TIINDIA · Automobile and Auto Components
Tube Investments of India Ltd. reported revenue of ₹4,197 cr for October to December 2023, — on the year and −2.5% on the quarter.
Operating profit (EBITDA) was ₹469 cr, a margin of 11.2%, — on the year and −188 bps on the quarter.
Net profit was ₹828 cr, — on the year and +139.3% on the quarter, with earnings per share of ₹27.58.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
A lower tax rate lifted profit. Is the lower rate going to last?
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹4,197 cr | ₹4,490 cr | ₹4,578 cr | ₹4,925 cr | ₹4,812 cr | ₹5,150 cr | ₹5,309 cr | ₹5,523 cr | ₹5,801 cr | ₹6,215 cr | ₹6,215 cr | ₹7,330 cr |
| YoY | — | — | +17% | +14% | +15% | +15% | +16% | +12% | +21% | +21% | +17% | +33% |
| EBITDA margin | 11.2% | 10.0% | 11.6% | 9.9% | 10.2% | 6.5% | 10.3% | 9.9% | 10.1% | 9.4% | 8.8% | 10.0% |
| Other income, % of PBT | 64% | 19% | 13% | 17% | 18% | 45% | 16% | 20% | 11% | 22% | 24% | 17% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 12% | 31% | 32% | 30% | 34% | 53% | 32% | 34% | 37% | 53% | 36% | 35% |
| Net profit | ₹828 cr | ₹274 cr | ₹317 cr | ₹299 cr | ₹280 cr | ₹158 cr | ₹303 cr | ₹302 cr | ₹279 cr | ₹234 cr | ₹294 cr | ₹421 cr |
| YoY | — | — | +12% | −14% | −66% | −42% | −4% | +1% | −0% | +48% | −3% | +39% |
| Core profit YoY | — | — | +16% | −19% | +4% | −43% | −7% | +3% | +13% | +113% | −7% | +45% |
| EPS | ₹27.58 | ₹9.88 | ₹11.73 | ₹10.69 | ₹10.01 | ₹2.40 | ₹10.28 | ₹9.65 | ₹8.57 | ₹4.41 | ₹8.71 | ₹12.87 |
| Flags | 2 | · | ✓ | 1 | ✓ | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Tube Investments of India Ltd. reported revenue of ₹4,197 cr (— on the year) and net profit of ₹828 cr (— on the year) for October to December 2023.
2 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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