India’s largest tyre manufacturer, MRF Tyres has registered a fall of over 12 percent in their 2018 Q2 profit. According to the regulatory filing by the company, the profit stood at INR. 263.04 crore at the end of the second quarter that ended on September 30. During the same period last year, the profit was INR. 299.92 crore.
Moreover, the total income of MRF surged by 9.41 percent and stood at INR. 4,004.85 crore for the quarter under review. During the same period last year, it stood at INR. 3,660.22 crore. The company also told that the total expense was up by 12.17 percent and stood at INR. 3,611.19 crore. While during the same period last fiscal year, the total expense was INR. 3,219.30 crore.
It is also announced by MRF that its board of directors has approved the payment of interim dividend of INR 3 per share for the fiscal year ending on March 31, 2019.
About MRF Tyres:
Founded in 1946, it is the world’s 14th largest tyre manufacturer and employs over 16,000 people. MRF has won the JD Power Award for the record 11 times. The company has been associated with various sports including cricket and motorsports. The tyre maker also ranked among 50 most trusted Indian brands by Brand Trust Report, in a study conducted by Trust Research Advisory in the year 2014.