Auto parts & equipment company Tube Investments of India announced Q1FY24 results:
- Consolidated Q1FY24:
- TII's consolidated revenue for Q1FY24 was Rs 3,898 crore as against Rs 3,776 crore in Q1FY23.
- The profit (before sharing of profit of an Associate/Joint Venture, Exceptional items, and Tax) for Q1FY24 was at Rs 396 crore as against Rs 336 crore in Q1FY23.
- Standalone Q1FY24:
- Revenue in Q1FY24 was at Rs 1,780 crore compared with Rs 1,957 crore in Q1FY23.
- PBT was Rs 198 crore as against Rs 180 crore in Q1FY23.
- ROIC (annualized) at 56% for Q1FY24 compared with 51% in Q1FY23.
- Free cash flow for Q1FY24 was Rs 97 crore.
Commenting on the financial results, M.A.M Arunachalam (known as Arun Murugappan), Chairman, Tube Investments of India, said, “The Company has witnessed a steady performance during the quarter. Though the mobility division was affected by a sluggish market, Engineering, and Metal formed products divisions registered good profits driven by good growth in the auto industry. The performance of our subsidiaries CG Power and Industrial Solutions Ltd and Shanthi Gears Ltd has been very encouraging with strong top-line and bottom-line growth.
Our electric vehicle business under TI Clean Mobility Private Limited is making steady progress and we expect revenues to pick up in the coming quarters. We have now partnered with Jayem Automotives Private Limited and have incorporated a new subsidiary TIVOLT Electric Vehicles Private Limited for our foray into electric small commercial vehicles. With this, the company would be equipped to serve the full spectrum of manufacturing electric vehicles for commercial use.”