MRF’s profit more than doubles in Q1

Tyre maker posts ₹260.74 crore net

NEW DELHI, 21/10/2011: Formula one driver Narain Karthikeyan, at the launch of high-performance, tubeless tyre - MRF Z.L.O. series, in New Delhi on October 21, 2011. Photo: Sushil Kumar Verma

Tyre maker MRF Ltd. posted a more than twofold increase in standalone net profit for the first quarter ended June 30, 2018, at ₹260.74 crore, from ₹106.53 crore in the year earlier. During the period under review, the total revenue from operations declined to ₹3,855.55 crore from ₹3,971.76 crore.

NCDs secured

In a regulatory filing, MD Rahul Mammen Mappillai said its listed secured redeemable non-convertible debentures aggregating to ₹500 crore were secured by way of legal mortgage of the company’s land at Gujarat and hypothecation by way of first charge on plant and machinery at the company’s plants in Perambalur. Shares of the company shed ₹982.40 to close at ₹75,842.95 on the BSE on Thursday.