Tube Investment net profit up 6.7%

Murugappa Group firm Tube Invesments of India Ltd has posted a net profit of Rs 106.91 crore during the quarter ended September 30, 2015, an increase of 6.7% compared to Rs 100.18 crore during the same quarter of previous fiscal year. The total income from operations stood at Rs 2,232.96 crore during the quarter as compared to Rs 2,483.76 crore during the same quarter of last year, a drop of 10%.

The company said that the Cholamandalam General Insurance Company Ltd, a part of the company, has registered a Gross Written Premium (GWP) of Rs 612 crore during the quarter as against Rs 530 crore a growth of 16%.Profit after tax for the quarter was Rs 32 crore as against Rs 42 crore posted during the same period of previous fiscal year, it said.

L Ramkumar, managing director of Tube Investment said, "The revenue and profit during the quarter in engineering and metal forming business were affected due to lower commodity prices and passing on some of these benefits to the customers".

Shanthi Gears Ltd, a subsidiary company in the gear business, registered a revenue growth of 12% for the quarter compared to the corresponding quarter of previous fiscal year. The revenue for the quarter was Rs 42 crore as against Rs 38 crore during the quarter of previous year. The PAT stood at Rs 6 crore as against Rs 2 crore during the same period of previous fiscal year, it added.

Cholamandalam Investment and Finance Company Ltd, an associate company in the financial service business disbursed Rs 3,672 crore during the quarter compared to Rs 3,029 crore in the corresponding quarter of the previous year. Consolidated PAT for the quarter for this company was Rs 122 crore against Rs 99 crore for the corresponding quarter in the previous year, it added.