MRF Q2 profit down 22% to Rs 300 cr on lower income, higher expenses

MRF's expenses during the quarter rose to Rs 3,219.30 crore

Tyre manufacturer MRF on Friday reported a 22.15 per cent decline in standalone net profit at Rs 299.92 crore for the quarter ending September on account of lower income and higher expenses.

The company had posted a net profit of Rs 385.29 crore during the same period previous fiscal, MRF Ltd said in a regulatory filing.

Total income during the quarter under review stood at Rs 3,660.22 crore as against Rs 3,736.70 crore in the July- September quarter of 2016-17.

Expenses during the quarter rose to Rs 3,219.30 crore compared to Rs 3,170.99 crore in the year-ago period.

The company's board declared an interim dividend of Rs 3 per equity share for the financial year ending March 2018.

MRF Ltd stock was trading 3.21 per cent up at Rs 67,068.05 on BSE.