Companies

Tube Investments net zooms on volume growth

Our Bureau Chennai | Updated on March 12, 2018 Published on January 30, 2011




Tube Investments of India Ltd posted a net profit of Rs 51.89 crore for the quarter ended December 31, 2010, on a turnover of Rs 749 crore.

For the comparable previous year quarter, it posted a net profit of Rs 17.87 crore on a turnover of Rs 583 crore. The board has also declared an interim dividend of Rs 1.50 per share (face value of Rs 2).

According to a press release from the company, the net profit for the period under consideration includes a one-time profit of Rs 20.60 crore on sale of land.

However, the net profit of Rs 17.87 crore for the quarter ended December 31, 2009 too was after making a provision of Rs 9.44 crore towards the diminution in the value of its investment and financial assistance to its wholly owned subsidiary, Tubular Precision Products (Suzhou) Company Ltd, in China.

The release, quoting Mr L. Ramkumar, Managing Director, says, “All business segments of the company have registered good growth on a higher base of last year. Volume growth, favourable product mix, new product launches, and higher productivity helped the company improve its operating profit during the quarter.”

Cycles up

The Cycles division registered 14 per cent volume growth during the current quarter as compared to the same quarter last year. This was achieved on the back of a 16 per cent growth in the ‘Specials Segment' and 8 per cent increase in the sale of standard bicycles. The division continues its focus on new product launches, and improvements to its existing range, across segments.

Scooters dip

Sale of electric scooters was lower during the year as compared to the corresponding quarter of the previous year, mainly due to a decrease in the market for such products.

In anticipation of an announcement on subsidy for purchase of electric vehicles, customers also held back purchases, says the release.

In the engineering segment, precision steel tubes registered a volume growth of 23 per cent in this quarter on the back of growth in the auto industry. Export of tubes declined by 14 per cent during the quarter due to low demand from the North American market.

On the NSE, Tube Investments ended the week on Friday at Rs 140.05 as against Thursday's close of Rs 141.80.

Published on January 30, 2011

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
null
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.