Tyre manufacturer MRF Ltd. has reported 32% decrease in its standalone net profit for the fourth quarter ended March 31, 2017 at ₹286 crore against ₹422 crore in the year-earlier period due to higher cost of raw materials.
Revenue from operations decreased by 1.56% to ₹3,713 crore (₹3,772 crore). Raw material costs rose 22.68% to ₹2,120 crore (₹1,728 crore). Share prices slid by 2.5% to ₹66,985 at close of trade on the BSE on Thursday.
The board of directors recommended a final dividend of ₹54 per share.
New appointments
The board appointed Arun Mammen, managing director, as vice chairman and re-designated him as vice chairman and managing director. The board also appointed Rahul Mammen Mappillai, whole time director, as managing director. The appointments are with immediate effect.
