Tyre manufacturer MRF on Monday reported a more than twelve-fold increase in net profit to Rs 165.58 crore for the quarter ended June 30. The company had posted a net profit of Rs 13.46 crore for the corresponding period a year ago.
The company's topline grew 70.03 percent on a year-on-year basis, according to a regulatory filing. Its revenue from operations came in at Rs 4,183.96 crore in the April-June period, as against Rs 2,460.70 crore in the year-ago period.
MRF's earnings before interest, taxes, depreciation and amortization (EBITDA) grew 49.2 percent to Rs 495.6 crore in the first quarter of the current financial year.
The company's EBITDA margin was at 11.8 percent in the quarter ended June 2021, as against 13.5 percent in the three months to June 2020.
Total expenses rose 63.57 percent on year to Rs 4,054.24 crore, on account of a nearly three times jump in the cost of raw material to Rs 3,251.56 crore, from Rs 1,112.50 crore.
Shares jumped more than 4 percent to Rs 82,600 apiece amid large volumes on BSE after the earnings announcement.
In late afternoon deals, the MRF stock was last seen trading 3.53 percent higher at Rs 81,951.35 apiece on the bourse, outperforming the benchmark S&P BSE Sensex index, which was up 0.05 percent.
(Edited by : Ajay Vaishnav)