Tyre major MRF Ltd., has reported a drop of 31% in its standalone net profit for the third quarter ended December 31, 2016 at ₹288.08 crore against ₹415.59 crore registered for the corresponding year-ago period. Total income from operations decreased from ₹3,571.93 crore to ₹3,533.14 crore.
During the period under review, the company’s total expenses rose to ₹3,120.92 crore from ₹2,953.28 crore in the corresponding period year-ago.
The company declared second interim dividend of ₹3 per equity share (30%) for the financial year ending March 2017.
At Friday’s board meeting it was decided to issue non-convertible debentures not exceeding ₹500 crore through private placement basis. For this purpose, the approval of shareholders will be obtained through postal ballot, said the company in a regulatory filing.
Shares of MRF were down by 1.08% to ₹51,019 at BSE on Friday.
