Tube Investments Q1 net rises 39% to ₹134 crore
The Hindu
Revenue from operations grew by 56% to ₹1,957 crore
Tube Investments of India Ltd. (TII) reported first-quarter standalone net profit grew 39% ₹134 crore on higher sales.
Revenue from operations grew by 56% to ₹1,957 crore. Cost of raw materials increased by 60% to ₹1,257 crore. Free cash flow stood at ₹139 crore, the Murugappa group firm said in a statement.
Revenue of the engineering division rose to ₹1,244 crore from ₹815 crore while that of metal formed products increased to ₹335 crore (₹245 crore). Mobility division’s revenue rose to ₹246 crore (₹172 crore).
“Despite the continuing challenges in supply-chain constraints, fuel and commodity prices, the company has witnessed steady performance during the quarter,” said M.A.M. Arunachalam, executive chairman.
“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,” he said.
On electric Vehicles, he said TII was making steady progress on the introduction of three-wheeler and tractor products.
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