Tube Investments of India Ltd. (TIIL) has posted a standalone net profit after tax of ₹74 crore for the fourth quarter ended March 2020, including an exceptional item of ₹22 crore.
TII had recorded a net profit of ₹55 crore in the year-earlier period.
Total revenue from operations slipped to ₹935 crore from ₹1,224 crore due to a contraction in the auto industry.
For the year ended March 2020, higher profitability and lower capital employed enabled the sustainability of return on capital employed to 23%.
During the quarter, TIIL implemented a voluntary retirement scheme at a cost of ₹22 crore and the same was considered as an exceptional item resulting in profit before tax (after exceptional items) of ₹86 crore same as Q4 of previous year. TIIL generated a cumulative free cash flow of ₹320 crore, said the company in a regulatory filing.The engineering division had posted a revenue of ₹545 crore (₹659 crore), cycles and accessories division ₹129 crore (₹250 crore) and that of metal-formed products division ₹301 crore (₹358 crore).
The board has planned to raise ₹200 crore by way of issue of privately placed, secured non-convertible debentures.
