ₹1,044 crore (₹1030 crore). Profit before interest and tax was at ₹132 crore (₹103 crore).
Metal formed products’ revenue grew to ₹347 crore (₹336 crore), while its profit before interest and tax stood at ₹45 crore (₹39 crore). The mobility division reported a drop in revenue at ₹155 crore (₹249 crore). It reported a loss before interest and tax at ₹5 crore compared with a profit of ₹13 crore in the year-ago quarter.
FY23 performance
For the full year ended March 31, 2023, the company’s PAT grew 40 per cent at ₹665 crore (₹475 crore in FY22), according to a statement. Profit before tax (after exceptional items) stood at ₹928 crore (₹628 crore).
The company’s revenue (from operations) in FY23 was higher at ₹7,236 crore compared with ₹6,359 crore in FY22.