Tube Investments of India records over 100% jump in Q4 consolidated net

Chennai: Tube Investments of India Ltd has recorded over 111.9 per cent jump on its profit for the fourth quarter ending March 31, 2023 at Rs 477.40 crore.

The city-based Murugappa Group firm had registered consolidated net at Rs 225.22 crore registered in the corresponding period of last year.

For the year ending March 31, 2023 the consolidated profit surged to Rs 1,325.06 crore from Rs 991.04 crore recorded a year ago.

The consolidated total income during the quarter under review went up to Rs 3,823.42 crore from Rs 3,425.19 crore registered in the corresponding quarter of last year.

For the year ending March 31, 2023 the consolidated total income rose to Rs 15,107.98 crore from Rs 12,551.87 crore registered a year ago.

Commenting on the financial performance, company chairman M A M Arunachalam said, "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...," he said.

"Overall, the company has delivered excellent performance. Our subsidiaries -- CG Power and Industrial Solutions Ltd and Shanthi Gears Ltd -- have registered strong performance and delivered strong results across segments," he added.