Tube Investments of India Ltd, a manufacturer of precision steel tubes, has reported a consolidated profit at Rs 324.87 crore for the quarter ending December 31, 2022, the company said on Friday.
The company, a part of the diversified conglomerate Murugappa Group, registered a consolidated profit at Rs 390.04 crore during the corresponding quarter last year.
For the nine-month period ending December 31, 2022, a consolidated profit of Rs 848.35 crore was made. It was Rs 765.82 crore last year.
The total income during the quarter under review stood at Rs 3,716.10 crore against Rs 3,435.71 crore.
The consolidated total income for the nine month period ending December 31, 2022 grew to Rs 11,351.87 crore from Rs 9,186.63 crore last year.
In a statement, the company said considering the strong demand the board approved capacity expansion plan at its large diameter precision steel tube manufacturing plant in Tiruttani at a cost of Rs 141 crore.
The capacity expansion would be increased to 5,950 metric tonne per month from the current 4,125 metric tonne. The project, to be financed through internal accruals, would be completed by FY 2024-25, the company said. PTI VIJ NVG NVG
