MRF Q1 profit grows 145% to Rs 260.74 crore, but misses estimates

MRF Thursday posted 144.75 percent rise in standalone net profit to Rs 260.74 crore for the quarter ended June 2018, but still missed estimates.

The Chennai-based company that is India’s largest tyre maker had a net profit of Rs 106.53 crore in the same quarter last year.

A Reuters poll of four analysts had expected the net profit to come in at Rs 373 crore.

The company, which makes tyres under the brands Perfinza, ZLX and Wanderer, as well as home paints and toys under the brand Funskool, saw a 3 percent fall in its revenue.

The company clocked a revenue of Rs 3,855 crore for the reporting quarter as against Rs 3,972 crore clocked in the same quarter last year. The Reuters poll had expected revenues to come in at Rs 4,099 crore.