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.
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.
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.
* * * E N D * * *
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