Chennai: Tube Investments of India Limited (TII), has announced the financial results for the quarter ended 30 June and has stated that it has achieved highest ever revenue of Rs 1,362 crore in a quarter with a 20 per cent growth over Q1 of last year.
The profit after tax for the quarter was at Rs 54 crore as against Rs 35 crore in the corresponding quarter of the previous year.
Higher profitability and lower capital employed enabled improvement in Return on average Capital Employed (ROCE) to 19 per cent from 14 per cent in the corresponding quarter in the previous year.
The Company generated free cash flow of Rs 81 crore during Q1, helped by better net working capital and higher profits.
TIIs consolidated Revenue for the quarter was higher by 20 per cent at Rs 1,483 crore as against Rs 1,237 crore (net of excise duty) in the corresponding quarter of the previous year. The profit after tax for the quarter was at Rs 62 crore as against Rs 38 crore in the corresponding quarter of the previous year.
Shanthi Gears Ltd., a subsidiary company in the Gears Business, in which the Company holds 70.12 per cent stake, registered a revenue of Rs 62 crore during the quarter as against Rs 51 crore (net of excise duty) in the corresponding quarter of the previous year, registering a growth of 21 per cent.
Profit after tax for the quarter was at Rs 8.5 crore as against Rs 5.1 crore in the corresponding quarter of previous year.