Tube Investments of India has doubled its net profit for the third quarter of the current year as compared with the corresponding quarter previously.

It saw a pick up in demand driven by increased two-wheeler sales and growth in bicycle sales.

For the quarter ended December 31, 2013, the company reported a net profit of Rs.15.40 crore (Rs.7.49 crore) on a total income of Rs.833.66 crore (Rs.764.97 crore). It has announced an interim dividend of Rs.1.50 a share of Rs.2 for 2013-14. On the BSE, the company’s shares closed lower at Rs.180.60 against the previous close of Rs.182.35.