Tube Investments of India Limited
NSE Symbol TUBEINVEST
CONSOLIDATED RESULTS
TUBE INVESTMENTS OF INDIA has declared excellent CONSOLIDATED RESULTS for the third quarter ending December,2010.
NET SALES are Rs.1220 cr – up by 3.22% from the previous qtr of Q2 FY11 and up by a good 57.44% from the corresponding qtr of Q3 FY 2010.
PROFIT FROM OPERATIONS is Rs.256 Cr – up by a huge 108.53% from the previous qtr – and up by a still bigger 223.47% from the corresponding qtr.
NET PROFIT : is Rs.65 cr – up by 4.81% from previous qtr and up by a huge 211.46% from corresponding Qtr.
CONSOLIDATED NET PROFIT : is Rs.59 cr – up by 14.71% from previous qtr and up by a handsome 165.34% from the corresponding qtr.
The profit after interest and before exceptional items for the quarter was at Rs. 90.72 Cr. against Rs. 35.27 Cr. last year.
Cholamandalam Investment & Finance Company Ltd, a subsidiary company in the financial service business achieved profit after tax for the quarter of Rs. 7.13 Cr. against a profit of Rs. 6.26 Cr. in the previous year. Cholamandalam MS General Insurance Company Ltd. a general insurance subsidiary of the Company registered a growth of 34% in Gross Written Premium during the quarter. The company achieved a net profit of Rs. 5 Cr. during the quarter against a loss of Rs.5.6 Cr. during the corresponding quarter last year.
Financiere C 10, the Company’s overseas subsidiary making Industrial chains achieved a turnover of 27.9 Mn Euro for the financial year 2010 and registered a growth of 4.3%. The unaudited Profit before Tax of 0.4 Mn Euro represents a growth of 14% over the last year.
CONSOLIDATED RESULTS TABLE:
| Q3 FY 11 | |||
| Net Sales | 121974 | 118168 | 77473 |
| DIF %1 | 1220 | 3.22 | 57.44 |
| Other Operating Income | 3016 | 3473 | 1781 |
| Incr./Decre. in SIT/WIP | -59 | -2828 | -871 |
| Raw Materials | 44770 | 46081 | 34126 |
| Purchase of traded goods | 3377 | 2986 | 2366 |
| Employees Cost | 11242 | 11239 | 6583 |
| Depreciation | 2265 | 2225 | 2140 |
| Other Expenditure | 37838 | 49682 | 27009 |
| Total Expenditure | 99433 | 109385 | 71353 |
| Profit from Operations | 25557 | 12256 | 7901 |
| DIF %2 | 256 | 108.53 | 223.47 |
| Other Income | 68 | -980 | 296 |
| Interest | 16553 | 1532 | 4670 |
| Exceptional items | -250 | -30 | 39 |
| Profit before tax | 9322 | 9774 | 3488 |
| Tax Expense | 2856 | 3605 | 1412 |
| Net Profit | 6466 | 6169 | 2076 |
| DIF %3 | 65 | 4.81 | 211.46 |
| Minority Interest | 586 | 1043 | -140 |
| Consoli.Net Profit | 5880 | 5126 | 2216 |
| DIF %4 | 59 | 14.71 | 165.34 |
| Face Value (in Rs.) | 2 | 2 | 2 |
| Paid-up Equity | 3711 | 3703 | 3695 |
| Basic EPS (in Rs.) | 3.17 | 2.77 | 1.2 |
| Diluted EPS (in Rs.) | 3.16 | 2.75 | 1.2 |
| Public holding (%) | 51.71 | 45.29 | 42.63 |
ANNOUNCEMENTS
TO THE EXCHANGE
29-01-2011 Tube Investments Of India Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on January 29, 2011 have declared an Interim Dividend of Rs.1.50 (Rupee one and paise fifty only) per equity share of Rs.2 each for the financial year ending March 31, 2011. The interim dividend will be paid on February 18, 2011. -
22-12-2010 Tube Investments Of India Limited has informed the Exchange that the shareholders of the Company have passed a Special Resolution under Section 372A of the Companies Act, 1956 approving the purchase of not execeeding 15 Lakhs Equity shares of Rs.10 each of Cholamandalam Investment and Finance Company Ltd with requisite majority by way of Postal Ballot under Section 192A of the Companies Act, 1956.
29-10-2010 Tube Investments Of India Limited has informed the Exchange regarding a press release dated October 28, 2010, titled "Tube Investments of India Limited PAT up by 354%".
WHAT COMPANY SAYS :
STAND ALONE RESULTS
During the quarter sales were at Rs. 749 Cr. as against Rs.583 Cr. in the same period last year.
Profit after interest and before exceptional items for the quarter was at Rs. 53.70 Cr. against Rs. 40.76 Cr. last year.
Net profit for the quarter was at Rs. 51.89 Cr. including a one-time profit of Rs. 20.60 Cr. on sale of land.
The profit for the corresponding period in the previous year was at Rs. 17.87 Cr. which was after making a provision of Rs. 9.44 Cr. towards the diminution in the value of its investment and financial assistance to its wholly owned subsidiary, Tubular Precision Products (Suzhou) Company Ltd., in China.
Mr. L. Ramkumar, Managing Director said, “All business segments of the company have registered good growth on a higher base of last year. Volume growth, favourable product mix, new product launches, and higher productivity helped the company improve its operating profit during the quarter.”
Review of Businesses – Third Quarter
The Cycles division registered an increase in volume by 14% during the current quarter as compared to the same quarter last year. This was achieved on the back of a 16% growth in the “Specials Segment” and 8% increase in the sale of standard bicycles. The division continues its focus on new product launches, and improvements to its existing range, across segments. Sales of performance bikes and premium bicycles in the MTB and Kids segments registered significant growth. During the quarter the Schwinn range of bicycles for 2011 were launched. 28 additional outlets were opened in the Rural Retail format and we have 36 such stores, operational, as of today. The division currently has 602 retail outlets under the various formats retailing bicycles and fitness products and continue to provide customers a contemporary buying experience and superior service.
Sale of Electric Scooters was lower during the year as compared to the corresponding quarter of the previous year, mainly due to a decrease in the market for such products. In anticipation of an announcement on subsidy for purchase of electric vehicles, customers also held back purchases. With the announcement of the subsidy by the Government, it is expected that sale of electric scooters will increase in the medium term.
In the Engineering Segment precision steel tubes registered volume a growth of 23% in this quarter on the back of growth in the auto industry. Volumes in the value added cold drawn welded tubes segment increased 19% during the quarter. Tubular components maintained their consistent high growth and recorded an increase of 42% during the quarter. Export of tubes declined by 14% during the quarter due to low demand from the North American market.
Metal Formed Products segment also registered good growth in the quarter. Sale of automotive chains has increased by 27% and that of industrial chains by 18% in volume terms. Sale of fine blanked components increased by 139% with the success of all new product programmes undertaken during the last year. Export of industrial chains grew significantly by 51% with increased demand from its overseas customers. Sales of car doorframes increased 4% and we also registered a growth of 33% in the cold rolled products to the Railway segment.
STAND ALONE RESULTS :
| TII | 31-Dec-10 | 30-Sep-10 | 31-Dec-09 |
| Net Sales | 74886 | 72147 | 58394 |
| Other Operating Income | 321 | 378 | 392 |
| Total Expenditure | 68323 | 65830 | 54023 |
| Profit from Operations | 6884 | 6695 | 4763 |
| Other Income5 | 69 | -167 | 21 |
| Profit before Interest & Exceptional Items | 6953 | 6528 | 4784 |
| Interest6 | 1583 | 1497 | 708 |
| Profit after Interest but before Exceptional Items | 5370 | 5031 | 4076 |
| Exceptional Items7 | -2060 | - | 944 |
| Profit before tax | 7430 | 5031 | 3132 |
| Tax expense | 2241 | 1946 | 1345 |
| Net Profit after tax | 5189 | 3085 | 1787 |
| Net Profit | 5189 | 3085 | 1787 |
| Face Value (In Rs | 2 | 2 | 2 |
| Paid Up Equity | 3711 | 3703 | 3695 |
| Basic EPS | 2.8 | 1.67 | 0.97 |
| Diluted EPS | 2.79 | 1.65 | 0.97 |
| Public holding (%) | 51.71 | 45.29 | 42.63 |
OVER ALL - the company has been improving its performance by good growth rates at all levels.
The Growth Rate is good at consolidated and stand alone levels both.
The EPS growth is much more than 100 % in both cases
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