During the December quarter, the tyre manufacturer’s net profit remained flat as it paid 17% higher interest and 5% more taxes
MRF Ltd, the Chennai-based tyre manufacturer, reported almost flat first quarter net profit on higher interest expenditure and taxes.
For the quarter to end-December, the tyre manufacturer said its net profit remained flat at Rs179.9 crore from Rs180.2 crore while its total revenues, including sales, rose 6% to Rs3,200.6 crore from Rs3025.8 crore, same period last year.
MRF said during the quarter, its interest component increased 17% to Rs58.6 crore from Rs49.9 crore while it paid 5% more taxes at Rs91 crore, compared with a year ago period.
During the past 12-months to end-December 2013, foreign institutional investors (FIIs) shareholding in the company grew to 5.57% from 4.37% while domestic institutional investors (DIIs) shareholding grew 10.92% from 10.47% a year ago period. Public shareholding in MRF fell to 56.19% from 57.99%. However, promoter shareholding increased marginally to 27.32%.
MRF closed Thursday 2.5% down at Rs19,359.7 on the BSE, while the 30-share Sensex ended the day flat at 20,310.
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