MRF Q1 consolidated profit from continuing operations falls to ₹124 crore

Tyre maker MRF Ltd on Tuesday reported a 25.35 per cent decline in consolidated profit from continuing operations at ₹123.6 crore in the first quarter ended June, impacted by higher raw material cost.

The company, which had posted a consolidated profit for the period from continuing operations of ₹165.58 crore in the year-ago period, said its board has approved raising of ₹100 crore through issuance of non-convertible debentures on a private placement basis.

Consolidated revenue from operations in the June quarter stood at ₹5,695.93 crore as against ₹4,183.96 crore in the last fiscal, MRF Ltd said in a regulatory filing.

Total expenses in the quarter under review stood at ₹5,566.63 crore as compared to ₹4,054.24 crore last year. Cost of materials consumed in the quarter was higher at ₹4,114.06 crore. The same stood at ₹3,251.56 crore in the corresponding period last fiscal.

MRF said the economic crisis in Sri Lanka had led to currency devaluation resulting in remeasurement loss on consolidation of its wholly-owned subsidiary MRF Lanka (P) Ltd., aggregating to ₹2.60 crore for the quarter ended June.