Total expenses rose by 3% to Rs 3,550.50 crore in Q1 FY24 over Q1 FY23, due to higher raw material costs (up 2% YoY), higher employee expenses (up 15% YoY), higher depreciation charges (up 28% YoY) and higher other expenses (up 17% YoY).

Profit before tax in Q1 FY24 stood at Rs 382.29 crore, up by 17% from Rs 327.15 crore in Q1 FY23.

Tube Investments of India, a Murugappa Group company, is one of India's leading manufacturers of a wide range of precision engineered and metal formed products for major industries such as automotive, railway, construction, mining, agriculture, etc. The company is also a leading manufacturer of bicycles in India, with a range of iconic brands and a strong market presence.

The scrip rose 0.78% to currently trade at Rs 3075.05 on the BSE.