Tube Investments Q2 net jumps 7% to Rs 106.91 cr

Murugappa Group firm Tube Investments of India registered a 6.71 per cent rise in its consolidated net profit at Rs 106.91 crore for the second quarter ending September 30.
The Chennai-based company had registered consolidated net profit of Rs 100.18 crore during corresponding period of previous year.
For the half-year period ending September 30, consolidated net profit grew by 6.41 per cent to Rs 201.86 crore from Rs 189.70 crore registered in the year ago period.
Consolidated total income from operations for the July-September quarter slipped to Rs 2,232.96 crore from Rs 2,483.76 registered during the year ago period.
For the six month period ending September 30, total income from operations declined to Rs 4,771.72 crore from Rs 4,860.92 crore registered in the same period of previous year.

"The revenue and profits during the quarter in engineering and metal forming businesses were affected due to lower commodity prices and passing on some of these benefits to customers," Tube Investments of India Managing Director L Ramkumar said.

The ramping up of production at the large diameter tubing facility has gained momentum during the quarter, he said.
Total revenue of the engineering division registered a drop of 8.6 per cent for the quarter to Rs 420 crore, from Rs 462 crore earlier.
The company's metal formed products business registered a revenue drop of 3.36 per cent for the quarter to Rs 230 crore from Rs 238 crore in the year ago period.