Tube Investments Of India Ltd Q2 revenue at Rs.1,667 Crore

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Source: Murugappa Group

Standalone Q2 PBT Before Exceptional Items at Rs. 164 Crore

October 2021: The Board of Directors of Tube Investments of India Limited (TII) has approved the financial results for the Quarter ended 30th September 2021.

Standalone Results for the Quarter:

• Revenue in Q2 was at Rs.1,667 Crore compared with Rs.1087 Crore of same period previous year.
• PBT (before exceptional items) was of Rs.164 Crore as against Rs.129 Crore in the same period previous year.
• ROIC (annualized) at 48% for the quarter ended 30th September 2021 compared with 43% in the previous year same period.
• Free Cash Flow (FCF) for the quarter was Rs.147 Cr due to improved NWC levels from Q1 FY22.

Review of Businesses: TII’s revenue for the quarter was at Rs.1,667 Crore as against Rs.1,087 Crore in the corresponding quarter of the previous year. The profit after tax for the quarter was at Rs.121 Crore as against Rs.96 Crore in the corresponding quarter of the previous year.

Engineering: The Revenue for the quarter was at Rs.1,027 Crore compared with Rs.565 Crore in the corresponding quarter of the previous year. Profit before interest and tax for the quarter was Rs.102 Crore as against Rs.84 Crore in the corresponding quarter of the previous year.

Metal Formed Products: The Revenue for the quarter was at Rs.328 Crore compared with Rs.285 Crore in the corresponding quarter of the previous year. Profit before interest and tax for the quarter was Rs.39 Crore as against Rs.33 Crore in the corresponding quarter of the previous year.

Mobility: The division has registered revenue of Rs.262 Crore during the quarter compared with Rs.212 Crore in the corresponding quarter of the previous year. Profit before interest and tax for the quarter was Rs.20 Crore, compared to Rs.18 Crore in the corresponding quarter of the previous year.

Others: The Revenue for the quarter was at Rs.119 Crore compared with Rs.68 Crore in the corresponding quarter of the previous year. Profit before interest and tax for the quarter was Rs.12 Crore as against Rs.6 Crore in the corresponding quarter of the previous year.

Consolidated Results

TII’s consolidated Revenue for the quarter was Rs.3,262 Crore as against Rs.1,193 Crore in the corresponding quarter of the previous year. The profit before tax (before exception) for the quarter was at Rs.287 Crore as against Rs.136 Crore in the corresponding quarter of the previous year.

CG Power and Industrial Solutions Ltd, a subsidiary company, in which the Company holds 52.61% stake, registered a consolidated revenue of Rs.1,454 Crore during the quarter as against Rs. 664 Crore in the corresponding quarter of the previous year. Profit before tax (before exceptional items) for the quarter was Rs.144 Crore as against a loss of Rs.37 Crore in the corresponding quarter of previous year.

Shanthi Gears Ltd., a subsidiary company in the Gears Business, in which the Company holds 70.47% stake, registered revenue of Rs.72 Crore during the quarter as against Rs. 54 Crore in the corresponding quarter of the previous year. Profit before tax for the quarter was at Rs.11 Crore as against Rs.8 Crore in the corresponding quarter of previous year.

Commenting on the financial results, M.A.M Arunachalam (known as Arun Murugappan), Chairman, Tube Investments of India Ltd. said, “The results for the quarter are testimony of the resilience shown by the Company by bouncing back strongly with healthy performance with most of its businesses reaching or surpassing the pre-Covid levels. Engineering and Metal Formed Products division has witnessed good demand and exports performance has also significantly improved. I am also pleased to state that post TII’s acquisition of CG Power, the company is on its recovery path with very encouraging performance in all its business. With the impact of Covid receding, our businesses have started full operations, however, the Company is taking adequate measures to monitor and control this to ensure steady operations.”

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