The tyre maker's consolidated net profit rose 17.03% to Rs 174.83 crore on 14.72% increase in revenue from operations to Rs 5,644.55 crore in Q3 FY23 over Q3 FY22.
Consolidated profit before tax was at Rs 231.19 crore in Q3 FY23, registering a growth of 14.26% from Rs 202.34 crore posted in the same period last year.
Total expenses grew 14.57% year on year to Rs 5,484.72 crore in Q3 FY23. Cost of materials consumed stood at Rs 3,794.99 crore (up 25.01% YoY) and employee benefits expense was at Rs 411.32 crore (up 7.98% YoY) in Q3 FY23.
Meanwhile, the company's board has declared a second interim dividend of Rs 3 per equity share for the financial year ending 31 March 2023. The record date for the same is fixed on Tuesday, 21 February 2023 and the dividend will be paid on or after Monday, 6 March 2023.
Further, the board of directors has also approved the re-appointment of Arun Mammen as managing director of the company with the designation 'vice chairman & managing director' for a period of 5 years with effect from 1 April 2023.
MRF is engaged in the manufacture of rubber products such as tyre, tubes, flaps, tread rubber and/or trading in rubber and rubber chemicals.
Shares of MRF slipped 4.08% to Rs 88,451.05 on the BSE.
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