Tube Investments of India plans Rs 211Cr Greenfield Precision Steel Tube Unit

Tube Investments of India, an engineering firm under the Murugappa Group, is embarking on a significant project to establish a greenfield precision steel tube manufacturing facility. This ambitious venture, set to be located in western India, comes with an investment of INR 211 crore.

The project, slated for completion in the fiscal year 2024-25, will be primarily financed through internal accruals. This state-of-the-art facility aims to produce a diverse range of high-precision steel products.

During the July-September quarter of 2023, Tube Investments of India reported a standalone profit after tax of INR 181.44 crore, marking a notable increase from the corresponding period last year. Moreover, for the half-year ending September 30, 2023, the standalone profit after tax surged to INR 329.13 crore, compared to INR 276.78 crore in the previous year's corresponding period.

In terms of total income on a standalone basis, the quarter under review saw a significant rise to INR 2,005.38 crore, as opposed to INR 1,920.32 crore in the same period last year. Similarly, for the six-month period concluding on September 30, 2023, the standalone total income amounted to INR 3,807.43 crore, compared to the previous year's INR 3,889.36 crore.