Tyre major MRF has reported 59.6 per cent rise in its net profit at Rs. 180.22 crore in the first quarter ended December 31, 2012 against Rs. 112.89 crore in the same period in the previous year. A significant fall in raw material prices, especially in rubber, brought down the cost of raw materials consumed to Rs. 2,018.52 crore from Rs. 2,078 crore in the year ago-period.
Total income from operations (net) rose by 5.2 per cent to Rs. 3,025.75 crore from Rs. 2,875.49 crore during the period under reference. The gross profit before depreciation, interest charges and exceptional items was higher at Rs. 403.10 crore against Rs. 258.53 crore. Depreciation and amortisation expenses claimed Rs. 89.19 crore (Rs.64.73 crore) and finance costs Rs. 49.85 crore (Rs.32.84 crore). The paid-up capital is very low at Rs. 4.24 crore while reserves are huge at Rs. 2,853.56 crore.
The company also has a debt of Rs. 700 crore which represents secured redeemable non-convertible debentures.
Net earnings work out to Rs. 424.94 per share of Rs. 10 face value against Rs. 266.18 in the year-ago period.
The company’s shares ended 1.89 per cent (Rs. 248.15) higher at Rs. 13,408.60 on the BSE on Friday.