Tyre maker MRF Ltd on Thursday reported a nearly five-fold rise in consolidated net profit at Rs 588.75 crore in the June quarter, driven by higher revenue and lower raw materials costs.
The company had posted a consolidated net profit of Rs 123.6 crore in the first quarter of the last fiscal, MRF said in a regulatory filing.
Consolidated revenue from operations was at Rs 6,440.29 crore as against Rs 5,695.93 crore in the year-ago quarter, it added.
Cost of materials consumed was lower at Rs 3,780.67 crore as compared to Rs 4,114.06 crore in the corresponding period of FY23, the company said.
Total expenses were, however, higher at Rs 5,727.92 crore over Rs 5,566.63 crore a year ago.
In a separate filing, MRF said its board has approved the reappointment of K M Mammen as Managing Director with the designation "Chairman & Managing Director" for 5 years with effect from February 8, 2024.
His current term as Managing Director ends on February 7, 2024.
The board has also approved the reappointment of Vimla Abraham as an Independent Women Director for a second term of 5 years commencing from February 5, 2024 on expiry of her earlier term.
Approval of the shareholders will be sought for the re-appointments through postal ballot, the company said.