Tyre maker MRF reports 32% net profit dip to Rs 130 crore in Q2

Tyre maker MRF on Tuesday said its consolidated net profit declined by 32 per cent to Rs 130 crore for the second quarter ended September 30, on account of higher expenses.

The company had posted a net profit of Rs 190 crore in the July-September quarter of the previous fiscal.

Revenue from operations, however, rose to Rs 5,826 crore for the second quarter, as compared to Rs 4,908 crore in the year-ago period, MRF Ltd said in a regulatory filing.

The total expenses of the company rose to Rs 5,730 crore during the September quarter, up 21 per cent from Rs 4,741 crore in the corresponding quarter of last fiscal.

The company's board has declared an interim dividend of Rs 3 per share (30 per cent) for the financial year ending March 31, 2023, it added.

The tyre maker has fixed November 18, as the record date for the purpose of payment of interim dividend and payment will be done on or after December 2, 2022, MRF said.

The board also approved enhancement in the issue of non-convertible debentures through private placement from Rs 100 crore to Rs 150 crore. The board had approved the issue at its meeting held on August 9, 2022.