Companies

Tube Investments profit plunges 57% in Q1

Our Bureau Chennai | Updated on March 12, 2018 Published on August 02, 2013

net profit of Rs 16.31 crore (standalone), a drop of 57 per cent from Rs 38.43 crore in the corresponding quarter last year.

Total income decreased 10 per cent to Rs 826 crore (Rs 914 crore).

Segmental review

The bicycle division’s revenue dropped 8 per cent to Rs 307 crore (Rs 335 crore).

The engineering division’s revenue stood at Rs 369 crore, a drop of 6.5 per cent (Rs 395 crore).

Metal formed products’ revenue dropped to Rs 184 crore from Rs 220 crore.

L. Ramkumar, Managing Director, said: “The dependence on the auto sector is high for the engineering and metal formed product segments, and hence, their performance was impacted due to the slowdown.

“Demand for bicycles was encouraging when compared to the previous quarter. The margins were under pressure across all segments due to increased input costs.”

Published on August 02, 2013
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