MRF Q1 net up fivefold to ₹581 cr. on increase in sales volume

The result included subsidy/incentive of ₹7.28 crore received from State Governments

August 03, 2023 04:37 pm | Updated 04:39 pm IST - CHENNAI

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.

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