Moneycontrol Bureau
MRF's first quarter net profit shot up 80 percent year-on-year to Rs 323.5 crore driven by strong operating income post fall in raw material cost.
The tyre maker follows the October-September period as its financial year.
Total income from operations grew 4.8 percent to Rs 3,353 crore during October-December quarter from Rs 3,200 crore in same quarter last fiscal. However, total expenses declined 1.3 percent year-on-year to Rs 2,842.7 crore due to fall in raw material cost during the quarter.
Other income jumped 157.8 percent Y-o-Y to Rs 25.62 crore while tax expenses spiked 67.3 percent to Rs 152.25 crore in the quarter gone by.
Operating profit of the company increased 49.5 percent to Rs 626 crore and margin jumped 560 basis points to 18.7 percent during the same period.
The scrip of MRF jumped 7.44 percent to close at Rs 40,702.75 amid high volumes on the Bombay Stock Exchange.
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