Tube Investments Q1 PAT more than doubles to Rs 40 cr

Engineering company Tube Investments of India's standalone profit after tax more than doubled to Rs 42.40 crore during the June quarter.
The firm's profit after tax stood at Rs 18.01 crore during same period a year ago and for the financial year ending March 31, 2016 profit after tax stood at Rs 731.64 crore, a company statement said.
Total income from operations for the June quarter grew to Rs 1,146.27 crore as against from Rs 1,076.47 crore registered during corresponding period of previous year.
For the financial year ending March 31, 2016 total income from operations stood at Rs 4,212.66 crore.

"The pickup in all segments of the auto sector and reduction in finance charges due to loan repayments helped the company record a profit before tax of Rs 64 crore for the quarter ending June 30, 2016 as against Rs 27 crore for the corresponding quarter in previous year," Tube Investments of India Managing Director, L Ramkumar said in a statement.
In cycles business, the company said the revenue was flat during the quarter ending June 30,2016 as the division registered an overall drop of two per cent.

Engineering division registered total volume growth of 19 per cent in precision tubes during the quarter ending June 30, 2016 compared to corresponding quarter of previous year.

Metal formed products division registered total volume growth in all product segments compared with corresponding quarter of last year.
The city-based firm further said Cholamandalam Investment and Finance Company, the financial services subsidiary of the company disbursed Rs 4,561 crore for the quarter ending June 30, 2016 compared to Rs 3,508 crore registered in the year ago period.
Besides, Shanthi Gears, another subsidiary engaged in gears business, registered a revenue growth of 11 per cent for the quarter ending June 30, 2016 compared with corresponding period of last year.
Profit after tax for the quarter were at Rs five crore as compared to Rs one crore registered during same period of previous year, it added.