Tube Investments rises 6% as consolidated net profit zooms 74% YoY

Consolidated net profit zoomed 74 percent on year to Rs 311.84 crore in the quarter ended March while sales rose 11 percent YoY to Rs 3,778.24 crore.

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Shares of Tube Investments of India rose over 6 percent on May 16 with strong quarterly results acting as a trigger for investors to buy the stock.

At 11:18 am, shares of the Murugappa Group-owned company were trading at Rs 2,798.75, up 5.8 percent on the BSE.

According to Motilal Oswal Financial Services, the stock trades at 30.2 times its FY24 EPS and 24.9 times FY25 EPS. The brokerage firm has a ‘buy’ recommendation on the stock price with a target of Rs 2,645.

The company’s consolidated net sales came in at Rs 3,778.24 crore in the March quarter, up 10.64 percent YoY. The revenue growth would have been higher if not for lower than-estimated growth in the engineering business which forms 63 percent of total revenues, coupled with a sharp decline in the mobility business.

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The net profit zoomed 74 percent on year to Rs 311.84 crore in the quarter under review.

Besides, the board has approved long-term borrowing of up to Rs 3 billion in FY24 through a term loan or privately placed NCDs to meet the company’s fund requirements.

Commenting on the financial results, Arun Murugappan, Chairman, Tube Investments of India said, “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. Overall, Company has delivered excellent performance in both Profits and Profitability. Our subsidiaries viz., CG Power and Industrial Solutions Ltd and Shanthi Gears Ltd have registered strong performance and delivered strong results across all segments.”