MRF Ltd., standalone net profit for the June quarter rose more than fivefold to ₹581 crore over the year earlier period due to increase in sales volume and softening of input costs.
Revenue from operations increased by 13% to ₹6,323 crore, material costs declined to ₹3,722 crore from ₹4,043 crore, the tyre major said in a regulatory filing.
The result included subsidy/incentive of ₹7.28 crore received from State Governments.
On August 3, the board approved the re-appointment of K.M. Mammen as managing director for a period of five years from February 8, 2024. The present tenure expires on February 7, 2024.
The board also approved the reappointment of Vimla Abraham as independent women director for a second term of five years commencing from February 5, 2024 on expiry of her earlier term.