Tube Investments of India share price corrected nearly 4 percent on May 15 despite healthy growth in earnings reported for the quarter ended March FY23 with profit growing in double-digit.
The auto ancillary company has recorded a 74.4 percent year-on-year growth in consolidated profit at Rs 311.84 crore for the quarter despite exceptional loss, backed by strong operating performance.
Consolidated revenue from operations at Rs 3,778 crore for the quarter increased by 11.3 percent over corresponding period last fiscal, with strong support from industrial systems, power systems, and engineering segments.
"Engineering and metal formed products businesses continued their good performance in the fourth quarter as well. The bicycle industry continues to suffer from contraction in demand and our bicycle business worked towards cost reduction and improving operational efficiency through Kaizen improvements," MAM Arunachalam, Chairman of Tube Investments said.
He further said subsidiaries CG Power and Industrial Solutions, and Shanthi Gears have registered strong performance and delivered strong results across all segments.
CG Power and Industrial Solutions registered a consolidated revenue of Rs 1,903 crore during the quarter, growing 28 percent over the same period last fiscal, while Shanthi Gears reported revenue of Rs 123 crore for the quarter, registering 18.3 percent growth over the corresponding quarter of the last fiscal.
Tube Investments holds 58.05 percent stake in CG Power, and 70.47 percent shareholding in Shanthi Gears.
The Murugappa Group company during the financial year 2022-23 has recorded a 24.2 percent growth in profit at Rs 955.6 crore and revenue grew by 20.2% to Rs 14,965 crore compared to the previous year.
The stock closed at Rs 2,646.1 on the NSE, down 3.76 percent with a volume of 3.27 lakh shares.
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