Murugappa Group firm Tube Investments reported 48 per cent decline in net profit at Rs 27 crore for the December quarter compared with Rs 52 crore in the same period a year ago.

During the quarter, profit before depreciation, interest and tax stood at Rs 80 crore compared with Rs 87 crore, registering a decline of seven per cent. “Margins were under pressure due to rise in material cost, inflation in fuel costs and rupee depreciation,” managing director L Ramkumar said.