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Q3FY24 Review:Tube Investments of India: On track in core and new businesses

5 Feb 2024 , 03:15 PM

Backed by an on-track core business, Tube Investments of India (TIINDIA) continues to see healthy progress in new businesses. Traction for EV 3Ws in south has been healthy and company has started adding dealers in North. Interest in recently launched EV HCV has been strong as well. Tractor and SCV launch is slated by mid FY25. CDMO business should be commercialized by March while medical devices business is being strengthened to drive growth.

TIINDIA’s core segment – engineering and metals formed products posted in line revenue growth supported by domestic auto volumes as well as revival in export demand. Margins were slightly lower sequentially (up year-on-year) largely due to seasonality. 

Focus also is on R&D for product development and build capabilities on critical components and proprietary software. Earlier announced ~₹10 Billion equity fund raising at TICMPL should happen in near term both to fund investments and build a cushion against well-heeled competitors.

In the CDMO business, the lab is ready and the CTO for plant should come in February 2024. Company expects to commercialize two small molecules starting March 2024. The medical devices business (Lotus Surgicals) is being strengthened in terms of sales force, and manufacturing capabilities to drive growth through import substitution and exports to key large geographies.

Related Tags

  • Tube Investments of India
  • Tube Investments of India Q3
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15 Apr 2024   |   12:16 PM
15 Apr 2024   |   10:33 AM
15 Apr 2024   |   09:44 AM
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