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Leading tyremaker MRF has reported a 16 per cent rise in its net profit at ₹169 crore for the quarter ended December 31, 2022, compared with ₹146 crore in the year-ago period, supported by higher sales and better price realisations.
Revenue from operations increased to ₹5,535 crore from ₹4,830 crore. This included an industrial incentive of ₹80 crore received from the Telangana government. The cost of materials consumed increased by 19 per cent to ₹3,751 crore, the company stated in a regulatory filing.
Total expenses stood at ₹5,381 crore as against ₹4,702 crore. MRF’s profit before exceptional items and tax was higher at ₹223.5 crore as against ₹197 crore.
The company’s Board approved the payment of a second interim dividend of ₹Rs.3 per equity share for FY22. Besides, it approved the reappointment of Arun Mammen as MD of the company with the designation Vice-Chairman and Managing Director for five years with effect from April 1, 2023.
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