MRF Q3 net profit down 31% at Rs 288 cr

Tyre major MRF Ltd on Friday posted 30.68% fall in standalone net profit at Rs 288.08 crore for the quarter ended December 31, 2016, due to higher expenses.

The company had posted consolidated net profit of Rs 415.59 crore in the year-ago period, MRF Ltd said in a BSE filing.

Its total income from operations during the quarter under review stood at Rs 3,533.14 crore as against Rs 3,571.93 crore in a year ago, down 1.08%.

During the third quarter, the firm's total expenses rose to Rs 3,120.92 crore from Rs 2,953.28 crore in the corresponding period last fiscal.

MRF Ltd said its board has approved issue of non-convertible debentures not exceeding Rs 500 crore through private placement basis and it would seek approval for the same from its shareholders through a postal ballot.

Besides, the board also approved an interim dividend of Rs 3 per equity share at 30% for the financial year ending March 31, 2017, it added.

Shares of MRF Ltd were trading 0.69% down at Rs 51,221.95 apiece on BSE.