MRF Q2 Net Profit Dips 32% To Rs 130 Crore
The company's board has declared an interim dividend of Rs 3 per share (30%) for the financial year ending March 31, 2023
Tyre maker MRF Ltd. on Tuesday said its consolidated net profit declined by 32% to Rs 130 crore for the second quarter ended September, 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 said in a regulatory filing.
The total expenses of the company rose to Rs 5,730 crore during the September quarter, up 21% from Rs 4,741 crore in the corresponding quarter of the last fiscal.
The company's board has declared an interim dividend of Rs 3 per share (30%) for the financial year ending March 31, 2023, it added.
The tyre maker has fixed Nov. 18 as the record date for the purpose of payment of interim dividend, and payment will be done on or after Dec. 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 Aug. 9, 2022.