Demand for tyres remained resilient in the July-September quarter, supported by steady dispatches from automakers
MRF reported a near 28 per cent fall in second-quarter profit on Tuesday, as higher costs for raw materials overshadowed strong demand for its tyres.
The Wanderer-tyre maker's profit fell to ₹369 crore ($39.29 million) in the quarter ended September 30, from ₹512 crore a year earlier.
Revenue from operations rose by almost 18 per cent to ₹8,524 crore, while total expenses grew by more than 22 per cent, driven largely by a rise in material costs related to war in the Middle East.
Cost of materials consumed grew by about 44 per cent during the quarter.