Tube Investments of India net profit down by 89%

The company's total income was up 4% at Rs 1,201 crore during the quarter

Murugappa Group firm Tube Investments of India Ltd has posted an 89.2 per cent decline in net profit to Rs 72.5 crore, for the quarter ended March 31, 2017. The company has posted a profit of Rs 671.84 crore posted in the correponding quarter of the previous fiscal year.

The company's total income was up 4.09 per cent at Rs 1,200.85 crore during the quarter, from Rs 1,153.62 crore a year ago. The cycle and accessories division registered a revenue drop of 14 per cent during the quarter due to lower institutional sales.

The engineering division posted a growth of 18 per cent during the quarter, aided by 63 per cent volume growth in exports.

The metal-formed products division registered a revenue growth of seven per cent during the quarter under review. The profit before interest and tax for the quarter declined slightly for the division.

The company's stock ended a marginal 0.3 per cent up, at Rs 688.60, on the Bombay Stock Exchange on Monday.