MRF standalone Q3 PAT falls nearly 40%

CHENNAI: Tyre major MRF has seen its standalone Q3 net profit decrease by 39.5% to nearly Rs 307 down from Rs 508 crore in the year ago quarter.

The Q3 tally is also substantially lower than the Q2 PAT of Rs 455.43 crore. Revenue for the quarter was at Rs 6,883 crore, up 14% from Rs 6,048 crore in the year ago period.

The company’s consolidated total income increased by 13.76% to Rs 7,099 crore as compared to Rs 6,240 crore last Q3. Consolidated profit before tax stood at Rs 424 crore as compared to Rs 682.4 crore for the corresponding quarter in 2023. Provision for tax for the quarter is Rs 108.72 crore.

After making provision for tax, the consolidated net profit for the quarter is Rs 315.46 crore as compared to Rs 510 crore for the corresponding quarter. The company has declared a second interim dividend of Rs 3 (30%) per share of Rs 10 each for the year ending March 31, 2025.

The increase in sales was driven by growth in replacement sales / institutional sales and exports, said a company statement.

The strong growth in export sales witnessed during the earlier quarters of the financial year continued during Q3, it added.

“The input cost environment was challenging because of rising commodity prices and higher raw material costs (including natural rubber and crude based raw materials) and also a stronger dollar contributed to an overall increase in expenses,” said the statement.