Tube Investments reports standalone Q1 PAT at Rs 134.32 cr

Tube Investments of India on Tuesday reported a standalone profit after tax at Rs 134.32 crore for the quarter ending June 30,2022, the company said. The city-based company, part of the diversified conglomerate Murugappa Group, had registered standalone profit after tax at Rs 96.96 crore in the same period last financial year.

For the year ending March 31, 2022, the standalone profit after tax was at Rs 475.17 crore.

The standalone total income during the quarter under review grew to Rs 1,969.04 crore, from Rs 1,267.64 crore registered corresponding quarter previous year.

For the year ending March 31, 2022 the standalone total income stood at Rs 6,432.91 crore.

The engineering business reported revenues during the quarter ending June 30, 2022 at Rs 1,244 crore as compared to Rs 815 crore registered in same period last year.

Revenues from the metal formed products was at Rs 335 crore during the April-June 30,2022 period as against Rs 245 crore registered in the corresponding period year ago.

The Mobility division reported revenues of Rs 246 crore during the April-June 30,2022 quarter as against Rs 172 crore registered same period last year.

The company said, its subsidiary company CG Power and Industrial Solutions Ltd, registered a consolidated revenue of Rs 1,665 crore during the April-June 30, 2022 quarter as compared to Rs 1,050 crore recorded in same period last year.

Shanthi Gears Ltd, a subsidiary company engaged in the gears business, reported revenues of Rs 99 crore during the quarter under review as against Rs 67 crore recorded corresponding quarter previous year.

"Despite the continuing challenges in supply chain, fuel and economy prices, the company has witnessed steady performance during the quarter. Growth was higher in the domestic market in engineering, metal formed products and industrial chains division," company chairman M A M Arunachalam said on the financial performance of the company.

"Previous year was also affected partially due to Covid. The company is also making steady progress on the launch of its electric vehicle three-wheeler and tractor products," he said.

"The performance of our subsidiaries CG Power and Industrial Solutions Ltd and Shanthi Gears Ltd have been very encouraging delivering strong growth and profitability across all segments," he said.