MRF profit doubles to ₹512 cr. on higher sales

MRF Ltd. on Thursday said standalone net profit for the third quarter ended December has more than doubled to ₹512 crore on increased sales volume, compared with the year-earlier period.

During the quarter under review, revenue from operations increased by 14% to ₹4,567 crore, while financial costs declined to ₹64 crore from ₹70 crore, the company said in a filing.

The leading tyre manufacturer also said that its redeemable non-convertible debentures of ₹180 crore are secured by way of legal mortgage of its land in Gujarat and hypothecation by way of first charge on plant and machinery at the Trichy unit, equivalent to the outstanding amount.

The board also approved a second interim dividend of ₹3 per share for the year ending March 31. The company has fixed February 19 as the record date for the dividend, it said in a regulatory filing.

The board also approved raising of up to ₹1,000 crore by way of issuance of non-convertible debentures on private placement basis in one or more tranches.

(With PTI inputs)

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