Tube Investments of India Ltd, a subsidiary of Murugappa Group, reported a 153% growth in net profit at Rs 77 crore during the quarter ended March 31, 2015, as compared to Rs 30 crore, a year ago.
The company's revenue during the quarter rose to Rs 903 crore from Rs 890 crore a year ago.
During the quarter the company sold non-operating assets, which generated a profit of Rs 61 crore. Further the company implemented voluntary retirement scheme in certain locations at a cost of Rs 27 crore to improve the productivity and competitiveness of its business.
L Ramkumar, managing director, Tube Investments of India, said that passenger vehicles registered growth while volumes in two wheelers were relatively flat compared to the same quarter a year ago. The metal forming business was awarded new programmes with major OEMs.
