MRF posts 20% rise in pro.fits despite low sales
MRF posted a 20% rise in profit for the December quarter despite sluggish sales as the Chennai-headquartered tyre maker saw raw material costs go down.
The company reported net profit of Rs 388.15 crore for the quarter that ended on December 31, compared with Rs 323.51 crore for the same period a year ago. MRF saw its cost of raw materials go down 10.7% to Rs 1813.51 crore.
Net sales fell 2.1% to Rs 3256.16 crore from last year despite a slight growth in volume of orders, said MRF, attributing the fall to unregulated import of cheap tyres from China.