Diversified products company Tube Investments of India reported standalone profit after tax (PAT) of ₹120 crore for the quarter ended December 2021 against a PAT of ₹ 107 crore during the same quarter in the previous year. The Murugappa Group-owned company posted a PAT of ₹121 crore during the previous quarter. 

Standalone revenues grew 30 per cent year-on-year to ₹1,701 crore (₹1,309 crore). Revenue from engineering business stood at ₹996 crore (₹733 crore) while revenue from Metal Formed Products was at ₹330 crore (₹.315 crore). In the October-December quarter, revenue from the mobility division stood at ₹280 crore (₹234 crore) while ‘Other’ segment contributed ₹159 crore (₹79 crore) in revenue during this period. 

“The results for the quarter show a steady performance by all the businesses. The company is closely watching the impact of challenges of drop in auto industry performance which has impacted domestic tubes and metal formed business. Performance in exports has witnessed healthy growth in tubes and industrial chains business. CG Power has also delivered consistently higher results across all its business segments,” MAM Arunachalam, Chairman, Tube Investments of India, said in the earnings press release. 

Consolidated revenue during the quarter under review stood at ₹3,410 crore (₹1,700 crore) while consolidated PAT during the quarter stood at ₹390 crore (₹107 crore). CG Power and Industrial Solutions, a subsidiary company, in which the company holds 52.61 per cent stake, registered a consolidated revenue of ₹1,551 crore (₹820 crore) during the third quarter.

Published on February 7, 2022