Tube Investments of India Tuesday posted a 121 percent jump in its standalone net for the third quarter ending December 31, 2018 at Rs 77.25 crore. The city-based Murugappa Group company registered a net profit at Rs 34.94 crore during the corresponding period the previous year.
For the nine-month ending December 31, the standalone net profit surged 62.6 percent to Rs 188.44 crore from Rs 115.87 crore registered the year before. The total income for the October-December grew to Rs 1,375.66 crore from Rs 1,180.66 crore registered the same period last fiscal.
In April-December, the standalone total income went upto Rs 4,112.90 crore from Rs 3,583.42 crore registered during the same period the previous year. The board has declared an interim dividend of Rs 1.75 per share for the financial year 2018-19.
In a statement, the company said it continues to focus on four key priorities of revenue growth, profitability, ROCE (return on capital employed) and Free Cash Flow (FCF). During the October-December quarter, engineering division registered a volume growth of nine percent in tubes, compared to corresponding quarter the previous year.
The large diameter tube plant recorded a volume growth of 23 percent and continues to improve its profitability, it said. On the cycles and accessories business, the company said the market condition continues to be challenging. "The trade volume of this division dropped by 11 percent during the quarter compared with the corresponding quarter the previous year", it said.
Under the metal formed products division, the doorframes segment volume grew by 12 percent during the quarter (October-December 2018) compared to corresponding quarter the previous fiscal. "The sale of chains and kits recorded a volume growth of four percent and six percent respectively over the corresponding quarter the year before last, aided by the growth in auto industry", it said.
The subsidiary of the company, Shanthi Gears recorded a revenue of Rs 62 crore for the quarter ending December 31, 2018 as against Rs 54 crore the same period the previous year. Profit after tax clocked for the October-December quarter was at Rs 10 crore as against Rs seven crore registered in same period the previous year, it said.
(With inputs from agencies.)