Tube Investments of India Ltd. posted a 58% increase in its standalone net profit for the second quarter ended September 2019 to ₹90 crore.
Revenue for the quarter was lower by 18% at ₹1,113 crore, mainly on contraction in the auto industry. Metal Formed Products division’s revenue rose while that of Cycle and Accessories and Engineering was down.
Engineering division reported a revenue of ₹554 crore (₹772 crore). Cycles and Accessories Division revenue dropped 31%, primarily on contraction in trade market and exit from institutional business.
Metal Formed Products Division’s revenue rose to ₹379 crore from ₹336 crore in the corresponding quarter of the previous year, registering a growth of 13%. Growth achieved in segments such as railways, industrial chains and fine blanking products compensated partially for the impact of contraction in auto industry during the second quarter, the company said in a statement.