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TII-challenging year with flat growth

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.  

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