MRF Ltd. on Tuesday reported a 28 percent decline in net profit to Rs 369 crore for the September quarter, as higher raw material costs offset strong demand for its tyres.
The Wanderer tyre maker had posted a net profit of Rs 512 crore in the corresponding quarter of the previous financial year.
The company's total revenue from operations rose nearly 18 percent to Rs 8,524 crore in the July-September quarter from Rs 7,250 crore in the year-ago period.
However, total expenses increased by more than 22 percent, largely driven by higher material costs amid the war in West Asia.
The cost of materials consumed surged around 44 percent during the quarter, reported Reuters.