MRF net slips 12.29% on rising material cost
Board approves reappointment of K.M. Mammen as MD
Tyre maker MRF has reported a 12.29% drop in its standalone net profit for the second quarter ended September 2018 at ₹263.04 crore against ₹299.92 crore due to increase in raw material costs.
Total income grew by 9.41% to ₹4,004.85 crore against ₹3,660.22 crore registered for the corresponding year-ago period.
Materials cost, however, shot up by 18.28% to ₹2,600.12 crore from ₹2,198.02 crore in the same period last year.
The board has approved the reappointment of K.M. Mammen as managing director for a period of five years with effect from February 8, 2019, subject to the approval of the shareholders.
It was decided to seek the approval of shareholders for the reappointment of Mr. Mammen through postal ballot.
An interim dividend of ₹3 per share (30%) has been declared for the financial year ended March 2019.
The company has fixed November 20 as record date for the payment of interim dividend. It would be paid by November 28.
K.C. Mammen, non-executive director of the company, who had submitted his resignation, would be stepping down from the board of directors.
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