MRF profits down in Q4, full year

Indian tyre maker MRF Ltd has reported a 58.3 per cent drop in net profits during the quarter ended 30 September; profits declined from Rs 3,954.4 (£45.1 million) million in the corresponding quarter of last year to Rs 1,647.6 million (£18.8 million). The company said the lower profit results were the product of raw material price fluctuations plus increasing power and fuel costs. The depreciation of the rupee also played a role, said MRF.

For the financial year ending September 30, 2012, net profit declined 6.36 per cent to Rs 5,794.1 million (£66.1 million). Total company income in the fourth quarter increased 14.3 per cent to Rs 29,936.2 million (£341.8 million), while full year income rose 22.7 per cent to Rs 119,673.2 million (£1.37 billion). Annual exports grew 55.5 per cent to Rs 12,805.5 million (£146.2 million).