MRF net profit soars

India’s MRF Limited has reported a significant increase in year-on-year net profit for the quarter ending 30 September 2011. The company reported a net profit of Rs 3,954.5 million (£48.4 million), an increase of 413 per cent on the same quarter of last year. This growth occurred even though income rose only 24.3 per cent to Rs 26,197.9 million (£326.6 million) and can in part be attributed to a change in the company’s policy of accounting for depreciation.

For the year ended September 2011, MRF reported total income of Rs 97,518.1 million (£1.2 billion), 30.6 per cent more than a year earlier. Operating profit declined 4.69 per cent to Rs 8,052.2 million (£98.5 million) while net profit jumped 73.1 per cent to Rs 6,187.7 million (£75.7 million).