Tube Investments of India Q2 net profit down 13.6% at Rs 299.17 crore

Murugappa group firm Tube Investments of India Ltd on Monday reported a 13.6 per cent decline in consolidated net profit at Rs 299.17 crore in the September 2024 quarter, hit by higher expenses.

The company posted a consolidated net profit of Rs 346.19 crore in the same quarter last fiscal, Tube Investments of India Ltd (TIIL) said in a regulatory filing.

Consolidated revenue from operations in the quarter under review stood at Rs 4,782.51 crore compared to Rs 4,169.26 crore in the year-ago period, it added.

Total expenses in the second quarter were higher at Rs 4,569.19 crore against Rs 3,868.46 crore a year ago.

On a standalone basis, revenue in Q2 stood at Rs 2,065 crore from Rs 1,970 crore in the same period of the previous year, it said.

In the second quarter, the engineering division clocked a revenue of Rs 1,323 crore compared to Rs 1,274 crore in the corresponding period in the preceding fiscal.

Metal-formed products revenue was higher at Rs 404 crore, up from Rs 400 crore in the year-ago period, while the same for mobility business was Rs 168 crore against Rs 177 crore a year ago.