Comments
MRF Ltd has nearly doubled its net profit during the quarter ended June 30, 2015, compared with the corresponding quarter in the previous year.
The net profit has jumped 94 per cent during the third quarter (October-September fiscal year) to ₹446.81 crore (₹230.22 crore) on a total income of ₹3,538.95 crore (₹ 3,336.98 crore).
Strong sales in the after-market, growth in the top line in a stagnant market and drop in raw material prices, including synthetic rubber and carbon black, have contributed to the performance, according to the company’s spokesperson.
MRF has seen growth in the replacement market which accounts for nearly 70 per cent of its sales.
The company has managed to hold its own in a tough environment and threat of cheap import of truck tyres from China, he said.
According to information provided to the BSE, the company has decided to shift to April-March fiscal year and is extending the current financial year period to March 31, 2016, (18 months) subject to statutory approvals.
The company has announced an interim dividend of ₹3 a share of ₹10 for the 18-month period.
MRF’s shares closed at ₹39,017.65 after gaining ₹489.80 over the previous day’s close of ₹38,527.85.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.