Tube Investments Q1 down by 23%

Company attributes drop to drop to slowdown in the industry

 Tube Investments of India Limited (TII) has reported a 23% drop in net profit during the quarter ended June 30, 2012 at Rs 38.43 crore as compared to Rs 50.02 crore, a year ago.

Company's Chairman M M Murugappan  said the drop was due to slowdown in the user industry. It may be noted major portion of the company's business comes from the automobile industry.

Company's total income, standalone basis, rose to Rs 914.80 crore from Rs 874.26 crore, an increase of around 4%.