The third quarter ending December 31, 2022, saw a 17% increase in the company’s consolidated net profit from continuing operations, reaching Rs 174.83 crore, according to the tyre manufacturer MRF Ltd.
According to MRF Ltd in a regulatory filing, during the same quarter of the previous fiscal year, the business generated a consolidated net profit from continuing operations of Rs 149.39 crore.
According to the statement, total operating revenue for the reviewed period was Rs 5,644.55 crore as opposed to Rs 4,920.13 crore during the same period last year.
Total expenditures increased from Rs 4,787.33 crore in the third quarter to Rs 5,484.72 crore in the third quarter compared to the same period a year earlier.
The board of directors has decided to pay out a second interim dividend of Rs 3 per equity share (at a 30% rate) for the fiscal year that ends on March 31, 2023, according to MRF Ltd.
The corporation has announced that Arun Mammen would be reappointed as managing director for the firm with the title of “Vice Chairman & Managing Director” for a term of five years commencing on April 1, 2023.
The reappointment will be subject to the shareholders’ approval, it was stated, by postal poll.
By the early 1960s, MRF was selling high-quality tyres to a number of nations, and soon its presence was well-known in 65 different nations. Tyres were being produced at 10 sites spread across 450 acres, with 5000+ strong dealer networks and 130 offices. MRF is commended for its commitment to client satisfaction and ongoing quality improvement. It has received the JD Power award not only once, but 13 times as of today. According to its official website, it has also received recognition for being the most reputable tyre manufacturer in India from TNS and CAPEXIL awards.