Tube Investments of India has reported a net profit of Rs. 38.43 crore in the first three months ended June 30, 2012, against Rs. 50.02 crore in the same period in the previous year.
Total income from operations has risen to Rs. 914.80 crore from Rs. 874.26 crore in the year-ago period.
On a consolidated basis the net profit registered a growth of 34 per cent to Rs. 119.43 crore from Rs. 88.73 crore. The turnover was Rs. 1,793.09 crore against Rs. 1,470.73 crore
Cholamandalam Investment and Finance Company achieved a profit after tax of Rs. 70 crore against Rs. 32 crore in the corresponding period of the previous year. Disbursements grew 52 per cent for the quarter.
Cholamandalam MS General Insurance Company registered a growth of 25 per cent in gross written premium during the quarter.
The profit after tax was Rs. 11 crore against Rs. 6 crore during the corresponding period last year.
L. Ramkumar, Managing Director said in a statement that the margins were under pressure across all segments due to increased material cost, inflation in power and fuel costs and rupee depreciation”
The bicycle division’s turnover for the quarter was up 5 per cent over the same quarter last financial year. .The engineering division recorded a revenue growth of 10 per cent over the corresponding period of last year.
During the quarter metal formed products division recorded a 5 per cent decline in revenue. Due to sluggish after-market demand, there was a drop in volumes for automotive chains in the home market by 7 per cent.
The company has entered into a share purchase agreement with the promoters of Shanthi Gears (SGL) last month for the purchase of 3.61 crore fully paid equity shares of Re. 1 each of SGL, representing 44.12 per cent of SGL’s share capital, at Rs. 81 per share.
The company is in the process of making an open offer to the shareholders of SGL to acquire from them, up to 2.12 crore fully paid equity shares of Re. 1 each, representing 26 per cent of SGL’s share capital, at Rs. 81 per share.
Indo Rama Synthetics
Indo Rama Synthetics (India) posted a net loss of Rs.26.10 for the first quarter ended June 30, 2012, due to high foreign exchange losses. It had posted a net profit of Rs.51.44 crore during the same period of the previous fiscal. Net sales, however, rose to Rs.754.13 crore from Rs.620.65 crore during the same period of 2011-12 fiscal, the company said in a BSE filing.
During the April-June, 2012 quarter, the company reported a loss of Rs.105.05 crore due to foreign currency fluctuation loss. It had posted a loss of Rs.5.18 crore during the same period of the previous financial year.