Tube Investments net profit up 15.5%

Murugappa Group firm Tube Investments of India Ltd (TII) has posted an increase of 15.5% in net profit at Rs 69.18 crore for the quarter ended March 31, 2014, as against Rs 59.91 crore for the same period of previous fiscal year, on a consolidated basis. The total income from operations stood at Rs 2,282.56 crore for the quarter, as against Rs 2,116.11 crore for the corresponding quarter of last year, an increase of 7.86%.

L Ramkumar, managing director of TII said, "Despite a challenging environment, the company recorded a growth in revenues and profits in the last quarter. This was a result of Company-wide efforts on cost reduction and improved operations efficiencies."

He added that the company is well positioned to benefit from an expected turnaround in the automobile industry in the coming year and it continues to invest in capacity balancing and the large diameter tubing project is expected to start production in the near future.