Leading tyre-maker MRF has reported a marginal drop in its standalone net profit to ₹563 crore for the quarter ended June 30, 2024, compared with ₹581 crore in the year-ago period.
Its profit before exceptional items and tax stood at ₹751 crore (₹778 crore). Its operating margin (EBIT margin) declined to 10.51 per cent from 12.38 per cent in the June 2023 quarter and 8.01 per cent in the March 2024 quarter.
Revenue from operations grew 12 per cent to ₹7,078 crore during Q1 (₹6,326 crore), supported by volume growth.
The cost of raw materials consumed was higher at ₹4,319 crore (₹3,722 crore). The total expenses stood at ₹6,410 crore (₹5,619 crore).
Consolidated results
On a consolidated basis, the company’s profit after tax stood at ₹571 crore (₹589 crore), while revenue from operations grew to ₹7,196 crore (₹6440 crore).
The company’s net worth grew to ₹17,005 crore (₹15,089 crore).
Despite a slight decline in its Q1FY25 bottom line, MRF shares surged 4 per cent to close at ₹1,40,0056 on the BSE on Thursday.
Last week, Apollo Tyres reported a standalone net profit of ₹192 crore on a revenue of ₹4,592 crore for Q1 of this fiscal (₹303 crore on a topline of ₹4413 crore).