Tube Investments of India Sees Profit Surge in Q1 2024

Tube Investments of India Ltd reported a rise in consolidated profit after tax for Q1 2024 to Rs 313.65 crore. Revenue for the quarter rose to Rs 4,642.66 crore, driven by growth in the engineering and metal formed products businesses. The mobility business saw a slight decline.

Tube Investments of India Ltd has noted a significant rise in consolidated profit after tax for the April-June 2024 quarter, with figures pegged at Rs 313.65 crore, according to an announcement made on Thursday.

The Chennai-based company, part of the Murugappa Group, had recorded a profit after tax of Rs 277.51 crore during the same period the previous year.

For the fiscal year ending March 31, 2024, the consolidated profit after tax reached Rs 1,682.83 crore. The total income for the quarter surged to Rs 4,642.66 crore, up from Rs 3,946.14 crore in the same quarter the previous year.

In a company statement, it was highlighted that the revenue from its engineering business soared to Rs 1,265 crore during the reviewed quarter, compared to Rs 1,142 crore in the same period last year. Meanwhile, the metal formed products business registered Rs 358 crore in revenue, up from Rs 342 crore a year prior. The mobility business witnessed a slight drop in revenue, standing at Rs 181 crore compared to Rs 187 crore in the corresponding quarter last year.

(With inputs from agencies.)