TI Financial reports 64 pct surge in net profit during Q3

TI Financial Holdings Ltd, formerly Tube Investments of India, clocked a 64 per cent rise in its standalone net profits at Rs 2.05 crore for the three month period ending December 31, 2018. The city-based Murugappa Group entity registered standalone net profits at Rs 1.25 crore during the corresponding quarter of previous year, the company said in a BSE filing.

For the nine-month period ending December 31, 2018, the net profits of the company went up by 25.1 per cent to Rs 32.27 crore from Rs 25.79 crore a registered year ago. Total income for the third quarter ending December 31, 2018, on a standalone basis, grew to Rs 3.63 crore from Rs 2.80 crore, registered corresponding period of last year.

For the nine-month period ending December 31, 2018, the total income of the company surged to Rs 37.05 crore from Rs 29.06 crore a registered year ago. The Board of Directors declared an interim dividend of 60 per cent being 60 paise per share on the equity shares of the company for the year ending March 31, 2019.

Cholamandalam Investment and Finance company, in which TI Financial holds 46.4 per cent stake, had disbursed Rs 7,644 crore for the quarter ending December 31, 2018, as compared to Rs 6,761 crore in the corresponding quarter of previous year. Cholamandalam MS General Insurance Company, a subsidiary in general insurance business, registered a gross written premium (GWP) of Rs 1,121 crore for the quarter ending December 31, 2018, as against Rs 995 crore in the corresponding quarter of previous year.

Cholamandalam MS Risk Services Ltd, a joint venture company (of TI Financial) had registered revenue from operations of Rs 10.06 crore for the quarter ending December 31, 2018, as against Rs 16.41 crore registered in the year-ago period.