Tube Investments of India Ltd, engaged in the manufacturing of precision steel tubes and industrial chains, on Monday, reported a 74.3 percent year-on-year (YoY) jump in net profit at Rs 312 crore for the fourth quarter that ended March 31, 2023.

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In the corresponding quarter last year, the company posted a net profit of Rs 179 crore, according to a regulatory filing.

In the March quarter, total revenue stood at Rs 3,656.3 crore during the period under review, up 12 percent against Rs 3,261 crore in the corresponding period of the preceding fiscal, the company said.

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At the operating level, EBITDA jumped 67.4 percent to Rs 371.6 crore in the fourth quarter of this fiscal over Rs 222 crore in the corresponding period in the previous fiscal.

EBITDA margin stood at 10.2 percent in the reporting quarter as compared to 6.8 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Return On Invested Capital (ROIC) was at 54.5 percent for the year ended March 31, 2023, compared with 46.8 percent in the previous year. Free cash flow for the quarter was Rs 235 crore and cumulative free cash flow for the year was Rs 608 crore which is 91 percent of PAT, the company added.

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M.A.M Arunachalam, chairman of Tube Investments of India said engineering and metal-formed products businesses continued their good performance in the fourth quarter as well.

The subsidiaries CG Power and Industrial Solutions Ltd and Shanthi Gears Ltd have registered strong performance and delivered strong results across all segments, he added.

The board of directors has recommended a final dividend of Rs 1.50 per equity share of Re 1 each for the financial year ending March 31, 2023. Together with the interim dividend of Rs 2 per share, the total dividend for the financial year 2022-23 works out to Rs 3.50 per share.

(Edited by : Pradeep John)