The tyre maker's consolidated net profit slipped 29% to Rs 119.46 crore despite of a 36.14% rise in net sales to Rs 5,695.93 crore in Q1 FY23 over Q1 FY22.
Profit before tax declined 26.4% year on year to Rs 163.74 crore in the quarter ended 30 June 2022.Total expenses rose 37.3% year on year to Rs 5,566.63 crore with cost of raw materials consumed rising 26.5% year on year to Rs 4,114.06 crore during the period under review.
Meanwhile, the board of directors approved raising of funds by way of issuance of non-convertible debentures on private placement basis aggregating to an amount not exceeding Rs 100 crore in one or more tranches.
MRF is engaged in the manufacture of rubber products such as tyre, tubes, flaps, tread rubber and/or trading in rubber and rubber chemicals.
Shares of MRF closed 1.28% lower at Rs 87712.25 on the BSE on Monday.
The domestic equity market is closed today (9 August 2022) on account of Muharram.
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