Tube Investments of India’s (TII) revenue for the quarter ended December 31, 2016, was higher by 8 per cent at Rs. 1041 crores as against Rs. 968 crores in the corresponding quarter of the previous year. The profit before tax for the quarter was at Rs. 38 crores as against Rs. 21 crores. The PAT for the quarter was higher by 67 per cent at Rs. 27 crores as compared to Rs. 16 crores in the corresponding quarter of the previous year.
Mr. L. Ramkumar, Managing Director, said: “The domestic turnover of the company across sectors and the profits were adversely affected due to demonetisation announced in November 2016. Exports grew by 48 per cent over the corresponding quarter in the previous year. PAT was higher than last year same quarter due to savings in finance charges.”
This Engineering Division has registered a revenue growth of 14 per cent during the quarter, aided by 91 per cent revenue growth in exports. Profit before interest and tax for the quarter was Rs. 37 crores as against Rs. 24 crores in the corresponding quarter of the previous year. The Board has approved a capex program of Rs. 77 crores for setting up a greenfield precision tubes manufacturing facility at Rajpura, Punjab. The Metal Formed Products Division has registered revenue growth of 3 per cent during the quarter compared with corresponding quarter in the previous year. Profit before interest and tax for the quarter was Rs. 21 crores against Rs. 23 crores. The Board has declared an Interim Dividend of Rs. 1.25 per share (62.50 per cent) for 2016-17.