Tube Investments of India net down Rs.11.59 crore

August 6th, 2012 - 8:17 pm ICT by IANS  

Chennai, Aug 6 (IANS) City-based multi-product company Tube Investments Monday announced a Rs.11.59 crore fall in net profit in the first quarter of the current fiscal as against corresponding period of the previous year.

In a statement here, the company said its standalone revenue and net profit during the first quarter stood at Rs.914.80 crore and Rs.38.43 crore as against Rs.874.26 crore and Rs.50.02 crore respectively posted during the first quarter of 2011-12.

Its consolidated revenue and net profit stood at Rs.1,793.09 crore and Rs.119.43 crore, up from Rs.1,470.73 crore and Rs.88.73 crore, respectively, logged during the first quarter of 2011-12.

The jump in consolidated net profit during the quarter under review is due to the growth in net profits of its financial subsidiaries Cholamandalam Investment & Finance Company and Cholamandalam MS General Insurance Company.

Non-banking finance company Cholamandalam Investment and Cholamandalam MS General earned a net profit of Rs.70 crore and Rs.11 crore, respectively, during the first quarter of the current fiscal up from Rs.32 crore and Rs.6 crore earned during comparable period of the previous year.

According to Tube Investments, it is in the process of making an open offer to the shareholders of Shanthi Gears to acquire 26 percent stake in the latter.

In July this year, Tube Investments entered into a share purchase agreement with the promoters of Shanthi Gears for the purchase of their 44.12 percent holdings in the latter at Rs.81 per share.

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