Tube Investments consolidated Q2 PAT rises to Rs 66.80 cr

Tube Investments of India, part of the Murugappa group, Friday announced a Rs 66.80 crore consolidated profit after tax (PAT) for the second quarter of the current fiscal.

The company, engaged in manufacture of bicycles, metal formed products and chains, had registered consolidated PAT of Rs 44.48 crore during the corresponding quarter in 2017-18.

For the six month period ending September 30, 2018, the consolidated PAT surged to Rs 129.03 crore from Rs 82.30 crore registered year ago, Tube Investments said in a statement.

The consolidated total income for the July-September quarter rose to Rs 1,504.58 crore against Rs 1,289.42 crore registered during the same quarter last year.

For the six month period ending September 30, 2018, the consolidated total income grew to Rs 2,994 crore from Rs 2,622.06 crore registered a year ago.

Shanthi Gears Ltd, a subsidiary company, clocked revenues of Rs 59 crore for the quarter ending September 30, 2018 as against Rs 54 crore in the corresponding quarter of the previous year.

Its PAT for the July-September quarter was at Rs 9 crore as against Rs 7 crore in the year-ago period.

Tube Investments said for the six month period ending September 30, 2018, higher profitability and lower capital employed enabled improvement in the return on capital to 20 per cent from the 14 per cent recorded in corresponding period of last year.

The company generated a cumulative free cash flow of Rs 60 crore in the first half of the current financial year ending September 30, 2018 by better net working capital and higher profits.

Shares of Tube Investments ended at Rs 293.65 apiece, down by 1.06 per cent over previous close in the Bombay Stock Exchange.