The Murugappa Group’s engineering company, Tube Investments of India Ltd. (TII), plans to enter new business segments such as medical devices and instruments, electronic products and components, and energy-related products.

The company’s board of directors on Thursday gave the go-ahead, subject to shareholder approval, for the insertion of three new sub-clauses in the memorandum of association (MoA) to allow the company to s engage in the activities, according to a statement.

Last year, the company announced its entry into the electric mobility segment, where it seeks to focus on electric three-wheelers. It also acquired Hyderabad-based electric tractor start-up Cellestial E-Mobility in January this year.

The board also approved the termination of the company’s Global Depository Receipts (GDR) program, given the small number of unlisted GDRs outstanding (constituting approximately 0.001% of the share capital). The Bank of New York Mellon is the custodian of the GDRs.

The board also approved new long-term borrowings of up to ₹500 crore to meet funding needs in FY23.

The board of directors has given the go-ahead for the conversion of the remaining 8,52,33,645 stock warrants into an equal number of shares of CG Power and Industrial Solutions Ltd. by paying the balance of 75% of the subscriptions no later than May 26, 2022.

TII said profit after tax rose to ₹136 crore for the quarter ended March 31 from ₹129 crore a year earlier. Earnings before exceptional items amounted to ₹173 crore (₹162 crore). Operating revenue increased to ₹1,629 crore from ₹1,396 crore.

“The results for the quarter show a stable performance even in the wake of challenges related to supply constraints, lower domestic demand, higher fuel and commodity prices fueling inflation, some of which was also due to the war in Ukraine, but exports have consistently generated good growth in the tube and industrial chain sector,” said MAM Arunachalam, Chairman of Tube Investments of India.

For the full financial year FY22, net profit increased to ₹475 crore from ₹273 crore in the previous year, which was impacted by the second wave of COVID. Operating revenue increased to ₹5,987 crore from ₹4,026 crore.

The board also recommended a final dividend of ₹1.50 per share for FY22.