The company that makes ‘tyres with muscle’ posted a reduced profit for Q2FY23 as soaring input costs and supply chain issues weighed, offsetting a rise in revenue.
The company’s standalone net profit from continuing operations fell over 32% to Rs 123.99 crores for the three months ended September 2022 as compared to Rs 183 crores a year earlier.
In a regulatory filing, MRF said it closed the Q2FY23 with a net profit of Rs 123.99 crore (Q2FY22 Rs 183.38 crore) on an operational revenue of Rs 5,719 crore (Rs 4,831.65 crore). MRF’s revenue from operations rose 18.4%
The ‘tyres with muscle’ is one of the popular taglines of MRF tyres.
The Board of Directors of MRF at their meeting on Tuesday declared an interim dividend of Rs 3/share for FY23 and also approved the enhancement in the issue of Non-Convertible Debentures through private placement from Rs 100 crore to Rs 150 crore.
(with inputs from IANS)