Comments
Murugappa group-owned Tube Investments of India (TI) on Monday posted a consolidated net profit of ₹62.23 crore for the first quarter ended June 2018, up 64.54 per cent from ₹37.82 crore recorded for the same period last year.
The company’s revenue from operations witnessed an 11 per cent growth on a year-on-year basis at ₹1,483 crore from ₹1,325 crore recorded last year.
On a standalone basis, the company recorded a revenue of ₹1,362 crore for the June quarter, an increase of 11 per cent from ₹1,217 crore for the same period last year. Profit after tax (PAT) on standalone basis improved by 54 per cent from ₹35.18 crore last year to ₹54.03 crore for the current year.
Growth in domestic business propelled by the engineering segment which witnessed a 26 per cent rise on a yearly basis followed by tubes and strips business at 19 per cent volume growth. Revenue from the engineering segment grew 42 per cent to ₹721 crore from ₹509 crore (net of excise duty) recorded for the year ago period. A press release from the company said its large diameter tube plant recorded a volume growth of 62 per cent and continues to improve the company’s profitability.
Cycle and accessories segment recorded an 8.51 per cent drop in revenue to ₹378.11 crore from ₹413.29 crore.
Spurred by growth in auto industry, revenue from chains and kits under metal segment grew by 21 per cent to ₹313 crore (₹260 crore net of excise duty) on a year on year basis.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.