Tube Investments of India (TII) has elected M A M Arunachalam (also known as Arun Murugappan), non-executive, non-Independent Director as the Chairman of the Board of Directors with immediate effect.
The company also posted a 37% increase in its standalone net profit for the third quarter of this fiscal at Rs 107.07 crore, compared to Rs 78.27 crore in the corresponding quarter of the last fiscal.
The Board also approved the manufacturing and sale of Three-Wheeled Electric Vehicles with an outlay of up to Rs 200 crore.
TII’s revenue for the quarter stood at Rs 1,309 crore as against Rs 976 crore in the corresponding quarter of the previous year.
Cycles and Accessories
The division has registered revenue of Rs 234 crore during the quarter compared with Rs 146 crore in the corresponding quarter of the previous year.
Metal Formed Products
The Revenue for the quarter was at Rs 393 crore compared with Rs 370 crore in the corresponding quarter of the previous year.
Tube Investments of India Chairman M A M Arunachalam said, “TII has delivered strong results driven by the overall revival in the economy and easing of the lockdown restrictions for COVID-19. The company is witnessing improved performance in most of its segments and expects that this momentum is likely to continue, as the economy, which has started showing signs of revival, improves further.”
The Board of Directors has recommended an interim dividend of Rs 2 per equity share of Rs 1 each for the financial year 2020-21. The Record Date for determining the members eligible to receive the Interim Dividend has been fixed on February 23, 2021.
The company implemented voluntary retirement schemes in certain locations to improve the productivity and competitiveness of its business and incurred a cost of Rs 21 97 crore for the quarter and year ended March 31, 2020. Further, during the quarter ended June 30, 2020, the company incurred a similar cost of Rs 8.34 crore on another VRS.