Hyderabad, October 24: Non-ferrous and custom alloy manufacturer Cubex Tubings Limited has reported a strong financial performance for the quarter ended September 30 strengthened by strong volume growth and robust industrial demand. The company’s standalone
profit after tax (PAT) has risen 161.8% year-on-year to ₹4.57 crore, up from ₹1.74 crore during the same period last year. Its revenue from operations rose 12.6% quarter-on-quarter to ₹82.99 crore from ₹73.70 crore last year.
Driven by strong demand, the company’s board has approved the issuance of up to 50 lakh convertible warrants at an issue price of Rs.150 per warrant, raising Rs.75 crore in total to set up a new vacuum melting furnace.
“The second quarter reflects the two things we set out to do this year: grow volumes in our established copper alloy business and improve the mix towards higher-value seamless products. Revenue grew 28%, EBITDA more than doubled and profit after tax rose 235%, with EBITDA margin expanding to 8.6%. This shows that the pass-through pricing structure and tighter cost control are working even in a volatile copper environment.
Cubex has built its reputation on making products India previously imported, from 70/30 cupronickel tube to oxygen-free copper for atomic energy and Monel 400 to 200 mm diameter. That capability is what customers in power, naval and nuclear programmes pay for, and it is where we continue to invest. The Board has also approved a ₹75 crore preferential issue of warrants, with the promoter group subscribing to the larger part of it, to fund the next stage of our alloy capability. Our focus for the rest of the year remains on execution: order delivery, quality and working capital discipline. ” Mr. Virendra Bhandari, Managing Director, Cubex Tubings Limited said in a press release.
