Tube Investments of India Ltd posted a net profit of Rs 51.89 crore for the quarter ended December 31, 2010, on a turnover of Rs 749 crore.

For the comparable previous year quarter, it posted a net profit of Rs 17.87 crore on a turnover of Rs 583 crore. The board has also declared an interim dividend of Rs 1.50 per share (face value of Rs 2).

According to a press release from the company, the net profit for the period under consideration includes a one-time profit of Rs 20.60 crore on sale of land.

However, the net profit of Rs 17.87 crore for the quarter ended December 31, 2009 too was after making a provision of Rs 9.44 crore towards the diminution in the value of its investment and financial assistance to its wholly owned subsidiary, Tubular Precision Products (Suzhou) Company Ltd, in China.

The release, quoting Mr L. Ramkumar, Managing Director, says, “All business segments of the company have registered good growth on a higher base of last year. Volume growth, favourable product mix, new product launches, and higher productivity helped the company improve its operating profit during the quarter.”� �

Cycles up

The Cycles division registered 14 per cent volume growth during the current quarter as compared to the same quarter last year. This was achieved on the back of a 16 per cent growth in the ‘Specials Segment' and 8 per cent increase in the sale of standard bicycles. The division continues its focus on new product launches, and improvements to its existing range, across segments.

Scooters dip

Sale of electric scooters was lower during the year as compared to the corresponding quarter of the previous year, mainly due to a decrease in the market for such products.

In anticipation of an announcement on subsidy for purchase of electric vehicles, customers also held back purchases, says the release.

In the engineering segment, precision steel tubes registered a volume growth of 23 per cent in this quarter on the back of growth in the auto industry. Export of tubes declined by 14 per cent during the quarter due to low demand from the North American market.

On the NSE, Tube Investments ended the week on Friday at Rs 140.05 as against Thursday's close of Rs 141.80.