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Tube Investments of India (TII) has reported a profit after tax of ₹35 crore for the quarter ended June 30, 2017, compared with ₹43 crore in the same period a year ago, a 23 per cent decline.
Its revenue for the quarter was higher by six per cent at ₹1,221 crore against ₹1,156 crore in the corresponding quarter of the previous year.
“During the quarter, bicycle market was sluggish but the auto industry registered good growth in two-wheeler and passenger vehicles segment,,” said L Ramkumar, Managing Director.
The cycles and accessories division registered volume drop of 11 per cent and revenue drop of 3 per cent during the quarter due to lower trade sales. The engineering division posted a revenue growth of 15 per cent during the quarter. Metal formed products’ revenues grew by eight per cent.
On a consolidated basis, TII’s revenues for the June quarter grew by six per cent at ₹1,333 crore from ₹1,257 crore in a year-ago period. The profit after tax stood at ₹38 crore against ₹47 crore.
The company said the National Company Law Tribunal, Chennai, has sanctioned the scheme of arrangement between Tube Investment of India (Demerged Company) and TI Financial Holdings (resulting company).
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