Tube Investments of India (TII), a Murugappa Group company, today reported an 89.20 per cent decline in net profit at Rs 72.50 crore for the fourth quarter ended March. The company's net profit for the January-March quarter of last fiscal stood at Rs 671.84 crore including from contributions through exceptional items, TII said in a BSE filing. Total revenue of the company during the quarter under review stood at Rs 1,168.14 crore.
It was Rs 1,129.56 crore in the year-ago period. The company had recorded an exceptional item gain of Rs Rs 820.78 crore in the fourth quarter of previous fiscal on account of sale of 14 per cent shareholding in Cholamandalam General Insurance Co Ltd to its joint venture partner Mitsui Sumitomo Insurance Co Ltd. The company did not report any exceptional item gains in the fourth quarter of 2016-17 fiscal. "During the year, Auto Industry registered a growth of 9 per cent in passenger vehicles and 6 per cent in two wheeler segment. While Cycles Division was hit in Revenue and Profits due to demonetisation, the other segments showed good revenue and profit growth," TII Managing Director L Ramkumar said. For the entire fiscal, TII reported a net profit of Rs 196.17 crore as against Rs 730.93 crore during the 2015-16 fiscal. Shares of the company ended 0.30 per cent up at Rs 688.60 on BSE.