Tube Investment India Q3 standalone PAT rises 14%

CHENNAI: Murugappa group company Tube Investments of India saw a 14% increase in standalone net profit for third quarter of FY23-24 at Rs 157.50 crore, up from around Rs 138 crore in the year-ago quarter.

Quarter on quarter Q3 PAT is lower than the Q2 tally of Rs 181.44 crore. The company has declared an interim dividend of Rs 2 per share for the financial year 2023-24.

Standalone revenue was Rs 1,898 crore in Q3FY24, up 11% against Rs 1,710 crore in the same period previous year. Profit before exceptional items and tax was Rs 210 crore as against Rs 192 crore last Q3. Return on invested capital (annualized) was 54% as against 53% in the same period previous year while free cash flow for the quarter was Rs 66 crore.

In its engineering business, revenue for the quarter was Rs 1,229 crore, up from Rs 1,081 crore in last Q3 while profit before interest and tax for the quarter was Rs 153 crore as against Rs 134 crore in the year ago period. In the metal formed products category, revenue for the quarter was Rs 392 crore compared with Rs 371 crore in Q3FY23 while profit before interest and tax was almost flat at Rs 47 crore as against Rs 42 crore last Q3.

In mobility, revenue was Rs 147 crore compared with Rs 174 crore in the year ago period while loss before interest and tax was Rs 8 crore as against the profit of Rs 2 crore in the corresponding quarter of the previous year.

TII’s consolidated revenue for the quarter was Rs 4,197 crore as against Rs 3,643 crore last Q3 while profit (before share of profit of an associate/joint venture, exceptional items and tax) for the quarter was at Rs 390 crore as against Rs 418 crore the year before.

Arun Murugappan, chairman, Tube Investments of India Ltd said: “TII continued its focus on cost reduction initiatives and operational efficiency and exhibited strong performance in top line and bottom line with 14% growth in PAT, driven by the healthy performance from engineering and metal formed products divisions. Subsidiaries CG Power and Industrial Solutions Ltd and Shanthi Gears Ltd continued strong performance.”