Tube Investments of India reported standalone profit after tax (PAT) of ₹134.32 crore for the quarter ended June 2022 against a PAT of ₹96.96 crore in the same quarter of the previous fiscal year. The Murugappa Group company posted a PAT of ₹136.36 crore during the March 2022 quarter.

Standalone revenue from operations grew 56 per cent to ₹1,838.44 crore (₹1,178.64 crore) during the latest quarter.

The diversified products company witnessed growth in revenue across business segments. Revenue from engineering business during the quarter stood at ₹1,244 crore (₹815 crore) while Metal Formed Products contributed ₹335 crore (₹245 crore). Mobility business contributed revenue of ₹246 crore (₹172 crore) and other business revenue accounted for ₹223 crore (₹88 crore).

“Despite the continuing challenges in supply chain constraints, fuel and commodity prices, the company has witnessed steady performance during the quarter. Growth was higher in the domestic market in engineering, metal formed products and Industrial chains division. Previous year was also affected partially due to Covid,” Arun Murugappan, Chairman, Tube Investments of India Ltd., said in a press statement.

“The company is also making steady progress on the launch of its EV three-wheeler and tractor products,” he added

The company’s consolidated revenue for the quarter stood at ₹3,799 crore (₹2,437 crore). CG Power and Industrial Solutions Ltd, a subsidiary company, in which the company holds 58.05 per cent stake, registered a consolidated revenue of ₹1,665 crore (₹1,050 crore) while Shanthi Gears Ltd., a subsidiary company in the gears business, in which the company holds 70.47 per cent stake, registered revenue of ₹99 crore (₹67 crore).

Meanwhile, the company also announced the appointment of AN Meyyappan as the Chief Financial Officer (CFO) with effect from September 9 following the resignation of its existing CFO K Mahendra Kumar.

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