Tube Investments closes first quarter with Rs.50 crore net

August 1st, 2011 - 6:53 pm ICT by IANS  

Chennai, Aug 1 (IANS) City-based diversified engineering company Tube Investments of India Ltd (TII) closed the first quarter this year with an after tax profit of around Rs.50 crore on sales of Rs.869 crore as against Rs.40 crore and Rs.713 crore, respectively, logged during the first quarter of the previous fiscal.

“While the engineering and metal-formed businesses reported a revenue growth of over 30 percent, the growth in the bicycles business was at four percent,” Managing Director L. Ramkumar said in a statement issued here Monday.

He said the lower growth in bicycle sales is due to slow down in demand in the initial months of the quarter.

Ramkumar also added that due to lower demand and competitive pressure, the margins on bicycles were under pressure.

He said that higher productivity, efficient use of capacities and good volumes in the engineering and metal-formed businesses helped to improve the company’s operating profit during the quarter.

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