Murugappa Group’s Tube Investments of India has more than doubled its net profit at ₹54 crore for the quarter ended September 30, 2016, compared with ₹25 crore in the same period a year ago, aided by strong exports, higher other income and lower finance costs.

Profit from operations before other income, and finance costs stood at ₹69 crore against ₹64 crore.

Other income doubled to ₹18 crore in Q2 of this fiscal, while finance costs were lower at ₹17 crore against ₹36 crore in a year-ago period, according to a statement.

Total revenues stood at ₹1,062 crore against ₹1,038 crore, an increase of two per cent.

Cycles and accessories division reported 27 per cent volume decline due to drop in trade volumes and institution sales.

The industry shrunk by 22 per cent during the period, largely due to unprecedented floods in East and North-East.

Engineering division’s revenue grew by five per cent in the domestic market and 103 per cent in exports. “During the quarter, the auto industry registered a growth of 11 per cent in passenger vehicles and 14 per cent in two-wheeler segment. The company’s export turnover grew by 72 per cent over the corresponding quarter in the previous year. This leads to 113 per cent growth in PAT in the current quarter compared with the corresponding quarter of the previous year,” said L Ramkumar, Managing Director.

For the half-year ended September 30, 2016, profit after tax more than doubled at ₹96 crore when compared with ₹ 43 crore in a year-ago period.

Total revenues grew to ₹2,208 crore from ₹2,114 crore.

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