Murugappa Group-owned Tube Investments of India has reported a standalone profit after tax (PAT) of INR 134.32 crore for first quarter of the current financial year.
Chennai-based Tube Investments of India Ltd. (TII), part of the Murugappa Group, has shared its standalone quarterly results of the first quarter of the current fiscal ending June 30, i.e. Q1 FY23. The company had registered standalone profit after tax (PAT) of INR 134.32 crore. In Q1 FY22, the PAT stood at INR 96.96 crore.
The total income during the quarter under review grew from INR 1,267.64 crore in the Q1 FY22 to INR 1,969.04 crore registered in the Q1 FY23 this year.
Under the ‘Engineering’ segment, the company registered the revenue of INR 1,244 crore as compared to the revenue of INR 815 crore registered in the corresponding quarter of the previous fiscal.
In the Metal-Formed Products’ segment, the revenue for the first quarter stood at INR 335 crore during while the revenue was INR 245 crore in the same period last year. The ‘Mobility’ division of the firm reported revenues of INR 246 crore during the quarter, 2022 quarter compared to INR 172 crore gained during the corresponding period of the previous financial year.
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Speaking on the financial performance, Mr. M.A.M Arunachalam, Chairman, Tube Investments of India Ltd., said, “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. The Company is also making steady progress on the launch of its EV three-wheeler and tractor products. The performance of our subsidiaries CG Power and Industrial Solutions Ltd and Shanthi Gears Ltd has been very encouraging delivering strong growth and profitability across all segments.”