MRF Q2 Profit Soars 4.5x to Rs 586.66 Cr

New Delhi, Nov 3 (PTI) Tyre maker MRF Ltd on Friday reported a four-and-half fold rise in consolidated profit from continuing operations at Rs 586.66 crore in the second quarter ended September 30, driven by higher revenue and fall in raw material costs.

The company had posted a consolidated profit from continuing operations of Rs 129.86 crore in the same quarter last fiscal, MRF Ltd said in a regulatory filing.

Consolidated revenue from operations in the quarter under review stood at Rs 6,217.1 crore, as against Rs 5,826.3 crore in the year-ago period, it added.

The company said cost of materials consumed during the second quarter was lower at Rs 3,748.9 crore, as compared to Rs 4,161.18 crore in the corresponding period last fiscal.

Total expenses were also lower at Rs 5,497.21 crore, as against Rs 5,729.82 crore in the same period a year ago, MRF said.