At the 64th AGM of Tube Investments of India, M M Murugappan, Chairman, presented a report on the company’s performance through 2012-13. With huge imports in kids segment affecting the cycle segment, the engineering division, which is 80 per cent dependent on the automobile sector, was hit by the downturn. To de-risk the business, the company eyes to expand beyond automobiles. The company achieved a turnover of Rs 3642 crore during 2012-13 and the profit before tax was Rs 147 crore.
The company has invested Rs 250 crore in a mega project at Thiruttani for producing large diameter tubes.