Tuesday, December 20, 2011

TUBE INVESTMENTS OF INDIA LTD = RESULTS FOR = 2nd QTR ENDING SEP,2011 = Q2 FY 2012 = NPT up By 46.32% (Stand Alone) & 29% (Consolidated) = YOY


TUBE INVESTMENTS OF INDIA LTD

RESULTS  FOR
2nd  QTR  ENDING  SEPT,  2011


TUBE  INVESTMENTS  has declared good results for 2nd quarter ended Sept, 2011. The non-consolidated Results are analysed below :

NON-CONSOLIDATED  Results

Net Sales  stands  at  Rs.846.32 cr  - compared to Rs.869.41 in previous Qtr of Q1 FY 12 ( -2.66%) – and compared to Rs.721.47 cr (+17.3%).

Total Expenditure stands at  Rs.786.82 cr – compared to Rs.789.95 cr (-0.4%) in Q1 FY 12; and compared to Rs.658.30 Cr  in Q2 FY 11(+19.52%).

Profit from Operations stands at Rs.65.10 cr – compared  Rs.84.31 in Q1 FY 12 (-22.8%); and compared to Rs.66.95 Cr  in Q2 FY 11          (-2.76%).

Profit before tax stands at Rs.60.48 cr – compared to Rs.70.07 cr (-13.7%) in Q1 FY 12; and compared to Rs.50.31 cr in Q2 FY 11 (+20.21%)

Net Profit stands at Rs.45.14 cr – compared to Rs.50.02 cr in Q1 FY 12 (-9.76%) – and compared to Rs.30.85 cr in Q2 FY 11 (+46.32%)

Basic EPS on FV of Rs.2 stands at Rs.2.43 – compared to Rs.2.69  in Q1 FY 12;  and compared to Rs.1.67  in Q2 FY 11. On this Basis, the annualized EPS could be around Rs.10-Rs.11.

CURRENT MP  is RS.102.35.  Its 52 week high price was Rs.170.25. Its 52 week low price was Rs.97.60. On the Annual EPS of  Rs.10, the current PE Ratio is just around 10. In a good market, it should climb substantially beyond its 52 week high price.

NON-CONS. RESULTS

TUBE INVEST
30-Sep-11
30-Jun-11
% DIF
30-Sep-10
% DIF
Net Sales
84632
86941
-2.66
72147
17.3
Other Operating Income
560
485
15.46
378
48.15
Increase in SIT/WIP
-2317
-1180
96.36
-2765
-16.2
Raw Materials
50863
53125
-4.26
43036
18.19
Traded Goods
3935
2682
46.72
3253
20.97
Employees Cost
6638
6173
7.53
5796
14.53
Depreciation
1818
1831
-0.71
1649
10.25
Other Expenditure
17745
16364
8.44
14861
19.41
Total Expenditure
78682
78995
-0.4
65830
19.52
Profit from Operations
6510
8431
-22.8
6695
-2.76
Other Income
1302
124
950
-167
-879.64
Interest
1764
1548
13.95
1497
17.84
Profit before tax
6048
7007
-13.7
5031
20.21
Tax expense
1534
2005
-23.5
1946
-21.17
Net Profit
4514
5002
-9.76
3085
46.32
Face Value (In Rs
2
2
0
2
0
Paid Up Equity
3718
3715
0.08
3703
0.41
Basic EPS
2.43
2.69
-9.67
1.67
45.51
Diluted EPS
2.42
2.68
-9.7
1.65
46.67
Public holding (%)
51.77
51.77
0
45.29
14.31


CONSOLIDATED RESULTS

On consolidated basis, Net Sales comes to Rs.1501.32 cr – an increase of 4.73% from Q1 Fyn 12 and an increase of  27.05% from Q2 FY11.

Total Expenditure         stands at Rs.139,9..53 cr – an increase of      3.55% from Q1 FY 12; and  27.95% from Q2 FY 11.

Profit from Operations  stands at  Rs.14,1.93 cr – an increase of  19.07% from Q1 FY 12; and  15.8% from Q2 FY 11.

Profit before tax comes to  Rs.126.12 cr – down by -6.39% from Q1 FY 12; and UP By  29.04% from Q2 FY 11.

Net Profit  comes  to Rs.78.27 cr – down by  -11.79% from Q1 FY 12;  and up by   26.88% from Q2 FY 11.


Basic EPS (Rs.) is Rs.3.35 compared Rs.4  in Q1 FY 11; and  Rs.2.77 In Q2 FY 11.



Q2 FY 12
% DIF
% DIF
Net Sales
150,132.00
143,354.00
4.73
118,168.00
27.05
Other Oprtg Income
4,014.00
3,719.00
7.93
3,473.00
15.58
Increase in SIT & WIP
-2,280.00
-1,886.00
20.89
-2,828.00
-19.38
 Raw Materials
52,391.00
54,754.00
-4.32
46,081.00
13.69
Traded goods
3,939.00
3,100.00
27.06
2,986.00
31.92
Employees Cost
13,474.00
12,127.00
11.11
11,239.00
19.89
Depreciation
2,490.00
2,414.00
3.15
2,225.00
11.91
Other Expenditure
69,939.00
64,644.00
8.19
49,682.00
40.77
Total Expenditure
139,953.00
135,153.00
3.55
109,385.00
27.95
Profit from Operations
14,193.00
11,920.00
19.07
12,256.00
15.8
Other Income
204
132
54.55
-980
-120.82
Interest
1,785.00
1,579.00
13.05
1,532.00
16.51
Exceptional items
-
-3,000.00

-30

Profit before tax
12,612.00
13,473.00
-6.39
9,774.00
29.04
Tax Expense
4,785.00
4,600.00
4.02
3,605.00
32.73
Net Profit
7,827.00
8,873.00
-11.79
6,169.00
26.88
Minority Interest
1,608.00
1,443.00
11.43
1,043.00
54.17
Consolidated NPT
6,219.00
7,430.00
-16.30
5,126.00
21.32
Face Value (in Rs.)
2
2
0.00
2
0
Paid-up Equity
3,718.00
3,715.00
0.08
3,703.00
0.41
Basic EPS (Rs.)
3.35
4
-16.25
2.77
20.94
Diluted EPS(Rs.)
3.33
3.98
-16.33
2.75
21.09
Public holding (%)
51.77
51.77
0.00
45.29
14.31



Mr. L. Ramkumar, Managing Director said, “The growth in the auto sector declined particularly in the passenger car segment.  It registered a negative growth of 8% during the quarter, as against a growth of 18% in the previous quarter. This impacted the turnover of engineering and metal formed products segments. The continued growth of the motor cycle industry at 17% in Q2 helped these segments neutralize this impact and registered a revenue growth of 19%. The demand for bicycles continued to be sluggish and there was pressure on margins too.”
Bicycles/E scooters

The bicycles volume for the quarter was in line with that of the corresponding quarter of last year.   Demand fell mainly due to the flood situation in East and lower secondary sales across regions. Retailing of bicycles and fitness products continue to provide customers a good buying experience and service that are contemporary. Fifty five retail outlets under the various formats have been added during the quarter. With its continued thrust in the retail the total number of retail formats reached 737 stores and 25% of the bicycle segment revenue is derived through this channel.  The electric scooters registered a volume growth of 79% for the quarter on a lower base (7% for H1).
During the quarter this division recorded revenue of Rs 320 Cr, a growth of 15% over the corresponding quarter of last year.
Engineering

Auto industry grew at a lower rate of 15% during the quarter as compared to the corresponding quarter of the previous year. Precision Tubes (electrical resistance welded and cold drawn welded) grew by 11% in volume terms, mainly affected by negative growth of passenger car segments. The Tubular components segment recorded a growth of 14% during the current quarter.

During the quarter this division recorded revenue of Rs 354 Cr, a growth of 19% over the corresponding quarter of last year.

Metal Formed Products

In this segment, volumes of automotive chains increased by 16% and that of industrial chains by 17%. Export of industrial chains registered a growth of 56% mainly due to higher sale of industrial chains in the European market and better off-take from OEMs in the US. The products for the railway segment grew significantly registering a 86% growth in volumes. The doorframe segment volumes registered a negative growth of 17%.
During this quarter this division recorded revenue of Rs 207 Cr, a growth of 19% over the corresponding quarter of last year.
Consolidated Results
The Company’s consolidated profit before tax and exceptional items for the quarter was at Rs. 126 Cr. against Rs.98 Cr. in the previous year, a growth of 29%.
Financiere C 10, the Company’s overseas subsidiary manufacturing Industrial chains grew by 23% over the same period last year and achieved a turnover of Rs.114 Cr. and a Profit before Tax of Rs. 3 Cr. during the period January to June 2011. During the quarter Cholamandalam Investment & Finance Company Ltd, a subsidiary company in the financial service business achieved a Profit before tax of Rs.66 Cr. against a profit of Rs.39 Cr. in the previous year. Cholamandalam MS General Insurance Company Ltd. a general insurance subsidiary of the Company registered a significant growth of 50% in Gross Written Premium during the quarter and achieved a Profit before Tax of Rs. 7.8 Cr.
About Murugappa Group

Founded in 1900, the Rs. 17051 Crores (USD 3.8 billion) Murugappa Group is one of India's leading business conglomerates. The Group has 29 businesses including eight listed Companies actively traded in NSE & BSE. 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., Parry Agro Industries Ltd., Tube Investments of India Ltd., and Wendt (India) Ltd.
Market leaders in served segments including Abrasives, Auto Components, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Construction, Bio-products and Nutraceuticals, the Group has forged strong joint venture alliances with leading international companies like Groupe Chimique Tunisien, Foskor, Cargill, Mitsui Sumitomo, and Morgan Crucible. The Group has a wide geographical presence panning 13 states in India and 5 continents.

Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, Gromor and Paramfos are from the Murugappa stable. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees.

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