‘Tyres with a muscle’, MRF posts lower net

CHENNAI: The company that makes 'tyres with muscle' posted a reduced profit for Q2FY23 as increased costs ate into it.

In a regulatory filing MRF said it closed the Q2FY23 with a net profit of Rs 123.99 crore (Q2FY22 Rs 183.38 crore) on an operational revenue of Rs 5,719 crore (Rs 4,831.65 crore).

The 'tyres with muscle' is one of the popular taglines of MRF tyres.

The Board of Directors of MRF at their meeting on Tuesday declared an interim dividend of Rs 3/share for FY23 and also approved the enhancement in the issue of Non-Convertible Debentures through private placement from Rs 100 crore to Rs 150 crore.