Tube Investments of India Limited
NSE Symbol TUBEINVEST
Tube
Investment of India
has declared CONSOLIDATED RESULTS for the third quarter ending Dec,2011.
Net
Sales
in Q3 FY 12 ending in Dec,2011 stands at Rs.1578.03 cr – against Rs.1501.32 Cr in Q2 FY
12 ( up by5.11%); and Rs.1219.74 Cr in Q3 FY 11 (Up by 29.37%). Sales are consistently moving up despite adverse market
conditions for some products.
Total Expenditure stands at Rs.1473.68
Cr in Q3 FY 12 – against Rs.1399.53 Cr in Q2 FY 12 (up by 5.30%) – and Rs.994.33 Cr in Q3 FY 11 (Up
by 48.21%). Expenditure has increased much more than Increase in Net sales, on
a proportionate basis.
Profit from Operations in Q3 FY 12 stands at
Rs.146.81 Cr – against Rs.141.93 Cr in Q2 FY 12 (Up 3.44%); and Rs.255.57 Cr in
Q3 FY 11 (down -42.56%). It is down
mainly due to increase in raw material costs.
Profit before tax stands at Rs.115.53
Cr in Q3 FY 12 – against Rs.126.12 Cr in Q2 FY 12 (down -8.40%); and Rs.93.22
Cr in Q3 FY 11 (up 23.93%). This
increase in PBT over corresponding qtr is due to a huge reduction in interest
costs in Q3 FY 12 compared to Q3 FY 11.
Net Profit stands at Rs.72.53
Cr in Q3 FY 12 – against Rs.78.27 Cr in Q2 FY 12 (down -7.33%); and Rs.64.66 Cr
in Q3 FY 11 (up 12.17%). Tax expense has increased 51% over corresponding qtr.
Minority Interest stands at Rs.16.97 Cr
in Q3 FY 12; Rs.16.08 Cr; Rs.5.86 Cr in Q3 FY 11.
Consolidated NPT stands at Rs.55.56 Cr in Q3 FY 12; Rs.62.19
Cr in Q2 FY 12 (down -10.66%); Rs.58.80 Cr (down -5.51%). The final decrease is
due to Higher Minority Interest.
Basic EPS(Rs.) on a FV of Rs.2
stands at Rs.2.99 In Q3 FY 12; Rs. 3.35
in Q2 FY 12; and Rs.3.17 in Q3 FY 11.
Tube Investments of India Limited (TII)
has declared an interim dividend of Rs. 2/- per share (100%) for the financial
year 2011-12.
The performance seems to be partly
affected due to the negative Growth of Passenger car Industry and non-release
of orders by railways. Now, with the revival in January of the car Industry,
TII may perform better in Q4 FY 12.
STAND ALONE RESULTS
Sales for the quarter were up by 17% at Rs. 875 Cr. as
against Rs.749 Cr. for the same period
last year.
The profit before
depreciation, interest and tax
for the quarter was at Rs. 80 Cr. against Rs. 87 Cr. last year, a decline of
7%.
The profit before tax and
exceptional items
for the quarter was Rs. 44 Cr. as compared to Rs. 54 Cr. for the corresponding
period in the previous year.
Mr.
L. Ramkumar, Managing Director said, “The bicycles division has registered a
growth in volume and in revenue over corresponding period last year. However
growth in the auto sector dropped for the second consecutive quarter
particularly in the passenger car segment which registered a negative growth of
6%. Due to delay in release of orders by Indian Railways for wagons, the
Company’s revenue from this segment was only 24% of the same quarter last year.
These impacted the turnover of engineering and metal formed product segments.
The margins were under pressure across all segments due to increased material
cost, inflation in fuel costs and rupee depreciation.”
Review of Businesses – Third Quarter
Bicycles/E
scooters
The bicycle division’s turnover for the quarter was up by
28% over the same quarter last financial year. The expansion of retail network
continued and 195 outlets have been established in the rural / semi urban areas
till date. Electric scooters registered a growth of 47% in volume terms. The
margins were under pressure due to product mix, exchange rate and inability to
pass on the cost increases fully to the market due to competitive environment.
Engineering
During the quarter this division recorded a growth of 24%
over the corresponding period of last year.
Auto industry continued to grow at a lower rate of 12%
during the quarter as compared to the corresponding quarter of last year.
Precision Tubes (electrical resistance welded and cold drawn welded) grew by
14% in volume terms and Tubular components segment grew by 7% mainly affected
by negative growth of passenger car segment. The Cold Rolled Steel sales grew
by 8% during the quarter.
Metal
Formed Products
During this quarter this division recorded a negative growth
of 7% over the corresponding quarter of last year.
During the quarter the company increased the production
capacity of two wheeler chains in one of its plant by 20% to meet the growing
demand. In this segment, volumes of automotive chains increased by 14% and that
of industrial chains by 6%. Export of industrial chains registered a growth of
17% mainly due to higher sale of industrial chains in the European market and
better off-take from OEMs in the US. The engineering class chains also
registered a strong growth of 44% over last year. The doorframe segment volumes
registered a drop of 13% mainly due to negative growth of passenger cars
segment. Due to delay in release of orders, the railway segment had registered
a negative growth of 89% in volume terms which affected the margin of this
segment.
Consolidated Results
The Company’s consolidated
profit before tax for the quarter was at Rs. 116 Cr. against Rs.93
Cr. in the previous year, a growth of 25%.
Financiere C 10, the Company’s overseas subsidiary
manufacturing Industrial chains grew by 21% over the same period last year and
achieved a turnover of Rs.157 Cr. and a Profit before Tax of Rs. 7 Cr. during the
period January to September 2011.
During the quarter Cholamandalam
Investment & Finance Company Ltd, a subsidiary company in the
financial service business achieved a Profit before tax of Rs.68 Cr. against Rs.11
Cr. in corresponding period of previous year.
Cholamandalam MS General
Insurance Company Ltd.
a general insurance subsidiary of the Company registered a significant growth
of 42% in Gross Written Premium during the quarter. In January 2012, Insurance
Regulatory and Development Authority (IRDA) has issued a directive on ultimate
loss ratio to the General Insurance Industry for the period 2007/08 to 2010/11.
The industry has sought various clarifications and is awaiting guidance from
IRDA. Pending clarification, Cholamandalam MS General Insurance Company Ltd.
has provided Rs.16 Cr. during the quarter and Rs. 34 Cr for the nine months
ended 31st December 2011. The profit after tax for the quarter was at Rs.
1.8 Cr. as against Rs. 5.0 Cr. during corresponding period last year.
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 28 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
spanning 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.
CONSOLIDATED RESULTS TABLE
|
Q3FY12
|
%DIF1
|
%DIF2
|
|||||
|
Net Sales
|
157,803.00
|
150,132.00
|
5.11
|
121,974.00
|
29.37
|
||
|
Other Oprtng Income
|
4,246.00
|
4,014.00
|
5.78
|
3,016.00
|
40.78
|
||
|
Increase in SIT/WIP
|
-1,413.00
|
-2,280.00
|
-38.03
|
-59
|
2294.92
|
||
|
Raw Materials
|
51,608.00
|
52,391.00
|
-1.49
|
44,770.00
|
15.27
|
||
|
Traded goods
|
6,038.00
|
3,939.00
|
53.29
|
3,377.00
|
78.8
|
||
|
Employees Cost
|
12,836.00
|
13,474.00
|
-4.74
|
11,242.00
|
14.18
|
||
|
Depreciation
|
2,547.00
|
2,490.00
|
2.29
|
2,265.00
|
12.45
|
||
|
Other Expenditure
|
75,752.00
|
69,939.00
|
8.31
|
37,838.00
|
100.2
|
||
|
Total Expenditure
|
147,368.00
|
139,953.00
|
5.30
|
99,433.00
|
48.21
|
||
|
Profit from Operations
|
14,681.00
|
14,193.00
|
3.44
|
25,557.00
|
-42.56
|
||
|
Other Income
|
297
|
204
|
45.59
|
68
|
336.76
|
||
|
Interest
|
1,785.00
|
1,785.00
|
0.00
|
16,553.00
|
-89.22
|
||
|
Exceptional items
|
1,640.00
|
-
|
-250
|
-756
|
|||
|
Profit before tax
|
11,553.00
|
12,612.00
|
-8.40
|
9,322.00
|
23.93
|
||
|
Tax Expense
|
4,300.00
|
4,785.00
|
-10.14
|
2,856.00
|
50.56
|
||
|
Net Profit
|
7,253.00
|
7,827.00
|
-7.33
|
6,466.00
|
12.17
|
||
|
Minority Interest
|
1,697.00
|
1,608.00
|
5.53
|
586
|
189.59
|
||
|
Consolidated NPT
|
5,556.00
|
6,219.00
|
-10.66
|
5,880.00
|
-5.51
|
||
|
Face Value (in Rs.)
|
2
|
2
|
0.00
|
2
|
0
|
||
|
Paid-up Equity
|
3,723.00
|
3,718.00
|
0.13
|
3,711.00
|
0.32
|
||
|
Basic EPS(Rs.)
|
2.99
|
3.35
|
-10.75
|
3.17
|
-5.68
|
||
|
Diluted EPS(Rs.)
|
2.98
|
3.33
|
-10.51
|
3.16
|
-5.7
|
||
|
Public holding (%)
|
51.83
|
51.77
|
0.12
|
51.71
|
0.23
|
||
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