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Tube Investments of India saw a 28 per cent growth in net profit for the third quarter on cost control and optimal product mix, despite a slow market environment that contributed to a drop in revenue.
On a consolidated basis, the Murugappa Group company reported a net profit of ₹111.50 crore (₹87.14 crore) on an income of ₹1,508.73 crore (₹2,469.29 crore) for the quarter ended December 31, 2015.
The company has announced an interim dividend of ₹1.50 (75 per cent). On a standalone basis, the company has reported a net profit of ₹15.89 crore (net loss: ₹44 lakh) on an income of ₹902.33 crore (₹941.80 crore) during the quarter.
Slow market conditions contributed to a drop in revenue in the bicycle division.
The revenue for the quarter was ₹287 crore (₹318 crore) with profit before interest, exceptional items and tax (PBIT) at ₹9 crore (₹12 crore).
The engineering division reported a revenue of ₹393 crore (₹419 crore) with a PBIT of ₹24 crore (₹19 crore).
Metal formed products’ revenue was ₹255 crore (₹238 crore) with a PBIT of ₹ 23 crore (₹ 19 crore).
On the BSE, the company’s shares closed higher at ₹407.05 compared with the previous close of ₹403.60.
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