2025-02-06 02:15:34 pm | Source: Reuters
Indian tyre maker MRF profit plunges on higher rubber costs
Indian tyre maker MRF posted a near 40% fall in third-quarter profit on Thursday, as higher rubber costs outweighed steady demand for tyre, sending its shares more than 3% lower.
Standalone net profit was 3.07 billion rupees ($35.06 million) in the quarter ended Dec. 31, missing analysts' average estimate of 4.2 billion rupees, according to LSEG data.
Revenue from operations rose 13.8% to 68.83 billion rupees, beating analysts' average estimate of 67.33 billion rupees, while total expenses increased 20.6%.
MRF makes tyres for vehicles of Hyundai Motor India and Bajaj Auto, among others.
For further earnings highlights, click (Full Story)
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