Murugappa Group’s engineering firm Tube Investments of India (TII) on Monday reported a 74.4 percent jump year-on-year (YoY) in its consolidated net profit for the March quarter to Rs 311.8 crore on the back of strong performance in engineering and metal-formed products.

The company posted Rs 220.72 crore in the same period a year ago. Tube Investments is engaged in the business of manufacturing precision steel tubes, steel strips, car door frames, automotive and industrial chains, and bicycles. 

Meanwhile, the consolidated revenue of the engineering firm for the January-March period rose 11.4 percent YoY to Rs 3,778.24 crore, the company said in a filing with the stock exchanges. The company’s board has declared a dividend of Rs 1.50 per share for FY23.

The Chennai-based firm's mobility segment reported revenue for the quarter was at Rs 155 crore compared with Rs 249 crore in the corresponding quarter of the previous year. 

Loss before interest and tax for the quarter was Rs 5 crore as against a profit of Rs 13 crore in the corresponding quarter of the previous year.

The revenue for the full year was Rs 800 crore compared with Rs 963 crore in the previous year. Profit before interest and tax for the full year was Rs 17 crore as against Rs 55 crore in the previous year.