Chennai, May 12, 2018: The Board of Directors of Tube
Investments of India Limited (TII) met today and approvedthe financial
results for the quarterand yearended 31stMarch2018. The Board has
recommended a final dividend of Rs. 0.50 per share for the year ended
31st March 2018. The Board had declared an interim dividend of Rs. 1.25
per share which was paid to the shareholders in February 2018.
STANDALONE RESULTS
For the year 2017-18, TII’s Revenuewas higher by 12%at Rs. 4598 Cr. as
against Rs. 4109 Cr. (net of excise duty) in the previous year. The
profit before tax and exceptional items for the year was at Rs. 218 Cr.
as against Rs. 202 Cr. in the previous year, registering a growth of 8%.
Despite slowdown in Bi-cycles sales, strong growth in Auto sector helped
the Company.
TII’sRevenue for the quarterwasat Rs. 1116Cr. as againstRs. 1090Cr.
(net of excise duty)in the correspondingquarterof the previous year. The
profit before tax and exceptional items for the quarter was atRs. 49Cr. as
againstRs. 42Cr. in the corresponding quarter of the previous year,
registering a growth of 18%.
The results have considered an impairment provision of Rs. 25.25 Cr.
pertaining to its Joint ventures, considering the current performance
and future outlook.
REVIEW OF BUSINESSES
ENGINEERING
Indomestic tubes, we continue to improve our market share through better
quality and service. The sales of Large Diameter Tubesrecorded a growth
of 70% through better efficiency and throughput.Engineering division has
registered revenue growth of 24% (net of excise duty) during the year
and Profit before interest and tax for the year was Rs. 175 Cr. as
against Rs. 146 Cr. in the previous year, a growth of 20%.
This division has registered revenue growth of 27% (net of excise duty)
during the quarter, aided by growth in domestic sales of Tubes. Profit
before interest and tax for the quarter was Rs. 46 Cr. as against Rs. 25
Cr. in the corresponding quarter of the previous year.
CYCLES AND ACCESSORIES
The Market condition of the Bicycles segment continues to be difficult.
Trade volumes declined by 10%. The division’s sales in Institution
segment have offset, to some extent, the drop in trade segment. Premium
Cycles Segment grew by 29%. This division continues to pursue aggressive
cost reduction measures to mitigate the drop in volumes. The revenueof
this segment droppedby3% (net of excise duty) during the year. Profit
before interest and tax for the year was Rs. 0.33 Cr. as against Rs. 36
Cr. in the previous year.
This division has registered a revenue dropof 40% (net of excise duty)
during the quarter.Lossbefore interest and tax for the quarter
wasRs.20Cr. as against the profit ofRs. 6Cr. in the corresponding
quarterofthe previous year.
METAL FORMED PRODUCTS
Revenue of this division, with a product range of doorframes, chains and
fine banking products catering to Auto sector, registered a growth of
11% (net of excise duty) during the year and Profit before interest and
tax for the year was Rs. 102 Cr. as against Rs. 88 Cr. in the previous
year, a growth of 16%.
This division has registered revenue growth of 18% (net of excise
duty)during the quarter compared with corresponding quarter in the
previous year. Profit before interest and tax for the quarter wasRs.
28Cr. as againstRs. 20Cr. in the correspondingquarterof the previous
year.
CONSOLIDATED RESULTS
For the year 2017-18, TII has recorded revenue of Rs. 5027 Cr. as
against Rs. 4493 Cr. (net of excise duty) in the previous year,
registering a growth of 12%. TII achieved consolidated Profit aftertax
of Rs. 156 Cr. as against Rs. 174 Cr. in the Previous Year.
Shanthi Gears Ltd., a subsidiary company in the industrial gears
business, in which the Company holds 70.12% stake, registered a revenue
growth of 16% (net of excise duty) for the year compared with the
previous year. The revenue for the year was Rs. 214 Cr. as against Rs.
184 Cr. in the previous year. Profitafter tax for the year was at Rs.
29 Cr. as against Rs. 23 Cr.in the previous year, registering a growth
of 27%.
Corporate Comm India(CCI newswire)
