MRF Q3 net profit jumps 115% YoY to Rs 520 crore

Tyre major MRF Ltd on Thursday reported a 115.7 per cent rise in its consolidated net profit at Rs 520.5 crore in the third quarter ended December 31, 2020, compared to Rs 241.32 crore in the same period last year, the company said in a regulatory filing on Thursday.

Tyre major MRF had reported a 79 per cent jump in consolidated profit at Rs 410.92 crore for the quarter ended September 2020. Total income rose 13.9 per cent to Rs 4,641.6 crore against Rs 4,076 crore in the year-ago period, MRF Ltd said. The tyre maker said EBITDA for Q3 stood at Rs 977 crore, showing 57 per cent rise as compared to Rs 622.2 crore recorded in the year ago period.

The company's margin for the third quarter was 21 per cent compared to 15.3 per cent recorded in the year-ago period. Meanwhile, shares of MRF on Thursday declined 4.71 per cent or Rs 4,566.3 to Rs 92,407.55 on the National Stock Exchange.