MRF hits 52-week low on disappointing December quarter earnings

The stock dipped 4% to Rs 57,097 on BSE after the MRF posted 18 per cent fall in net profit at Rs 279 crore in December quarter.

Shares of MRF slipped 4 per cent to Rs 57,097 apiece on BSE in the intra-day trade on Friday after the company posted 18 per cent decline in net profit at Rs 279 crore for December quarter (Q3FY19), due to higher other expenses. It had reported a profit of Rs 341 crore in a year-ago quarter.

Operational revenue grew 6 per cent at Rs 4,034 crore against Rs 3,799 crore during the corresponding quarter of previous fiscal.

MRF’s revenue growth would have been impacted to some extent due to market share loss in original equipment manufacturer (OEM) segment and