Tube Investments of India (TII) reported a net profit of Rs 129 crore in the January-March quarter results for the financial year 2020-21, up 74 per cent year-on-year, compared to Rs 74 crore in the corresponding quarter of the previous fiscal. According to a regulatory filing by the company to the stock exchanges, the company's revenue for the quarter stood at Rs 1,480 crore, compared to Rs 935 crore in the corresponding quarter of the previous year, marking a growth of 58 per cent year-on-year.
Chennai-based Tube Investments is a part of the Murugappa group and specializes in bicycles, engineering, metal-formed products, and chains. For the financial year 2020-21, the revenue stood at Rs 4,256 crore, compared to Rs 4,276 crore in the previous fiscal year. The company's total income in the quarter grew to Rs 1,507.06 crore, from Rs 958.82 crore recorded in the year-ago period.
The company's board of directors had recommended a final dividend of Rs 1.50 per share for the fiscal year 2020-21. Tube Investments declared an interim dividend of Rs 2 per share in February 2021 and the same was paid to the shareholders in March this year.
Tube Investment's board also approved fresh long-term borrowing of a sum of Rs 200 crore to meet the fund needs during the fiscal year 2021-22, by issuing privately placed secured non-convertible debentures, in one or more tranches.
Shares of Tube Investments settled 3.25 per cent lower at Rs 1,192.15 apiece on the BSE. On Friday, June 18, Tube Investments opened at Rs 1,311, swinging to an intra day high of Rs 1,344 and an intra day low of Rs 1,180.10, throughout the trading session.