Tube Investments of India clocks standalone PAT of Rs 136.36 crore in Q4

Tube Investments of India on Thursday reported a standalone profit after tax (PAT) of Rs 136.36 crore for the quarter ending March 31, 2022.

The city-based Murugappa Group company clocked Rs 129.12 crore as standalone net during the corresponding quarter last year.

For the year ending March 31, 2022 standalone PAT surged to Rs 475.17 crore from Rs 273.18 crore registered a year ago.

Total income during the quarter under review went up to Rs 1,772.21 crore from Rs 1,507.06 crore registered in the corresponding quarter last fiscal.

Total income for the year ending March 31, 2022 rose to Rs 6,432.91 crore from Rs 4,302.28 crore registered a year ago.

The Board, which met here, declared an interim dividend of Rs two per share and was paid to shareholders in March. The board now recommends a final dividend of Rs 1.50 per share for the financial year 2021-22.

In a statement, the company said the revenue from the engineering business for the quarter was at Rs 1,030 crore compared to Rs 854 crore recorded in the corresponding quarter last year.

The revenue for the full year ending March 31, 2022 was at Rs 3,868 crore compared with Rs 2,317 crore recorded last year.

The metal-formed products during the quarter clocked revenue at Rs 336 crore against Rs 335 crore registered the same quarter last year.

The revenue for the year ending March 31,2022 in the metal-formed products grew to Rs 1,240 crore against Rs 1,032 crore recorded last year.

The mobility division recorded revenues of Rs 963 crore for the year ending March 31, 2022 compared to Rs 847 crore registered last fiscal.

Tube Investments of India said it had subscribed 17.52 crore share warrants of CG Power and Industrial Solutions Ltd for Rs 150 crore and had paid Rs 37.50 crore being 25 per cent of the total warrant subscription amount.

The company holds 58.05 per cent on fully diluted basis in CG Power as at March 31, 2022.

During the quarter under review, Tube Investments said it incorporated a wholly owned subsidiary TI Clean Mobility Pvt Ltd as a vehicle to pursue and engage in clean mobility and electric three-wheeler business.

TI Clean Mobility acquired 70 per cent stake in Cellestial E-Mobility Pvt Ltd on March 4, which is in the business of making electric tractors.

CG Power and Industrial Solutions, a subsidiary of Tube Investments of India during the quarter registered consolidated revenue of Rs 1,507 crore against Rs 1,118 crore recorded last year.

Shanthi Gears, engaged in manufacturing of gear and gear products, had registered revenues of Rs 104 crore during the quarter under review against Rs 72 crore recorded the same quarter last year year.

The revenue for the full year ending March 31, 2022 was Rs 337 crore compared to Rs 216 crore registered a year ago.

Commenting on the financial performance, company Chairman M A M Arunachalam said the results for the quarter show a steady performance by the company even in the wake of challenges on account of supply constraints, lower domestic demand, increase in fuel, commodity price inflation, which was also a result of the war in Ukraine.

"Exports have, however, consistently delivered good growth in tubes and industrial chains business," he said.

He said the company's new initiative in the clean mobility business would bring diversification of existing product portfolio to fuel growth.