Murugappa Group company Tube Investments of India has announced its foray into the electric three-wheeler segment. The board approved the manufacturing and sale of three-wheeled electric vehicles with an outlay of up to ₹200 crore, the company said in a communiqué to stock exchanges. The company declined to disclose any further details.
The company’s board, at its meeting on Thursday, elected M A M Arunachalam (53), also known as Arun Murugappan (non-executive, non-Independent Director), as the Chairman with immediate effect.
Q3 profit rises
The board approved the results for the third quarter ended December 31, 2020, when the company reported a standalone profit after tax of ₹107 crore compared to ₹78 crore in the same period a year ago. Its profit before tax (before exceptional items) rose 53 per cent at ₹145 crore (₹95 crore). The total revenue from operations for the quarter was higher by 34 per cent at ₹1,309 crore (₹976 crore), on the back of growth in all business divisions.
“TII has delivered strong results driven by the overall revival in the economy and easing of the lockdown restrictions for Covid-19. The company is witnessing improved performance in most of its segments and expects this momentum to continue, as the economy, which has started showing signs of revival, improves further,” said M A M Arunachalam in a statement.
The engineering business’ revenue grew to ₹733 crore (₹502 crore). The Cycles and Accessories Division recorded a revenue of ₹234 crore (₹146 crore), while the Metal Formed Products business registered a revenue of ₹393 crore with (₹370 crore).
The board declared an interim dividend of ₹2 per share for 2020-21.