MRF Q2 net profit up 67% YoY at Rs 150.13 cr

Automobile tyre maker MRF 's fourth quarter net profit surged 67% from a year ago to Rs 150.13 crore, helped by strong sales growth and softening of input costs.

Its net sales in Jan-March were up near 30% year-on-year to Rs 2,990.63 crore.

Koshy Varghese, MRF's executive vice president - marketing, told CNBC-TV18 that softening raw material prices had helped margins and export market improvement and pickup in replacement market boosted sales in its second quarter.

MRF's raw material costs in Jan-March were up 10% year-on-year at Rs 1,989.73 crore. They were down 4.2% sequentially.

EBITDA margin for the three-month period was 10.8%, compared with 9.2% a year ago.

Koshy said price of rubber, a key input for the company, has been very volatile. Other input costs are also seen going up now, he added.

MRF shares were down 0.9% at Rs 11,346 on NSE in afternoon trade.

Source: www.moneycontrol.com

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