New Delhi, May 4 (PTI) Tyre major MRF today reported a 32.27 per cent dip in standalone net profit at Rs 286.77 crore for the fourth quarter ended March 31, 2017 due to lower sales and higher expenses.
The company had posted a net profit of Rs 423.46 crore during the corresponding period of last fiscal, MRF said in a BSE filing.
Revenue from operations during the period under review stood at Rs 3,712.84 crore as against Rs 3,772.04 crore in the year-ago quarter, down 1.56 per cent.
The company said it has given additional responsibility to its Managing Director Arun Mammen by appointing him as the Vice-Chairman of the company.
Besides, its whole-time director Rahul Mammen Mappillai has been appointed as the Managing Director.
On the outlook, the company said the short and medium term impact of the GST law on the supply chain still remains to be seen.
“The implementation of BS-IV norms may throw up challenges for the automobile industry and the nature and extent is not fully clear as yet,” it added.
The company has also recommended a final dividend of Rs 54 per share for the fiscal ended March 31, 2017.
Shares of the company ended 2.51 per cent down at Rs 66,985.25 on BSE.
This is published unedited from the PTI feed.