Tube Investments Of India Limited
Q1 FY 2011 RESULTS
COMPARISON
Tube Investments of India Limited has released its results for Q1 FY2011. The results are compared below with the previous Qtr (Q4 FY2010), the corresponding Qtr (Q1 FY2010) and proportionately (Q1 FY2011 x 4) with the FY 2010 figures. Overall , the Q1FY11 performance is excellent.
CONSOLDATED FIGURES COMPARISON
Net Sales at Rs.1102.66 cr –is up by 32% compared to previous qtr – up by 55.8% compared to corresponding qtr – and up proportionately by 42.2% compared to FY2010.
Total Expenditure at Rs.913.14 Cr is – up by 20.4% compared to previous qtr – up by 43.4% compared to corresponding qtr – and up proportionately by 28.4% compared to FY 2010.
Operational profit at Rs.210.24 Cr is – up by 133.3% compared to previous qtr – up by 133.9% compared to corresponding Qtr – and up proportionately by 152.6% compared to FY2010.
Net Profit is Rs.52.34 Cr – up by 28.3% compared to previous Qtr – up by 124.7% compared to corresponding qtr – and up proportionately by 85.5% compared to FY 2010.
Consolidated Net Profit is Rs.46.13 Cr – up by 25.4% compared to previous qtr – up by 91.7% compared to corresponding Qtr – and up proportionately by 64.4% compared to FY2010
Basic EPS is Rs.2.5 – compared to Rs.1.99 in previous Qtr – Rs.1.3 in corresponding Qtr and Rs.6.08 in FY2010.
NON CONSOLIDATED FIGURES COMPARISON
Net sales on stand alone basis is Rs.713.29 Cr – up by 12.2% compared to previous Qtr – up by 31.4% compared to corresponding qtr - and up proportionately by 21.6% compared to FY2010.
Total expenditure is Rs.651.29 cr – up by 10.3% compared to previous qtr - - and up by 31.7% compared to corresponding qtr – and up proportionately by 20.4% compared to FY2010.
Operational Profit is Rs.65.79 Cr – up by 32.5% compared to previous qtr – up by 31.2% compared to corresponding qtr – and up proportionately by 35.1% compared to Fy2010.
Net profit is Rs.40.47cr – up by 44.1% compared to previous qtr – up by 42.2% compared to corresponding qtr – and up proportionately by 235.2% compared to FY2010.
Basic EPS is Rs.2.19 – compared to Rs.1.52 in previous qtr – Rs.1.54 in corresponding qtr – and compared to Rs. 4.39 in FY2010.
Thus Tube Investments of India has registered excellent growth during this quarter.
RESULTS IN FIGURES :
DIF%1,2,3 Relate to % difference of Q1 FY 11 (consolidated) Figures with Consolidated figures of Previous qtr, Corresponding qtr and Proportionate figures of FY2010.
DIF%4,5,6 Relate to % difference of Q1 FY 11 (stand alone) figures with stand alone figures of Previous qtr, Corresponding qtr and Proportionate figures of FY2010.
Q1 FY11cons | dif%1 | dif%2 | dif%3 | Q1N/C | dif%4 | df%5 | dif%6 | |
Net Sales | 110266 | 32 | 55.8 | 42.2 | 12.2 | 31.4 | 21.6 | |
Other OptgIncome | 2072 | 54.5 | 9.4 | 9.8 | 379 | -14.1 | 134 | 18 |
SIT&WIP | -1560 | 104.2 | 139.6 | 492 | -1700 | 87.8 | 161 | 469 |
Raw Materials | 42999 | 14 | 34.9 | 25.1 | 41732 | 13 | 30.9 | 22.5 |
Traded goods | 3403 | 71.7 | 106 | 96.2 | 3403 | 71.7 | 106 | 96.2 |
Employees Cost | 10559 | 74 | 60.3 | 59.8 | 5908 | 39.2 | 35.9 | 32.7 |
Depreciation | 2237 | -13.8 | 12.4 | 1.1 | 1641 | -10.3 | 8 | -1.8 |
Other Expdr | 33676 | 19.1 | 51.5 | 27.4 | 14145 | -5.6 | 32.3 | 13.3 |
Total Exp | 91314 | 20.4 | 43.4 | 28.4 | 65129 | 10.3 | 31.7 | 20.4 |
op pt | 21024 | 133.3 | 133.9 | 152.6 | 6579 | 32.5 | 31.2 | 35.1 |
Other Income | 1941 | 2713 | 5291.7 | 1517.5 | 583 | 157 | 2815 | 579.9 |
P B I&EI | 22965 | 152.9 | 154.5 | 172 | 7162 | 37.9 | 42.2 | 44.5 |
Interest | 15091 | 239.4 | 193.7 | 225.8 | 1399 | 86.3 | 91.1 | 94.6 |
P A I B B EI | 7874 | 70 | 102.6 | 106.6 | 5763 | 29.7 | 33.9 | 36 |
Excepti. items | 30 | -101.8 | -108.7 | - | ||||
P B T | 7844 | 24.5 | 101.9 | 88.8 | 5763 | 30.6 | 33.9 | 78 |
Tax Expense | 2610 | 17.6 | 67.6 | 95.7 | 1716 | 7 | 17.6 | 42.1 |
P A T | 5234 | 28.3 | 124.7 | 85.5 | 4047 | 44.1 | 42.2 | |
Net Profit | 5234 | 28.3 | 124.7 | 85.5 | 4047 | 44.1 | 42.2 | 235.2 |
Consolidated NPT | 4613 | 25.4 | 91.7 | 64.4 | ||||
Dividend (%) | - | - | ||||||
Face Value.Rs. | 2 | 0 | 0 | 2 | 0 | 0 | ||
Paid-up Equity | 3697 | 0.1 | 0.1 | 3697 | 0.1 | 0.1 | ||
Reserves | - | - | ||||||
Basic EPS B EI | 2.5 | 25.6 | 92.3 | 64.5 | 2.19 | 44.1 | 42.2 | 99.5 |
Diluted EPS B EI | 2.48 | 24.6 | 90.8 | 63.7 | 2.18 | 43.4 | 41.6 | 99.1 |
Basic EPS A EI | 2.5 | 25.6 | 92.3 | 64.5 | 2.19 | 44.1 | 42.2 | 99.5 |
Diluted EPS A EI | 2.48 | 24.6 | 90.8 | 63.7 | 2.18 | 43.4 | 41.6 | 99.1 |
Public holding (%) | 44.63 | 13.6 | 318.8 | 44.63 | 4.7 | 13.6 | 318.8 |
ANNOUNCEMENTS
TO THE EXCHANGE
30-07-2010 Tube Investments Of India Limited has informed the Exchange regarding a press release dated July 29, 2010 titled "Tube Investments of India Limited Net (PAT) up by 42%".
12-05-2010 Tube Investments Of India Ltd has informed the Exchange vide its letter dated May 11, 2010 that "The Company has today acquired 1,50,00,000-1% Fully Convertible Cumulative Preference Shares of Rs.100 each aggregating to Rs.150 Crores of Cholamandalam DBS Finance Ltd (CDFL) at face value from New Ambadi Estates Pvt Ltd." -
06-05-2010 Tube Investments Of India Limited has informed the Exchange that the shareholders of the Company have passed the following Special Resolutions with requisite majority by way of Postal Ballot under Section 192A of the Companies Act, 1956 :- (i) Special Resolution under Section 372A of the Companies Act, 1956 approving the investment of Rs. 150 Crores in 1% Fully Convertible Cumulative Preference Shares of Cholamandalam DBS Finance Ltd; and (ii) Special Resolution under Section 372A of the Companies Act, 1956 approving Investment of Rs. 25 Crores in the equity shares of Financiere C10, the Company's subsidiary in France.
05-05-2010 Tube Investments Of India Limited has informed the Exchange vide its later May 01, 2010 regarding a press release titled "Tube Investments of India Ltd's Operating Profit Higher By 366%".
03-05-2010 Tube Investments Of India Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on May 01, 2010 have recommended a dividend of Rs.1.50 (Rupees one and paise fifty only) per equity share of Rs.2 each for the financial year ended March 31, 2010. -
09-04-2010 Tube Investments Of India Ltd vide its letter dated April 8, 2010 has informed the Exchange that:"The Company has today acquired 1,75,82,000 equity shares of Cholamandalam DBS Finance Ltd (CDFL) from DBS Bank Ltd, Singapore. Upon the above acquisition, the Company's holding in CDFL has increased from 30.93% to 57.41% of CDFL's equity capital. Consequently, CDFL has become a subsidiary of the Company." -
06-04-2010 Tube Investments Of India Ltd has informed the Exchange that "Credit Rating information Services of India ltd (CRISIL) has vide its letter dated April 5, 2010 downgraded the rating for the long-term bank loan facilities and non-convertible debenture programmes of the Company to "AA-/Stable" (Pronounced "Double A minus rating with Stable outlook) from "AA/ Stable" (Pronounced "Double A rating with Stable outlook")".
On FY 2010 performance
what company says
Tube Investments of India Ltd (TII) reported an operating profit growth of 366% during the year ended 31st March 2010. The operating profit of TII before exceptional items grew from Rs. 36.36 Cr. to Rs. 169.45 Cr. The improvement in the current year comes on the back of a very good performance by all the business segments of the Company. The high growth of around 25% in the auto industry aided the performance. TII has also made a one time provision for the diminution in the value of its investment in the overseas subsidiary set up to manufacture cold drawn welded tubes in China. The total provision made during the year was Rs. 39.95 Cr. covering the value of its investment and other receivables. After considering this exceptional charge the profit before tax was at Rs. 129.50 Cr. against Rs. 83.02 Cr. in the previous year. The Board of Directors recommended a higher dividend of Rs.1.50 (PY - Rs.1.00) per equity share of Rs.2/- per equity share.
Mr. L. Ramkumar, Managing Director said “The year 2009-10 was a good year for TII with an all round contribution from all business segments. TII achieved its highest ever operating profit. The Company’s focus this year was on improving operating efficiencies, using existing facilities better to service the increase in demand from our customers, new product offerings and superior customer service. With the economy back on the path of high growth we hope to sustain and improve on the performance of the current year”.
The bicycles segment performed very well and grew in volume by 25% and revenue by 31% and improved its market share. The growth in both the standard and special segments came about due to the new product introductions, many ground level market activation initiatives and continued focus on the expansion of its retail footprint. Today, there are as many as 482 outlets under various formats and the share of business from these channels was at about 20%. The high end bicycles introduced last year did creditably and with the introduction of one more brand at the entry level of the premium segment interest in this niche has picked up further. The Company’s brands continue to enjoy a premium position in the industry.
The electric scooters launched a year ago also performed well and achieved a high market share in South India. In all, 9082 scooters were sold during the year as against 1327 in the previous year. With new product introductions aimed at differentiating our products from those in the industry. The category is expected to do better in the current year.
The Engineering segment reported a volume increase of 20% in the value added precision tubes segment and improved its market share by 2%. Despite this growth in volume terms the revenue for this segment declined by 4% due to the reduction in price of steel. Export of tubes was also lower than the previous year by 12% since the recovery in the North American and European markets has been slower than expected. The segment was able to improve its profitability through focus on operating efficiencies, better utilization of resources and development of new products.
In the Metal Formed Products segment volume of automotive chains grew 53 % and industrial chains grew at 11%. The market share in automotive chains increased by 10%. Export of chains were however lower by 52%. The volume of car doorframes sold increased by 30% and that of sections for railway wagons grew by 49%. During the quarter two plants for manufacture of sections for railway wagons and wall and roof assemblies for wagons were commissioned at Uttarakhand. The total revenue for the segment grew by 20% and the profitability of the segment improved
With the economy back on track and an indication of revival in global economies, the performance for the current year is expected to continue to be on the positive side.
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