Tube Investments of India Reports Dip in Profits Amid Rising Expenses

Tube Investments of India Ltd reported a 13.6% decline in consolidated net profit for Q2 2024, citing increased expenses. The profit dipped to Rs 299.17 crore, down from Rs 346.19 crore the previous year. Revenue rose to Rs 4,782.51 crore despite the higher costs.

Tube Investments of India Ltd, part of the Murugappa group, announced a 13.6% drop in its consolidated net profit for the September 2024 quarter, with figures falling to Rs 299.17 crore against Rs 346.19 crore the previous year due to escalating expenses.

The company's consolidated revenue from operations rose to Rs 4,782.51 crore during the quarter under review, up from Rs 4,169.26 crore in the corresponding period last year, according to a regulatory filing.

In addition to the surge in total expenses to Rs 4,569.19 crore from Rs 3,868.46 crore year-on-year, revenue details for the firm's engineering and metal-formed products divisions were also noted, with standalone quarterly revenue reaching Rs 2,065 crore from Rs 1,970 crore.

(With inputs from agencies.)