Murugappa Group company’s Tube Investments of India (TII) has reported a profit after tax of ₹136 crore for the year ended March 31, 2018, compared with ₹159 crore in 2016-17.

“There was an exceptional item of ₹25.25 crore for the quarter and year ended March 31, 2018, that represented impairment of investments in joint venture companies,” according to a company statement.

The profit before tax and exceptional items for 2017-18 were at ₹218 crore against ₹202 crore in the previous year, registering a growth of eight per cent.

The company’s revenue was higher by 12 per cent at ₹4,598 crore against ₹4,109 crore (net of excise duty) in the previous year. Despite slowdown in bicycles sales, strong growth in the auto sector helped the company.

For the quarter ended March 31, 2018, profit after tax stood at ₹21 crore compared with ₹49 crore in the year-ago quarter. Its revenue for the quarter was at ₹1,116 crore against ₹1,090 crore (net of excise duty). The profit before tax and exceptional items for the quarter were at ₹49 crore against ₹42 crore, registering a growth of 18 per cent.

The board of directors has recommended a final dividend of ₹0.50 per equity share of ₹1 each. Together with the interim dividend of ₹1.25 per share, the total dividend for the financial year 2017-18 works out to ₹1.75 per share.

The board also approved a fresh long-term borrowing to meet the company’s fund needs during 2018-19, for a sum not exceeding ₹500 crore, by means including issue of privately placed secured non-convertible debentures, in one or more tranches.

Related Topics
comment COMMENT NOW