Auto industry

Auto industry performance has dropped, and TII is keeping track of how it is affecting it.

 

Tube Investments of India was constantly monitoring the impact of the issues caused by a decline in the performance of the auto industry, which has had an influence on the domestic tubes and metal formed businesses.

The company announced its financial results for the quarter ended December 31, 2021, reporting a consolidated net profit of Rs 390.04 crore, compared to a net profit of Rs 107.09 crore for the same period the previous year.

M A M Arunachalam, Chairman of Tube Investments of India Ltd., commented on the company’s financial performance, saying that the results for the quarter reflect a consistent performance across all of the company’s companies.

His statement reads: “The company is actively monitoring the impact of issues associated with a reduction in auto sector performance, which has had an impact on domestic tubes and metal formed operations.”

The company of tubes and industrial chains saw a healthy increase in performance in the export market.

The consolidated profit for the nine-month period ended December 31, 2021 increased to Rs 765.82 crore from Rs 142.78 crore in the equivalent quarter the prior year.

Revenue for the quarter under review increased to Rs 3,435.71 crore from Rs 1,715.89 crore in the same quarter last year, representing a 33% increase.

The consolidated total income for the nine-month period ended December 31, 2021 was Rs 9,186.63 crore, compared to Rs 3,383.71 crore in the same period the previous year.

On Monday, the Board of Directors declared an interim dividend of Rs two per share for the financial year 2021-22, following a meeting of the board.

During the quarter, the engineering business generated revenues of Rs 996 crore, compared to Rs 733 crore in the same quarter of the previous year.

For the quarter under review, revenue from the metal formed goods sector increased to Rs 280 crore, up from Rs 234 crore in the same quarter of the previous year.

According to the business’s subsidiary, CG Power and Industrial Solutions, which it owns a 52.61 percent ownership in, the company generated consolidated revenue of Rs 1,551 crore during the quarter, compared to Rs 820 crore in the same quarter the previous year.

The company’s CEO, Arunachalam (also known as Arun Murugappan), stated that “CG Power has also generated consistently higher performance across all its business segments.”

The company’s subsidiary, Shanthi Gears, which is engaged in the gears sector, generated revenue of Rs 95 crore during the quarter under review, up from Rs 65 crore in the equivalent quarter the previous year, according to the statement, which also stated that

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