MRF, the tire giant, saw its profits drop by nearly 23% this quarter, even though sales actually grew.
The main culprit? Raw material costs shot up, eating into earnings.
Still, demand for their tires stayed strong in both new vehicles and replacements, pushing revenue up 17.4% to ₹8,660.19 crore.
MRF material costs surge 43.2%
MRF's expenses jumped sharply: the cost of materials rose 43.2% more than last year.
The company says global uncertainties are making things tricky, but they are trying to cope with price hikes and cost-saving moves.
To soften the blow for investors, MRF announced an interim dividend of ₹3 per share (with payouts starting December 1 for those on record by November 17).