India’s Tube Investments of India Limited (TIIL), a manufacturer of precision steel tubes and strips, industrial chains and steel automotive parts, achieved a net profit of INR 2.8 billion ($32.20 million) in the third quarter (October-December) of the fiscal year 2024-25, a decline of 66.16 percent year on year, a company statement said on Tuesday, February 4.
The company reported total revenues of INR 48.89 billion ($562.02 million) during the quarter, a rise of 14 percent year on year.
The board of directors of the company also approved an investment of INR 1.7 billion ($20 million) to enhance the capacity of its fine blanking business by establishing a greenfield plant in western India, in addition to its existing plant in the southern part of the country, the company said.
The planned capacity of the greenfield project was not, however, disclosed by the company.