Tube Investments of India Limited, part of the Murugappa Group and maker of BSA cycles in India, reported Q1 profit of Rs 95 cr against Rs 90 cr for the corresponding quarter in the previous year.
On a standalone basis, the company’s revenue for the quarter was higher by 3% at Rs 1009 cr as against Rs 977 cr for the corresponding quarter in the previous year.
The Bicycle division registered a revenue growth of 18% during the quarter compared with corresponding quarter in the previous year.
The profit before interest and tax for the quarter was at Rs 62 cr as against Rs 60 cr for the corresponding quarter in the previous year. The standalone PAT for the quarter was Rs 18 cr as compared to Rs 19 cr for the corresponding period in the previous year.
Cholamandalam Investment & Finance Company Ltd, a subsidiary company in the financial service business, disbursed Rs 3508 cr during the quarter compared to Rs 3188 cr in the corresponding quarter of the previous year. Consolidated Profit after Tax (PAT) for the quarter was at Rs 111 cr against Rs 96 cr for the corresponding quarter in the previous year, registering a growth of 16%.
Cholamandalam General Insurance Company Ltd., a general insurance subsidiary of the Company registered a Gross Written Premium (GWP) of Rs 480 cr during the quarter as against Rs 448 cr a growth of 7%. PAT for the quarter was at Rs 26 cr as against Rs 27 cr compared with corresponding quarter in the previous year.
Shanthi Gears Ltd., a subsidiary company in the Gears Business, registered a revenue growth of 7% for the quarter compared with corresponding quarter of the previous year. The revenue for the quarter was Rs 37.72 cr as against Rs 35.26 cr for the corresponding quarter in the previous year. PAT for the quarter was at Rs 1.89 cr as against Rs 1.85 cr
Mr. L. Ramkumar, Managing Director said, “The performance of the bicycle division was good in terms of both revenues and profits. The Metal forming and Engineering divisions further improved on their leadership positions.”
Bicycles
The revenue for the quarter was Rs 426 cr as against Rs 361 cr for the corresponding quarter in the previous year. Profit before Interest and Tax for the quarter was Rs 30 cr as against Rs 18 cr for the corresponding quarter in the previous year.
Engineering
The Engineering division registered a revenue drop of 10% during the quarter compared with corresponding quarter in the previous year. The revenue for the quarter was Rs 395 cr as against Rs 440 cr for the corresponding quarter in the previous year. Profit before Interest and Tax for the quarter was Rs 18 cr as against Rs 29 cr for the corresponding quarter in the previous year. The newly commenced Large Diameter Tube Plant is getting stabilized and production is getting ramped up.
Metal Formed Products
This division has registered a revenue growth of 3% during the quarter compared with corresponding quarter in the previous year. The revenue for the quarter was Rs 220 cr as against Rs 213 cr for the corresponding quarter in the previous year. Profit before Interest and Tax for the quarter was Rs 18 cr as against Rs 15 cr for the corresponding quarter in the previous year.
Founded in 1900, the Rs 269 billion Murugappa Group is one of India’s leading business conglomerates.
The Group has 28 businesses including nine listed Companies.
Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd. and Tube Investments of India Ltd.
The group has around 32,000 employees.