TII’s revenue for the quarter was at Rs 1,480 crore as against Rs 935 crore in the corresponding quarter of the previous year, registering a growth of 58%, the company said in a statement.
For the year ended March 31, 2021, TII’s revenue stood at Rs 4,256 crore as against Rs 4,276 crore in the previous year, almost recording a flat growth.Tube Investments of India (TII), part of over Rs 38,000 crore Murugappa Group on Thursday recorded a 74% rise in its net profit at Rs 129 crore for the fourth quarter of FY21 as against Rs 74 crore in the corresponding quarter of the previous year.
TII’s revenue for the quarter was at Rs 1,480 crore as against Rs 935 crore in the corresponding quarter of the previous year, registering a growth of 58%, the company said in a statement.
For the year ended March 31, 2021, TII’s revenue stood at Rs 4,256 crore as against Rs 4,276 crore in the previous year, almost recording a flat growth. During the year, the company implemented a voluntary retirement scheme and has incurred a cost of Rs 22 crore which is considered an exceptional item. The profit after tax for the year was at Rs 273 crore as against Rs 331 crore in the previous year.
M A M Arunachalam (known as Arun Murugappan), chairman, Tube Investments of India, said: “TII has closed the year with a healthy performance post revival of the economy from the first wave of the Covid-19 pandemic. The results are encouraging considering that the company had lost almost one full quarter of operations. We are hopeful that with governments’ constant endeavour in controlling the spread of the Covid-19 pandemic and efforts towards maintaining the momentum in economic activity, the impetus in our operations is likely to continue.”
The board of directors has recommended a final dividend of Rs 1.50 per share for the financial year 2020-21. It had declared an interim dividend of Rs 2 per share in February 2021 and the same was paid to the shareholders in March 2021. The board has also approved fresh long-term borrowing of a sum of Rs 200 crore to meet the company’s fund needs during FY22, including by way of issue of privately placed secured non-convertible debentures, in one or more tranches.
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