Tube Investments’ Q1 standalone net loss at ₹59 cr

Tube Investments of India has recorded a standalone net loss for the quarter ending June 30, 2020 at ₹58.95 crore, the company said on Thursday.

The city-based Murugappa Group company had recorded standalone net profit at ₹88.45 crore during corresponding quarter previous year.

Total income for the quarter on a standalone basis slipped to ₹384.21 crore from ₹1,261.18 crore registered in the same period last fiscal.

For the year ended March 31, 2020, profit after tax stood at ₹330.55 crore

Total income from operations was at ₹4,340.86 crore.

The company said it incurred ₹8.34 crore costs during the quarter following the implementation of voluntary retirement scheme.

The company said the VRS was implemented in certain locations to improve productivity and competitiveness in the business.

On the impact of Covid-19 outbreak, Tube Investments said its manufacturing facilities and offices had to operate under mandatory lockdown conditions during the quarter ending June 30, 2020.

The company is monitoring the situation closely considering directives from the government, it said.

The engineering division of the company reported revenue of ₹164 crore for the quarter as against ₹657 crore registered in the same period last year.

The cycles and accessories division reported revenue of ₹100 crore for April-June 2020 quarter as against ₹290 crore registered a year ago.

The revenue from the metal formed products division for the quarter ended June 30, 2020 was at ₹127 crore as against ₹350 crore.

The company said its subsidiary Shanthi Gears Ltd has registered revenue of ₹25 crore during the quarter as against ₹71 crore recorded in corresponding quarter previous year.

Shanthi Gears had reported a net loss for the quarter ended June 30, 2020 at ₹5 crore as against ₹13 crore registered in the year-ago period.

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