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Tube Investments of India has reported a 14 per cent jump in net profit on a consolidated basis for the third quarter of the current year when compared with the corresponding quarter previously.
The Murugappa group company has reported a net profit of ₹ 87.14 crore (₹ 76.56 crore) on a total income of ₹ 2,469.29 crore (₹ 2,227.51 crore) for the quarter ended December 31, 2014.
The company has announce an interim dividend of ₹ 1.50 an equity share of ₹ 2.
Financial Services Grow
Cholamandalam Investment & Finance Company Limited, a subsidiary company in the Financial Service Business, reported a 21 per cent growth in net profit during the quarter to ₹ 113 crore (₹ 93 crore) with disbursement of ₹3082 crore (₹ 3,336 crore).
Cholamandalam MS General Insurance Company Limited, a general insurance subsidiary, tripled its net profit in the quarter against the comparable quarter to ₹ 39 crore (₹13 crore) with Gross Written Premium for the quarter at ₹ 405Crore (₹ 420 Crore).
A press release quoting L Ramkumar, Managing Director said, the growth in two wheelers and passenger cars segments slowed down during the quarter and impacted volumes as compared with the previous quarter.
The Large Diameter Tube Plant, inaugurated in October 2014, is in the process of establishing samples for major customers in domestic and exports markets and will start shipments in the coming quarters.
The bicycle division registered a revenue growth of 14 per cent at ₹ 318 Crore; Engineering division grew of 3 per cent with a revenue of ₹ 419 Crore; and Metal Formed Products division 8 per cent at ₹ 238 Crore.
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