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Leading tyre maker MRF reported a 16 per cent fall in net profit at ₹220 crore for the quarter ended September 30, 2019 when compared with a profit of ₹263 crore in a year-ago period, on the back of higher expenses.
Its profit before exceptional items and tax stood ₹332 crore (₹294 crore).
Employee benefit expenses and depreciation and amortisation expenses were higher at ₹330 crore (₹288 crore) and ₹237 crore (₹200 crore) respectively. Other expenses were also higher at ₹730 crore (₹692 crore).
Sluggish demand
Total revenue from operations increased marginally to ₹3,948 crore during July-September 2019 quarter when compared with ₹3,894 crore in a year-ago quarter, due to sluggish domestic automotive market conditions.
For the half-year ended September 30, profit after tax of the company was lower at ₹489 crore when compared with ₹524 crore in the same period of previous fiscal. Its profit before exceptional items and tax stood ₹743 crore (₹791 crore).
Revenue from operations stood at ₹8,357 crore compared with ₹7,730 crore in the first half of the previous fiscal.
Nod for NCD issuance
The Board approved the raising of funds by way of issuance of NCDs (non-convertible debentures) on a private placement basis to the tune of ₹102 crore in one or more tranches.
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