Tube Investments of India Ltd, part of the Murugappa Group, reported a 16% increase in standalone net profit for the March quarter at ₹284 crore compared with the year-ago period.
The company had reported a net profit of ₹814 crore in the corresponding quarter last year, which included a fair value gain of ₹569 crore arising from compulsory convertible preference shares (CCPS) in a subsidiary.
Profit before tax, excluding exceptional items and fair value gain on CCPS, rose to ₹361 crore during the quarter from ₹327 crore a year ago.
Revenue growth across segments
Standalone revenue from operations increased to ₹2,279 crore from ₹1,957 crore in the corresponding quarter last year.
Among business segments, the engineering division contributed the highest revenue at ₹1,495 crore, followed by metal formed products at ₹421 crore, mobility business at ₹208 crore and other businesses at ₹246 crore.
On a consolidated basis, revenue rose to ₹6,215 crore from ₹5,150 crore in the year-ago quarter.
Consolidated profit before share of profit from associates and joint ventures, exceptional items, loss on fair valuation of CCPS and tax increased to ₹516 crore from ₹479 crore.
Dividend, borrowing plan
The board recommended a final dividend of ₹1.50 per share for FY26.
It also approved long-term borrowing of up to ₹350 crore through term loans and privately placed secured non-convertible debentures (NCDs) in one or more tranches to meet funding requirements for FY27.