Tube Investments of India Ltd.’s (TII) standalone net profit for the first quarter ended June 2019 rose 62.9% to ₹88 crore.
The firm’s revenue dipped 8% to ₹1,252 crore due to contraction in the in auto sector, the company said in a statement.
TII generated a free cash flow of ₹83 crore during Q1 which was 120% of the net profit, the company said.
TII surrendered 32.39 lakh equity shares under the buy-back scheme announced by Shanthi Gears Ltd. and clocked a a profit of ₹19 crore on the transaction. This was shown as an exceptional item.
During the quarter, TII had divested its entire shareholding of 1.37 crore shares of ₹10 each in the joint venture company, TI Absolute Concepts Pvt. Ltd., in favour of the joint venture partner, Absolute Speciality Foods Chennai Pvt. Ltd. for an aggregate consideration of ₹3 crore against a cost of ₹13.75 crore.
