An employee inspects a newly manufactured tyres (Photographer: SeongJoon Cho/Bloomberg)  

MRF’s Q1 Profit Declines 78%

India’s largest tyre maker MRF Ltd.’s profit declined during the three months ended June.

The Chennai-based company’s net profit fell 78.2 percent to Rs 107 crore over the same quarter in the previous year, according to the company’s exchange filing. Revenue rose 2.3 percent to Rs 3,972 crore year-on-year.

Earnings before interest, tax, depreciation and amortisation increased nearly 67.3 percent year-on-year to Rs 276 crore. The profit margin contracted to 7.7 percent from 24.1 percent during the year-ago period.

MRF shares extended decline for the second straight day, falling as much as 4.6 percent, the most in over eight months, after the quarterly results announcement.