Tube Investments of India
 
Tube Investments of India
Tube Investments of India Ltd.
Formerly TI Financial Holdings Ltd.
Tube Investments' consolidated net profit inches up by 6%
 

Tube Investment of India’s (TII) net profit on a consolidated basis inched by nearly six per cent at Rs 95 crore for the first quarter of this fiscal ended June 30, 2015, up from Rs 90 crore achieved in the year-ago quarter last year.

 On a stand alone basis, TII’s revenue for the quarter improved by by 3 per cent at Rs 1,009 crore, as against Rs 977 crore during the corresponding quarter in the previous year. While the profit before interest and tax for the quarter was at Rs 62 crore (Rs 60 crore), the profit after tax (PAT) for the quarter was lower at Rs 18 crore (Rs 19 crore).

 Cholamandalam Investment & Finance Company Ltd, a subsidiary company in the financial service business, disbursed Rs 3,508 crore during the quarter as compared to Rs 3,188 crore in the corresponding quarter of the previous year. Consolidated PAT for the quarter was Rs 111 crore, against Rs 96 crore for the corresponding quarter in the previous year, registering a growth of 16 per cent.

 Cholamandalam General Insurance Company Ltd., a general insurance subsidiary of the company, registered a Gross Written Premium (GWP) of Rs 480 crore during the quarter, as against Rs 448 crore, a growth of 7 per cent. PAT for the quarter was at Rs 26 crore, as against Rs 27 crore compared with the year-ago quarter.

 In the case of Shanthi Gears Ltd, a subsidiary company in the gears business, it registered a revenue growth of 7 per cent for the quarter, compared with corresponding quarter of the previous year. The revenue for the quarter was Rs 37.72 crore, as against Rs 35.26 crore for the corresponding quarter in the previous year. PAT for the quarter was at Rs 1.89 crore, as against Rs 1.85 crore.

“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,” said L Ramkumar, managing director, TII.

 The Bicycle division registered a revenue growth of 18 per cent during the quarter at Rs 426 crore (Rs 361 crore). The Engineering division registered a revenue drop of 10 per cent during the said quarter by earning Rs 395 crore (Rs 440 crore). On the other, the Metal Formed division registered a revenue growth of 3 per cent at Rs 220 crore (Rs 213 crore).