Tube Investments Q4 PAT at Rs 247.88 cr | Financial News

Chennai, May 14 (PTI) Tube Investments of India Ltd has reported a standalone profit after tax for the January-March 2024 quarter at Rs 247.88 crore, the company said on Tuesday.

The city-based company, part of the diversified conglomerate Murugappa Group, had registered a standalone profit after tax at Rs 250.71 crore during the corresponding quarter of last year.

For the financial year ending March 31, 2024 the standalone PAT surged to Rs 734.51 crore, from Rs 665.20 crore registered in the same period of last year.

The total income, on a standalone basis, during the quarter under review grew to Rs 2,107.57 crore, from Rs 1,835.02 crore registered in the same quarter of last year. For the financial year ending March 31, 2024 the standalone total income grew to Rs 7,826.98 crore, from Rs 7,451.17 crore registered year ago.

The Board of Directors have declared an interim dividend of Rs 2 per share in February 2024 and it was paid to shareholders in March 2024. The Board has now recommended a final dividend of Rs 1.5 per share for the financial year 2023-24, a company statement here said.

"TII demonstrated resilience, achieving a consistent growth in consolidated profits before tax, driven by a strategic focus on cost reduction initiatives and operational efficiency. Exports during the year have grown by 14 per cent. Notably, our subsidiaries, CG Power and Industrial Solutions Ltd as well as Shanthi Gears Ltd sustained their impressive performance," Tube Investments of India, Chairman M A M Arunachalam said on the company's performance.

"CG Power and Industrial Solutions Ltd secured approval from the Union Cabinet under India's semi-conductor scheme to establish an outsourced semiconductor assembly and test facility, with an investment of around Rs 7,600 crore over five years. This investment will be supported by government subsidies, equity contribution, and bank borrowings, with technology and joint venture partnerships from Renesas Electronics Corporation, Japan and Stars Microelectronics, Thailand," he said.

The engineering business for the year ending March 31, 2024, registered revenues of Rs 4,921 crore, as compared to Rs 4,562 crore registered in the same period of last year. The Metal Formed Products division reported a revenue of Rs 1,519 crore, as against Rs 1,424 crore registered a year ago, while the 'Mobility' division posted revenues of Rs 664 crore, as compared to Rs 800 crore registered in the same period of last year, the statement added.