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Leading tyre maker MRF has reported 31 per cent fall in its net profit at ₹288 crore for the quarter ended December 31, 2016, compared with ₹416 crore in a year-ago period.
Apart from higher material costs at ₹1,919 crore (₹1,813 crore), fall in sales impacted the performance of the company during the quarter.
Total revenues stood at ₹3,533 crore during the quarter of this fiscal compared with ₹3,572 crore in the year-ago period.
Its profit before other income, finance costs and exceptional items stood at ₹412 crore against ₹619 crore. Other income was higher at ₹74 crore (₹54 crore).
But, finance costs were also higher at ₹61 crore (₹54 crore).
Tax expenses fell to ₹137 crore (₹203 crore)..
For the nine-month period ended December 31, 2016, net profit fell by 13 per cent at ₹1,164 crore compared with ₹1,345 crore in the same period of previous fiscal.
Profit before other income, finance costs and exceptional items decreased to ₹1,616 crore compared with ₹1,991 crore.
Total revenues stood at ₹11,030 crore compared with ₹11,104 crore in the same period previous year.
The company’s board has approved issue of non-convertible debentures not exceeding ₹500 crore through private placement basis and it would seek approval for the same from its shareholders through a postal ballot.
Besides, the board also approved an interim dividend of ₹3 per equity share (30 per cent) for the financial year ending March 31, 2017, according to a statement.
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