TII net down 17%

Tube Investments of India Limited (TII) reported a 17 per cent drop in net profit during the quarter ended September 30, 2012, to Rs 37.19 crore as compared with Rs 45.14 crore, a year ago. Total income rose to Rs 929.42 crore from Rs 851.92 crore, an increase of around nine per cent.

Company's managing director L Ramkumar said the margins were under pressure across all segments due to increase in power and fuel costs, inflation coupled with lower off-take.

The bicycles division registered an 18 per cent growth in revenue over the corresponding period last year. The engineering division also registered a growth of seven per cent despite the negative growth in the Auto industry.