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India’s leading tyre maker, MRF Tyres has recorded a fall of almost 31% in their net profit for the 3rd quarter that ended in December 2016, compared to the corresponding month of 2015. The reason is that their expenses were staggering ₹3,120.92 crore as compared to ₹2,953.28 crore in the corresponding period of previous year.
However, the company’s income from operations during the quarter was down by only 1.08% compared to the same period of 2015. The company has announced that its board members have approved issue of non-convertible debentures not exceeding Rs500 crore through private placement basis. It is also said that MRF would seek approval for the same from its shareholders via postal ballot.
MRF Tyres also announced second interim dividend of ₹3 per equity share (30%) for the financial year ending in March 2017.
