Business

TII Q3 revenue dips 27% on auto woes

Murugappa Group firm Tube Investments of India Ltd.’s (TII) standalone net profit for the quarter ended December 2019 improved only marginally to ₹78 crore from the ₹77 crore posted a year earlier, following a contraction in the auto sector.

In the period under review, TII recorded total revenue from operations of ₹976 crore, a drop of 27%. Revenue from the engineering division stood at ₹502 crore (₹747 crore) and that from cycle and accessories, ₹146 crore (₹298 crore). However, metal-formed products showed a 5% increase to ₹370 crore.Growth achieved in segments such as railways, industrial chains and fine blanking products compensated partially for the impact of de-growth in the auto industry in Q3, said the company in a regulatory filing.

Shanthi Gears Ltd., a subsidiary company in the gears business in which TII holds 70.47% stake, registered revenue of ₹58 crore (₹62 crore) and a net profit of ₹8 crore (₹12 crore).

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Printable version | Feb 20, 2020 7:15:52 AM | https://www.thehindu.com/business/tii-q3-revenue-dips-27-on-auto-woes/article30677470.ece

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