MRF net slips to Rs 124 crore as input costs go up

Chennai-based tyre manufacturer MRF’s net profit fell to Rs 124 crore in the quarter ending September 2022 (Q2FY23) due to increase in rubber and other inputs cost. 

Published: 09th November 2022 08:50 AM  |   Last Updated: 09th November 2022 08:50 AM   |  A+A A-

Image used for representation. (Photo | MRF tyres)

By Express News Service

CHENANI:  Chennai-based tyre manufacturer MRF’s net profit fell to Rs 124 crore in the quarter ending September 2022 (Q2FY23) due to increase in rubber and other inputs cost. 

As per the company’s financials released on Tuesday, the revenue from operations stood at Rs 5,719 crore in Q2FY23, as compared to Rs 4,831 crore in the corresponding period last year, an increase of 18.38% year-on-year (YoY). 

However, expenses shot up 25.9% from Rs 4,471 crore in Q2FY22 to 5,630 crore in the same quarter last year. The cost of materials consumed was at Rs 4,113 crore in the quarter, as against Rs 3,804 crore in Q2FY22.  Profit before tax stood at Rs 165 crore in the second quarter of the current financial year and Rs 316.88 crore for the first half of the current financial year.  The board of directors of MRF has approved the payment of interim dividend of Rs 3 per share to shareholders on November 18.

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