Tube Investments of India rallied 7.95% to Rs 334.85 after consolidated net profit gained 5.8% to Rs 59.76 crore on 22.1% decline in net sales to Rs 989.40 crore in Q4 March 2020 over Q4 March 2019.
Consolidated profit before tax (PBT) dropped 23.4% to Rs 67.38 crore in Q4 March 2020 over Q4 March 2019. Current tax expenses rose marginally by 0.8% to Rs 27.25 crore in Q4 March 2020 as against Rs 27.03 crore paid in Q4 March 2019. The result was declared post trading hours on 27 May 2020.
Meanwhile, the board has approved a fresh long-term borrowing, to meet the company's fund needs during FY 2020-21, of a sum not exceeding in the aggregate Rs 200 crore, through privately placed secured non-convertible debentures (NCDs), in one or more tranches.
Consequent to the outbreak of the COVID-19 pandemic and the lockdown/curfew introduced by the central and state governments, the operations in the company's manufacturing plants situated across various locations of the country had to be shut down or were disrupted from 23 March 2020 onwards and continued through the month of April 2020. With the easing in the lockdown/curfew and the governments permitting operations to be resumed with necessary permission fromthe local authorities, the company from May 2020 onwards has resumed operations, in a partial manner.
Tube Investments of India, a Murugappa Group company, manufactures fabricated metal products. The company specializes in cycles, steel tubes, strips, chains, and metal formed items.
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