MRF dropped 6.09% to Rs 89,141.90 after the tyre maker's consolidated net profit slipped 31.3% to Rs 129.86 crore despite of 18.7% rise in net sales to Rs 5,826.30 crore in Q2 FY23 over Q2 FY22.
Profit before tax declined 32% year on year to Rs 173.56 crore in the quarter ended 30 September 2022.Total expenses rose 20.85% year on year to Rs 5,729.82 crore with cost of raw materials consumed rising 8.4% year on year to Rs 4,161.18 crore during the period under review.
Meanwhile, the company's board declared an interim dividend of Rs 3 per equity share for the financial year ending 31 March 2023. The company has fixed Friday,18 November 2022, as the record date for the purpose of payment of interim dividend and it will be paid on or after 2 December 2022.
Furthermore, the board of directors approved enhancement in the issue of non-convertible debentures through private placement from Rs 100 crore to Rs 150 crore which was approved earlier by the board at its meeting held on 9 August 2022.
MRF is engaged in the manufacture of rubber products such as tyre, tubes, flaps, tread rubber and/or trading in rubber and rubber chemicals.
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