Tyre maker MRF Q3 net rises 17% to Rs 174.83 cr

New Delhi: Tyre maker MRF Ltd on Thursday reported a 17 per cent rise in consolidated net profit from continuing operations at Rs 174.83 crore for the third quarter ended December 31, 2022.

The company had posted a consolidated net profit from continuing operations at Rs 149.39 crore in the same quarter last fiscal, MRF Ltd said in a regulatory filing.

Consolidated revenue from operations during the period under review stood at Rs 5,644.55 crore, as against Rs 4,920.13 crore in the year-ago period, it added.

Total expenses were higher at Rs 5,484.72 crore in the third quarter, as compared to Rs 4,787.33 crore in the corresponding period a year ago.

The board of directors has declared a second interim dividend of Rs 3 per equity share (at 30 per cent) for the financial year ending March 31, 2023, MRF Ltd said.

The company further said its board has also approved the re-appointment of Arun Mammen as its Managing Director with the designation "Vice Chairman & Managing Director" for a period of five years with effect from April 1, 2023.

Approval of the shareholders will be sought for the re-appointment through postal ballot, it added.