Companies

Tube Investments posts 65% rise in Q1 profit

Our Bureau Chennai | Updated on August 13, 2018 Published on August 13, 2018

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.

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Published on August 13, 2018
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