Tyre major MRF on Thursday reported a 58.3 per cent decline in its net profits to Rs 164.76 crore for the fourth quarter ending September 30.
The Chennai-based company had reported a net profit of Rs 395.44 crore during the corresponding period last year, it said in a statement.
The company attributed the dip in their net profits to fluctuations in raw material prices, increase in power and fuel cost. Depreciation of rupee has impacted the financial performance of the company, it said.
However, the company hoped that it will achieve improved results considering the challenging circumstances, due to better operating efficiencies and cost cutting measures which it has undertaken over a period of time, the statement added.
For the financial year ending September 30, 2012 the net profit of the company marginally dipped by 6.36 per cent to Rs 579.41 crore from Rs 618.78 crore registered during the previous fiscal.
The total income of the company for the fourth quarter rose to Rs 2,993.62 crore from Rs 2,619.79 crore registered during the same period of last year.
For the year ending September 30, 2012 the consolidated total income of the company soared to Rs 11,967.32 crore compared to Rs 9751.81 registered last year.
The company’s exports for the year ending September 30, 2012 grew by 55.5 per cent to Rs 1,280.55 crore from Rs 823.30 crore registered during the previous year, the statement said.
The board of directors at its meeting declared a final dividend of 190 per cent, Rs 19 per share for the year 2012.
Shares of the company on Thursday closed at Rs 10,526.20 apiece up by 4.79 per cent over the previous close on the BSE.