CHOLAMANDALAM FINANCIAL HOLDINGS LIMITED
(Formerly, TI Financial Holdings Limited)
(Formerly, TI Financial Holdings Limited)
TII Operating Profit up 95%
29th July, 2004
The Board of Directors of Tube Investments of India Limited (TII) met this afternoon to take on record the Un-audited financial results for the first quarter ended 30th June, 2004.
The Q1 sales was at Rs.328.72 crores (Rs. 272.58 crores). The profit before non-recurring income/expenditure nearly doubled to Rs.22.45 crores (Rs.11.50 crores). The net profit was at Rs.14.94 crores (Rs.24.89 crores). The net profit for the corresponding quarter in the previous year was higher due to a non-recurring income of Rs.24.76 crores towards renunciation of rights shares of the Company’s general insurance subsidiary.
Mr. Adhiraj Sarin, Managing Director said, “The operating performance for the first quarter is encouraging. There has been an improvement in the product mix in cycles division as well as in the engineering division. The growth in auto sector augurs well for the Company.”
The Board of Directors also approved a Scheme of Arrangement for amalgamation of TIDC India Limited, a subsidiary, with the Company with effect from 1st April, 2004. The exchange ratio has been arrived at 4:5 i.e. 4 equity shares of Rs.10 each (post bonus) of TII for every 5 equity shares of Rs.10 each of TIDC. The Scheme of Arrangement also envisages adjustment of deferred revenue expenditure standing in the books of TII & TIDC aggregating to Rs.27.11 crores against the securities premium account. TII holds 99.78% of the equity capital of TIDC. The Scheme is subject to the approval of shareholders of the respective companies and High Court of Madras.
The Annual General Meeting of the Company was held later in the day and the shareholders had approved the issue of bonus equity shares in the ratio of 1:1. The record date for the issue of bonus shares will be fixed by the Company in a few days.
TII has three business units namely, TI Cycles of India, Tube Products of India and TI Metal Forming. TII is the second largest manufacturer of bicycles with well-known brands viz., Hercules, BSA and Philips. TII is a market leader in manufacture of precision steel tubes in India and major source for auto component industry in India. TII is also the market leader in car doorframe industry in India.
TII is a part of the Rs.5200 crore Murugappa Group, which has a strong presence in engineering, bio-products, sanitaryware, plantations, sugar, farm inputs, finance, general insurance and nutraceuticals. Murugappa Group is a pioneer and market leader in several fields with operations across 12 States in India.
The Board of Directors of Tube Investments of India Limited (TII) met this afternoon to take on record the Un-audited financial results for the first quarter ended 30th June, 2004.
The Q1 sales was at Rs.328.72 crores (Rs. 272.58 crores). The profit before non-recurring income/expenditure nearly doubled to Rs.22.45 crores (Rs.11.50 crores). The net profit was at Rs.14.94 crores (Rs.24.89 crores). The net profit for the corresponding quarter in the previous year was higher due to a non-recurring income of Rs.24.76 crores towards renunciation of rights shares of the Company’s general insurance subsidiary.
Mr. Adhiraj Sarin, Managing Director said, “The operating performance for the first quarter is encouraging. There has been an improvement in the product mix in cycles division as well as in the engineering division. The growth in auto sector augurs well for the Company.”
The Board of Directors also approved a Scheme of Arrangement for amalgamation of TIDC India Limited, a subsidiary, with the Company with effect from 1st April, 2004. The exchange ratio has been arrived at 4:5 i.e. 4 equity shares of Rs.10 each (post bonus) of TII for every 5 equity shares of Rs.10 each of TIDC. The Scheme of Arrangement also envisages adjustment of deferred revenue expenditure standing in the books of TII & TIDC aggregating to Rs.27.11 crores against the securities premium account. TII holds 99.78% of the equity capital of TIDC. The Scheme is subject to the approval of shareholders of the respective companies and High Court of Madras.
The Annual General Meeting of the Company was held later in the day and the shareholders had approved the issue of bonus equity shares in the ratio of 1:1. The record date for the issue of bonus shares will be fixed by the Company in a few days.
TII has three business units namely, TI Cycles of India, Tube Products of India and TI Metal Forming. TII is the second largest manufacturer of bicycles with well-known brands viz., Hercules, BSA and Philips. TII is a market leader in manufacture of precision steel tubes in India and major source for auto component industry in India. TII is also the market leader in car doorframe industry in India.
TII is a part of the Rs.5200 crore Murugappa Group, which has a strong presence in engineering, bio-products, sanitaryware, plantations, sugar, farm inputs, finance, general insurance and nutraceuticals. Murugappa Group is a pioneer and market leader in several fields with operations across 12 States in India.
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