MRF Q1 consolidated profit from continuing operations dips 25% to Rs 124 cr

The company said its board has approved raising of Rs 100 crore through issuance of non-convertible debentures on a private placement basis.

MRF tyres
Consolidated revenue from operations in the June quarter stood at Rs 5,695.93 crore as against Rs 4,183.96 crore in the last fiscal, MRF Ltd said in a regulatory filing.
Press Trust of India New Delhi
1 min read Last Updated : Aug 10 2022 | 12:35 AM IST

Tyre maker MRF Ltd on Tuesday reported a 25.35 per cent decline in consolidated profit from continuing operations at Rs 123.6 crore in the first quarter ended June, impacted by higher raw material cost.

The company, which had posted a consolidated profit for the period from continuing operations of Rs 165.58 crore in the year-ago period, said its board has approved raising of Rs 100 crore through issuance of non-convertible debentures on a private placement basis.

Consolidated revenue from operations in the June quarter stood at Rs 5,695.93 crore as against Rs 4,183.96 crore in the last fiscal, MRF Ltd said in a regulatory filing.

Total expenses in the quarter under review stood at Rs 5,566.63 crore as compared to Rs 4,054.24 crore last year. Cost of materials consumed in the quarter was higher at Rs 4,114.06 crore. The same stood at Rs 3,251.56 crore in the corresponding period last fiscal.

MRF said the economic crisis in Sri Lanka had led to currency devaluation resulting in remeasurement loss on consolidation of its wholly-owned subsidiary MRF Lanka (P) Ltd., aggregating to Rs 2.60 crore for the quarter ended June.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :Tyre makers MRF

First Published: Aug 09 2022 | 3:30 PM IST

Next Story