Chennai, May 7 (IANS) Diversified products major Tube Investments of India Ltd on Monday said it closed last fiscal with a lower profit of Rs 136.46 crore.

In a regulatory filing in BSE, the company – part of the Murugappa Group – said it had posted a net profit of Rs 136.46 crore last fiscal down from Rs 158.95 crore posted for the year ended March 31, 2017.

The company provided Rs 25.25 crore towards provision for impairment of investments in joint venture companies.

During the year under review, the company logged a total revenue of Rs 4,709.63 crore up from Rs 4,446.95 crore earned during the year ended March 31, 2017.

The Board of Directors has recommended a final dividend of Rs 0.50 per equity share of Rupee 1 each for the financial year ended March 31, 2018.

Together with the interim dividend of Rs 1.25 per share paid on February 28, 2018, the total dividend for the financial year 2017-18 works out to Rs 1.75.

The Board approved fresh long-term borrowing to meet the company’s fund needs during FY 2018-19 for a sum not exceeding in the aggregate Rs 500 crore.

It also approved the inclusion of an item to amend an existing clause of the Memorandum of Association to facilitate making contribution for political purposes in the agenda of the upcoming annual general meeting for shareholders’ approval. (IANS)