CHENNAI: Tyre major MRF on Friday reported a 20.3% dip in standalone profit after tax (PAT) at Rs 455.4 crore in the quarter ended Sept 30, 2024 against Rs 571.9 crore in the corresponding quarter last year on the back of increase in raw material prices.
However, its revenue from operations rose to Rs 6,760.4 crore in Q2 FY25, which is an increase by 11% over Rs 6,087.6 crore during the year ago quarter. The total expenses stood at Rs 6,261.5 crore in the second quarter of 2024-25 against Rs 5,383.7 crore in the same quarter last year.
When contacted, an MRF official said raw materials witnessed an unprecedented increase during Q2 FY2025. Noting that the prices of natural rubber had reportedly doubled in four months during August, he said, the input cost situation was unfavourable and this was reflected in the increase in commodity prices.
"Even though the company had a double digit growth in revenue compared to Q2 FY2024, some of the input cost increases have been offset by price increase of the end product," the official added.
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