 "MRF Q3 net dips 71% to Rs 149 cr, revenue up 6% to Rs 4,920 cr")
Tyre manufacturing major MRF has posted 71 per cent dip in net profit during the third quarter of the financial year 2021-22 to Rs 149 crore, from Rs 521 crore during the same period in 2020-21.
The company's revenue from operations was seen up by 6 per cent to Rs 4,920 crore during October to December quarter, from Rs 4,642 crore during the same period last financial year.
MRF, along with other major manufacturers like Apollo Tyres, CEAT, Birla Tyres, J K Tyre and Automotive Tyre Manufacturers Association (ATMA) was in the line of fire from the Competition Commission of India after the watchdog had imposed a total fine of more than Rs 1,788 crore on these players for alleged unfair business practices.
The company said on Thursday that a penalty of Rs 622 crore was imposed on it and it is taking appropriate legal remedies. MRF also approved a second interim dividend of Rs 3 per equity share.
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