Tube Investments Q2 Results: Profit Rises, To Set Up Rs 211-Crore Greenfield Facility
The proposed project is expected to be completed in FY25.
Tube Investments of India Ltd.’s net profit for the quarter ended September increased by 23% beating analysts' estimates, despite an increase in expenses.
The company’s net profit rose 23.1% year-on-year to Rs 341 crore in the second quarter of fiscal 2024, according to an exchange filing on Monday. That compares with the Rs 328.8 crore consensus estimate of analysts tracked by Bloomberg.
Tube Investments of India Q2 FY24 Highlights (YoY)
Revenue up 15% at Rs 4,169 crore vs Rs 3,627 crore.
Ebitda up 13.7% at Rs 426 crore vs Rs 374 crore.
Margin at 10.2% vs 10.3%.
Reported profit up 23.1% at Rs 341 crore vs Rs 277 crore.
The board of Tube Investments approved the setting up of a greenfield precision steel tube manufacturing facility in western India, at an estimated cost of Rs 211 crore.
The greenfield facility is proposed to be established to manufacture multiple range of products and hence, the manufacturing capacity cannot be ascertained at this stage, it said in the exchange filing.
The proposed project is expected to be completed in FY25, according to the statement.
The engineering company re-appointed KR Srinivasan as the president and whole-time director for a further term effective Nov. 11, 2023 to June 30, 2024, subject to shareholders’ approval.
Shares of Tube Investments of India closed 0.08% lower at Rs 3,060.90 apiece, as compared with a 0.49% advance in the benchmark Nifty 50 on Monday.
