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MRF: Profits halved thanks to unprecedented material cost rises

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Indian tyre maker MRF Limited has reported a standalone income of Rs 193.04 billion (£2.03 billion) for the financial year ending 31 March 2022, a 19.7 per cent increase on the previous year’s result. Exports were slightly up, being valued at Rs 17.79 billion (£186.80 million), compared with Rs 13.33 billion for the prior financial year. Standalone net profit, however, dropped 48.2 per cent year-on-year to Rs 6.47 billion (£67.94 million).

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  1. Lower material costs help MRF double net quarter profits, despite Chinese competition
  2. Apollo Tyres annual net profit up 12 per cent, but European sales slide
  3. Ceat: Higher input costs squeezing margins
  4. MRF Ltd: Q2 2017 profit down 78%
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Continental included in tyre cartel investigation

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The Competition Commission of India (CCI) investigation into alleged cartel activities and anti-competitive behaviour doesn’t exclusively focus on local tyre makers. Stock exchange Börse Frankfurt shares news from the German Press Agency (dpa) regarding the visit of CCI officials to a site operated by Continental AG in the city of Faridabad. The statement shares that Continental is “cooperating fully with the authorities” but does not want to comment on the details of this ongoing investigation.

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  1. Indian competition body searches tyre makers’ premises
  2. India’s tyre makers meet government to talk rubber prices
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  4. Indian tyre stocks fall back
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Indian competition body searches tyre makers’ premises

Indian stock exchange BSE sought clarification from three tyre makers after media outlet CNBC-TV18 reported yesterday that the Competition Commission of India (CCI) had visited their premises as part of its investigation into alleged competition violation and cartelisation. One of the tyre firms, Apollo Tyres Ltd., responded to the BSE query earlier today. The other two manufacturers, Ceat Ltd. and MRF Ltd., have yet to reply.

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  1. India’s competition body shares news of tyre maker cartel
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Former F1 driver Karthikeyan JK Tyre’s new brand ambassador

Narain Karthikeyan, who in 2005 became India’s first-ever Formula 1 driver, has signed on as a JK Tyre brand ambassador. Commenting on the arrangement, Raghupati Singhania said the tyre maker was “delighted” to have Karthikeyan represent the JK Tyre brand in India.

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  1. ‘Money not a Consideration’ for JK Tyre
  2. JK Tyre now 26% shareholder in Treel Mobility Solutions
  3. JK Tyre reduces pay for management in “unprecedented” times
  4. India’s ATMA appoints new chairman, vice chairman
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Global social media ranking 2020: New winner as Pirelli falls two places to third

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Gerd Altman; Pixabay

As Tyres & Accessories annual global social media ranking enters its seventh edition, this year there is a new winner. Last year’s champion, Pirelli, has fallen two places to third position. At the same time, in a reflection of what has taken place in the UK-only ranking, the top 10 has a new entry, with previously 10th-ranked MRF being overtaken by another large Indian tyremaker.

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India’s ATMA appoints new chairman, vice chairman

The organisation representing India’s tyre makers has a new chairman, with KM Mammen being appointed to the role. Mammen, who is chairman and managing director of MRF Ltd., is joined in the Automotive Tyre Manufacturers Association’s (ATMA) leadership team by Anshuman Singhania as vice chairman. Singhania is a director at JK Tyre & Industries Ltd.

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  1. Singhania named JK Tyre’s deputy MD
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MRF displays expanded motorsport offering at Autosport

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As a top 15 global tyre manufacturer, India’s MRF continue to operate under the radar of many in Europe, though in motorsport it has rapidly developed from the UK launch of its range at the 2016 Autosport International show into an increasingly significant position. Globally, MRF has been recognised within motorsport circles since the late 1970s, when it became the most important tyre supplier to touring cars in its domestic market, with karting, rallying and various other motorsport events to follow.

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MRF launches Perfinza luxury tyre range

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MRF has launched the Perfinza range of tyres. According to the company, the new tyres have been developed to focus on ride comfort. To this end they are aimed at luxury and premium segment cars and are currently available for over 60 models on sale in India. Autocar India reports that the range retails via “all MRF exclusive outlets across the country and will be released for export markets later”.

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MRF Ltd: Q2 2017 profit down 78%

Although its total income rose 2.7 per cent year-on-year in the second quarter of the year, to Rs 40.1 billion (£480.8 million), MRF Limited reported a substantial drop in profit during the three months to 30 June 2017. The India tyre maker’s profit declined 77.9 per cent to Rs 1.1 billion (£12.7 million) due to a 21.0 per cent year-on-year rise in expenses, to Rs 39.2 billion.

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  1. MRF to double factory capacity
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Premium tyremakers continue to lead global top 20

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Global premium tyremakers continue to lead Tyres & Accessories annual ranking of the leading tyre manufacturers. Owing to the fact that all five of the top five firms have remained stable in their positions, it is difficult to view the chart very differently. Indeed, stability is the order of the day on this year’s table, with 12 of the 20 keep the same positions as last year.

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MRF Ltd announces results for year ending 31 March 2017

Indian tyre maker MRF Limited reports income of Rs 150.1 billion (£1.8 billion) for the 12 months to 31 March 2017. Net profit for the year came to Rs 14.5 billion (£174.6 million), and the company’s Board of Directors has recommended a final dividend of Rs 54 per share.

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Autosport 2017: Where the motorsport industry and tyre trade meet

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Tyre firms present included Pirelli, Yokohama, Toyo, Landsail, MRF and Davanti In addition, the Motorsport Industry Association (MIA) welcomed Mark Garnier MP, the Parliamentary Under Secretary for the Department of International Trade (DIT), to the annual global motorsport showcase at the show. Garnier, who is also MP for Wyre Forest, leads on high value export […]

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New factory: MRF signs agreement with regional government

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News of MRF Ltd.’s plan to set up a new factory in India’s Gujarat state first circulated towards the end of 2015, and now the tyre maker reports signing a Memorandum of Understanding with the state government that sets out its in-principle intention to erect a manufacturing facility there.

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  1. Ceat signs India factory MoU
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