Tyre major MRF has reported a 78.30 per cent plunge in its standalone net profit at Rs 106.53 crore for the quarter ended June 30, on account of higher expenses.
The company had posted a net profit of Rs 490.93 crore during the same period previous fiscal, MRF Ltd said in a BSE filing.
Total income during the quarter under review stood at Rs 4,060.93 crore against Rs 3,955.93 crore in the year-ago period, up 2.65 per cent. Total expenses also grew 21.01 per cent to Rs 3,926.31 crore from Rs 3,244.45 crore.
The stock closed 2.57 per cent down at Rs 67,400 apiece on the BSE today.