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Tube Investments’ net profit has more than doubled in the first quarter of the current year, on standalone basis, as compared with the corresponding quarter in the previous year. The results indicate that the engineering division and metal formed products contributed significantly to the growth in net profits. The company saw significant growth in its financial services subsidiary and joint venture in insurance.
The Murugappa Group company has reported a net profit of ₹42.15 crore (₹ 18.01 crore) on a total income of ₹ 1,146.27 crore (₹ 1,076.47 crore) for the quarter ended June 30, 2016. Total expenses were at ₹1,068.42 crore (₹1.016.83 crore). Segment results, the profit before interest and tax, show that cycles and accessories contributed ₹23 crore (₹29.05 crore); Engineering ₹40.78 crore (₹18.23 crore); Metal Formed Products ₹ 20.02 crore (₹ 17.60 crore).
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