Tyre manufacturer MRF ‘s second quarter (January-March) net profit fell 19 percent on yearly basis to Rs 171 crore on higher raw material cost that increased nearly 19 percent to Rs 2,165 crore during the same period. The company follows October-September as its financial year.
Total income of the company grew 13.5 percent to Rs 3,298.9 crore in the quarter ended March 2014 from Rs 2,906.4 crore in same quarter last year.
Operating profit or EBITDA slipped 7.2 percent year-on-year to Rs 412 crore and margin declined 280 basis points to 12.5 percent in the quarter gone by.
The stock closed at Rs 21,879.50, down 7.14 percent amid large volumes on the Bombay Stock Exchange.