Tube Investments of India Ltd. (TII) standalone net revenue for the September quarter rose 27% from the year-ago interval to ₹181 crore on robust efficiency by engineering and metal-formed merchandise divisions.
Total income from operations grew by 3% to ₹1,970 crore, of which engineering division accounted for ₹1,274 crore, metallic fashioned merchandise ₹400 crore, mobility was down to ₹177 crore from ₹226 crore and others ₹207 crore.
Free money stream in the course of the quarter was ₹108 crore, the Murugappa group agency mentioned in a regulatory submitting.
“The company displayed strong performance in a challenging business environment, sustaining growth in profits and profitability. The bicycle industry continues to suffer from contraction in demand,” mentioned Chairman M.A.M. Arunachalam.
Bicycle enterprise continues its value discount initiatives and enhancing operational effectivity by kaizen enhancements, he mentioned.
The Board on Monday authorised setting up of a ₹211 crore greenfield precision metal tube manufacturing facility within the west.
The challenge will likely be primarily funded by inner accrual and is anticipated to be accomplished in FY25. It is proposed to be established to manufacture a number of vary of merchandise and therefore the manufacturing capability, as such, can’t be ascertained at this stage, the corporate mentioned.
