Tube Investments of India (TII), a part of over Rs 38,000 crore Murugappa Group on Thursday recorded a 74% rise in its web revenue at Rs 129 crore for the fourth quarter of FY21 as towards Rs 74 crore within the corresponding quarter of the earlier yr.
TII’s income for the quarter was at Rs 1,480 crore as towards Rs 935 crore within the corresponding quarter of the earlier yr, registering a development of 58%, the corporate stated in a press release.
For the yr ended March 31, 2021, TII’s income stood at Rs 4,256 crore as towards Rs 4,276 crore within the earlier yr, nearly recording a flat development. Through the yr, the corporate carried out a voluntary retirement scheme and has incurred a value of Rs 22 crore which is taken into account an distinctive merchandise. The revenue after tax for the yr was at Rs 273 crore as towards Rs 331 crore within the earlier yr.
M A M Arunachalam (often called Arun Murugappan), chairman, Tube Investments of India, stated: “TII has closed the yr with a wholesome efficiency publish revival of the financial system from the primary wave of the Covid-19 pandemic. The outcomes are encouraging contemplating that the corporate had misplaced nearly one full quarter of operations. We’re hopeful that with governments’ fixed endeavour in controlling the unfold of the Covid-19 pandemic and efforts in direction of sustaining the momentum in financial exercise, the impetus in our operations is more likely to proceed.”
The board of administrators has advisable a ultimate dividend of Rs 1.50 per share for the monetary yr 2020-21. It had declared an interim dividend of Rs 2 per share in February 2021 and the identical was paid to the shareholders in March 2021. The board has additionally authorised recent long-term borrowing of a sum of Rs 200 crore to fulfill the corporate’s fund wants throughout FY22, together with by means of situation of privately positioned secured non-convertible debentures, in a number of tranches.