Leading tyremaker MRF has reported a big increase in its standalone net profit at ₹572 crore for the quarter ended September 30, 2023, when compared with a net profit of ₹124 crore in a year-ago period, helped by lower cost of raw materials and price increases.

This is the second quarter in a row the company has posted a significant year-on-year increase in its net profit. Its profit before exceptional items and tax stood at ₹773 crore against ₹165 crore in the September 2022 quarter.

However, revenue from operations grew just six per cent at ₹6,088 crore (₹5,719 crore).

While the cost of raw materials consumed fell to ₹3,715 crore (₹4,113 crore), the company’s total expenses were lower at ₹5,384 crore (₹5,630 crore).

On a consolidated basis, the company’s profit after tax (PAT) stood at ₹587 crore in Q2 of this fiscal against ₹130 crore in Q2 of FY23, while revenue from operations grew to ₹6,217 crore (₹5,826 crore). 

For the half-year ended September 30, 2023, the company’s PAT grew to ₹1,153 crore (₹236 crore). Revenue stood at ₹12,411 crore ( ₹11,318 crore). The company’s net worth grew to ₹15,831 crore as of September 30, 2023, from ₹14,236 crore a year ago.

The board recommended an interim dividend of ₹3 per equity share (30 per cent) for FY24. The company’s scrip closed at ₹1,07,726.05 per share on BSE on Friday.

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