TIINDIA Q2 FY24 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹4,306 Cr
verified against source
Revenue YoY
14.3%
reported change
EBITDA
Pending
latest reported figure
Source
screener in enriched
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Tube Investments delivered a solid Q2 FY24 with consolidated revenue of INR 4,306 crore (+14.3% YoY), driven by strong engineering (+7% YoY) and metal form (+8% YoY) segments despite a 22% decline in bicycle revenues. The company posted 27% PAT growth, underpinned by robust performance at CG Power (INR 2,002 crore revenue) and Shanthi Gears. EBITDA losses from EV operations remain steady at ~INR 52 crore and are not expected to increase materially as plant build-outs near completion. Engineering division targets 12%-15% growth over 3-5 years on export mix improvement. New initiatives are progressing: electric three-wheeler volumes doubling monthly with dealer expansion to 72-73 by year-end, EV tractor homologation due Q1 FY25, and CDMO lab commissioning within 10 days. Bicycle business requires export-oriented repositioning amid domestic demand contraction. Management remains bullish on EV ramp-up and new growth businesses, deploying cash toward TI 2 opportunities. The risk is that high EV losses and holding company discount may persist until capital structure optimization.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets this growth rate based on market share gains, new product development, light weighting initiatives, and continued export focus which carries better margins.
- Homologation submission for 27HP model targeted between January-March 2024, with start of production in April-June 2024 in selected markets representing large share of tractor range.
- At approximately INR 52 crore baseline as plant build-outs (except small commercial vehicles) are largely complete; no significant increase expected going forward.
- Lab operational approval expected in next 10 working days; 20-acre plot in Hyderabad confirmed; construction to commence after allotment letter received.
Risks flagged
- Mobility segment revenue declined 22% YoY to INR 177 crore with PBT at INR 3 crore vs INR 10 crore. Management acknowledged the business is going through a demand slump with no near-term recovery visible.
- Analyst raised concern that market typically assigns 50-70% discount to holding companies. Management deflected, stating focus is on business growth first before capital structure optimization.
- Previously announced INR 1,000 crore order book was in OpEx model; management pivoted to CapEx-only sales, requiring longer customer trials. Volumes just started ramping after product re-engineering.
- TI CMPL requires additional INR 1,000 crore investment by March 2024; fund raise is in process. Market may face dilution pressure from EV unit valuation uncertainty.
Key quotes
- We are likely... to give you a growth rate of around three to five years, about 12%-15% in growth.
- The only scalable solution for that business in the long term is for India to become an alternate export hub... China Plus One is now kind of beginning to play out.
- Directionally, I believe that's correct. So EBITDA losses should be more or less steady state, and we maintain them at steady state.
Research modules