MRF reports big jump in profits on lower input costs

ERJ staff report (DS)

Mumbai, India - Profits at MRF Ltd surged in the three months and six months to 31 March 2012. Sales also increased.

In the three months, MRF reported sales of Rs 29.93 billion (euro 431 million) (up from Rs 23.84 a year previously.

In the six months, MRF reported sales of Rs 58.68 billion (euro 846 million) (up from Rs 45.50 a year previously. Sales in the 12 months ended September 2011 amounted to Rs 97.432 billion (euro 1405 million)

Raw material costs declined, leading to a significant jump in profits. Operating profit in the three months amounted to Rs 2538 million, up from Rs 1572 million a year earlier. In the six months, profits grew to Rs 4466 million from Rs 3437 million.

The company said its new factory in Tiruchi, near Chennai began operations during the quarter.

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Stock exchange announcement from MRF