MRF reports 18 pct decline in Q3 net profit to Rs 279 crore

Tyre major MRF Thursday reported 18 per cent decline in standalone net profit at Rs 279.26 crore for December quarter 2018, hit by an increase in overall expenses during the period. The company had reported a net profit of Rs 340.51 crore in October-December 2017-18.

Revenue from operations, however, rose to Rs 4,033.76 crore for the latest quarter as compared with Rs 3,798.82 crore in the year-ago period, MRF said in a regulatory filing. Total expenses in the third quarter 2018-19 increased to Rs 3,750.25 crore from Rs 3,331.14 crore in the same period a year ago. The company's board, which met Thursday, also recommended an interim dividend of Rs 3 per share. MRF stock was trading 0.24 per cent down at Rs 59,910.05 on BSE.