Murugappa Group’s engineering company Tube Investments of India Ltd (TII) reported a standalone profit after tax (PAT) of ₹148 crore for the quarter ended June 30, 2023, compared with ₹134 crore in the year-ago quarter, aided by lower expenses.
The company’s revenue for the quarter dropped to ₹1,780 crore compared with ₹1,957 crore in the same period the previous year. Total expenses were lower at ₹1,604 crore (₹1,789 crore.)
Profit before tax (after exceptional items) stood at ₹198 crore (₹180 crore). .
On a consolidated basis, the company’s PAT grew to ₹277 crore from ₹242 crore in Q1 of FY23. Total revenue from operations stood at ₹3,898 crore against ₹3,776 crore.
Steady performance
“The company has witnessed a steady performance during the quarter. Though the mobility division was affected by a sluggish market, the engineering and metal-formed products divisions registered good profits driven by good growth in the auto industry. The performance of our subsidiaries CG Power and Industrial Solutions Ltd and Shanthi Gears Ltd has been very encouraging with strong top-line and bottom-line growth,” said MAM Arunachalam, Chairman, Tube Investments of India Ltd.