Tube Investments of India, on Monday, posted a consolidated net profit of Rs 312 crore for the March quarter. This is 74.4 per cent rise from Rs 179 crore a year ago, the company statement said.
The company’s consolidated total revenue from operation rose by 11.3 per cent to Rs 3,778 crore for the March quarter as compared to Rs 3,393 crore in the year-ago period.
Tube Investments board approved long-term borrowing up to Rs 300 crore to meet the company’s fund requirements for FY23-24, the statement said.
In a regulatory filing, Tube Investments of India said, “The board of directors has recommended a final dividend of Rs 1.50 per equity share of Rupee 1l- each for the financial year ended 31st March, 2023. Together with the interim dividend of Rs.2/- per share, paid on 27th February 2023, the total dividend for the financial year 2022-23 works out to Rs 3.50 per share. The said final dividend, if approved by the Members at the ensuing AGM, will be paid within 30 days from the date of the AGM (i.e., on or before 1st September,2023).”
“The board approved long-term borrowing up to Rs 300 crore by way of term loan and/or by way of issue of privately placed secured non-convertible debentures, in one or more tranches, if required, to meet the Company's fund requirements for FY 2023-24,” the statement added.
The company said in a BSE filing, “ln line with the long-term succession planning, S Suresh will be stepping down as Company Secretary and Compliance Officer with effect from the close of business hours of 30th June 2023 and he will continue to handle other responsibilities in the organisation.”
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The Board has approved the appointment of S Krithika as Company Secretary and Compliance Officer of the company with effect from 1st July 2023.
Tube Investments of India shares on Monday, fell over 3 per cent to Rs 2,645.30.
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