MRF Reports 3% Decline in Q1 Profits Despite Surging Income

Tyre manufacturer MRF posted a 3% year-on-year decline in consolidated net profit, down to Rs 571 crore for the first quarter ending June 30, 2024. However, the company's total income rose to Rs 7,280 crore for the same period, up from Rs 6,515 crore last fiscal. Shares increased by 4.80%.

Tyre manufacturer MRF reported a 3% year-on-year decline in its consolidated net profit, which stood at Rs 571 crore for the first quarter ending June 30, 2024.

In the same quarter last fiscal, the company had posted a net profit of Rs 589 crore. Despite the dip in profit, MRF saw an increase in total income, which surged to Rs 7,280 crore from Rs 6,515 crore in the corresponding quarter of FY24, according to a regulatory filing.

The company's shares traded higher by 4.80%, reaching Rs 1,41,130 apiece on the BSE.