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Leading tyre maker MRF has reported 78 per cent fall in its net profit at ₹ 107 crore for the quarter ended June 30, 2017, when compared with a profit of ₹491 crore in a year-ago period.Though material costs were higher at ₹2,340 crore (₹1,725 crore), moderate growth in topline impacted the performance of the company during the quarter, which saw implementation of GST.
Revenues grew to ₹3,972 crore during the June quarter of this fiscal when compared with ₹ 3882 crore in the year-ago period. Its profit before exceptional items and tax stood at ₹135 crore against ₹711 crore. Depreciation and amortisation expense was higher at ₹167 crore (₹142 crore). Other expenses were also higher at ₹628 crore (₹ 521 crore).
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