 "Tube Investments")
Tube Investments of India (TII), a Murugappa group company, on Monday reported a 74 per cent rise in net profit at Rs 312 crore in the fourth quarter of financial year 2022-23 (Q4 FY23) compared to Rs 179 crore during the same quarter in FY22.
The engineering and manufacturing company's revenue from operations in Q4 FY23 was up 12 per cent at Rs 3,656 crore, compared to Rs 3,261 crore in Q4 FY22. The company’s net profit in FY23 increased 24 per cent at Rs 956 crore from Rs 769 crore in FY22.
“Engineering and metal formed products businesses continued their good performance in the fourth quarter as well. The bicycle industry continues to suffer from contraction in demand and our bicycle business worked towards cost reduction and improving operational efficiency,” said M A M Arunachalam (known as Arun Murugappan), chairman of TII.
"Overall, (the) company has delivered excellent performance in both profits and profitability. Our subsidiaries viz., CG Power and Industrial Solutions Ltd and Shanthi Gears Ltd have registered strong performance and delivered strong results across all segments,” said Arunachalam.
The company’s revenue from the engineering segment in Q4 FY23 was at Rs 1,044 crore compared to Rs 1,030 crore in the corresponding quarter of the previous year. Profit before interest and tax for the quarter was Rs 132 crore compared to Rs 103 crore in the same quarter in FY22. Revenue in FY23 was at Rs 4,562 crore compared to Rs 3,868 crore the previous year. Profit before interest and tax for FY23 was Rs 549 crore as against Rs 376 crore in the previous year, registering a growth of 46 per cent.
For metal-formed products, revenue in Q4 FY23 was at Rs 347 crore compared to Rs 336 crore in the corresponding quarter of the previous year. Profit before interest and tax for in Q4 FY23 was Rs 45 crore as against Rs 39 crore in the corresponding quarter of the previous year. Revenue for FY23 was at Rs 1,424 crore compared with Rs 1,240 crore in the previous year. Profit before interest and tax for the full year was Rs 174 crore as against Rs 136 crore in the previous year, registering a growth of 28 per cent.
In the mobility segment, the revenue for the quarter was at Rs 155 crore compared with Rs 249 crore in the corresponding quarter of the previous year.
Loss before interest and tax in Q4 FY23 was Rs 5 crore as against profit of Rs 13 crore in the corresponding quarter of the previous year. Revenue for FY23 was at Rs 800 crore compared with Rs 963 crore in the previous year. Profit before interest and tax in FY23 was Rs 17 crore as against Rs 55 crore in the previous year.
