Murugappa group company Tube Investments has posted a 47 per cent decline (year-on-year) in third quarter net profit at Rs 27.17 crore, under pressure from increased material and fuel costs and a weak rupee.
Sales for the quarter were up 17 per cent at Rs 875 crore, over the corresponding quarter last year.
The bicycle and e-scooter division revenues grew 27 per cent to Rs 350 crore, while the engineering division recorded a growth of 24 per cent at Rs 368 crore. The metal formed products division dipped 7 per cent to Rs 192 crore.
Mr L. Ramkumar, Managing Director, said, “The bicycles division has registered a growth in volume and revenue over corresponding period last year. However, growth in the auto sector dropped for the second consecutive quarter, particularly in the passenger car segment which registered a negative growth of 6 per cent.”