MRF's consolidated net profit for December quarter increased by 17%

13 Feb 2023 CW Team

The third quarter ended December 31, 2022, saw a 17% increase in the consolidated net profit from continuing operations at Rs 1.74 billion, according to the tyre manufacturer MRF.

In the same quarter of the previous fiscal year, the company reported a consolidated net profit from continuing operations of Rs 1.49 billion.

Total operating revenue for the reviewed period was Rs 56.44 billion as opposed to Rs 49.20 billion during the same period last year.

In the third quarter, total expenses were higher at Rs 54.84 billion than they were in the same quarter a year prior at Rs 47.87 billion.

For the fiscal year ending March 31, 2023, the board of directors has declared a second interim dividend of Rs 3 per equity share (at 30%).

The business added that its board has also accepted Arun Mammen's re-appointment as its Managing Director for a further five years, beginning on April 1, 2023, with the position "Vice Chairman & Managing Director."

The re-appointment will be approved by the shareholders via postal poll.

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