MRF Tyres’ net profits down 22 per cent

MRF tyres has posted a 22 per cent decline in net profit to 300 crore rupees (£34.772 million) for the second quarter, which ended September 2017. According to media reports, the results are in comparison to 385 crore rupees (£44.624 million) in the comparable period a year earlier. Company representatives put rising raw material costs, which increased 15 per cent in the period, down as the reason for impacted profitability.

During the quarter, total income slipped 2 per cent to 3,660 crore rupees (£424.030 million) from 3,737 crore rupees (£422.025 million).