Chennai, Feb 8 (PTI) Tube Investments of India was closely watching the impact of challenges of drop in auto industry performance which has impacted the domestic tubes and metal formed business.
The company had declared its financial performance for the quarter ending December 31, 2021 posting a consolidated net profit at Rs 390.04 crore as against Rs 107.09 crore registered same period last quarter.
Commenting on the financial performance, Tube Investments of India Ltd., Chairman M A M Arunachalam said, the results for the quarter show a steady performance by all the businesses.
“The company is closely watching the impact of challenges of drop in auto industry performance which has impacted domestic tubes and metal formed business” he said.
Performance in exports witnessed healthy growth in tubes and industrial chains business.
For the nine month period ending December 31, 2021 consolidated profits grew to Rs 765.82 crore from Rs 142.78 crore registered corresponding quarter previous year.
Total income for the quarter under review went up to Rs 3,435.71 crore from Rs 1,715.89 crore registered same quarter last fiscal.
For the nine month period ending December 31, 2021 consolidated total income was at Rs 9,186.63 crore as against Rs 3,383.71 crore registered year ago.
The Board of Directors which met on Monday declared an interim dividend of Rs two per share for the financial year 2021-22.
The engineering business revenue for the quarter was at Rs 996 crore as compared to Rs 733 crore in the corresponding quarter previous year.
The revenue from the metal formed products business during the quarter grew to Rs 280 crore from Rs 234 crore in the corresponding quarter previous year.
CG Power and Industrial Solutions, a subsidiary company, in which the company holds 52.61 per cent stake, registered a consolidated revenue of Rs 1,551 crore during the quarter as against Rs 820 crore in the corresponding quarter previous year.
“CG Power has also delivered consistently higher results across all its business segments”, Arunachalam (known as Arun Murugappan) said.
Meanwhile, Shanthi Gears, the subsidiary company engaged in the gears business, registered revenue of Rs 95 crore during the quarter under review from Rs 65 crore in the corresponding quarter previous year, the statement added.