Chennai, Oct 27: Tube Investments of India Ltd, part of the Murugappa group, has posted a net profit of Rs 19.58 crore during the six months ended September 30, 2000 on a turnover of Rs 579.09 crore. This is about 8.84 per cent over the same period performance of the previous year.The company's income from operations during April-September 1999 stood at Rs 457.88 crore. Interest and depreciation during the period were at Rs 11.93 crore and Rs 14.63 crore respectively.
With the introduction of a variety of new models in the kids and MTB segments, there has been a significant increase in the volume of business, said a company release. The company's bicycle division alone has reported a 16 per cent increase during the period.
A revised marketing strategy is in place and the division will continue to focus on brand and product management, value engineering, supply chain reengineering and distribution management, the release said.
The tube division grew by about 40 per cent on the strength of its strategic marketing arrangements and acquisitions. Similarly, the strip division also has grown by 9 per cent.
According to the release, the financials for the half-year ended September 2000 include the operations of a tube plant acquired from Steel Strips & Tubes Limited in November 1999 and a strategic alliance with Steel Tubes of India Ltd..
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