Tyre major MRF Ltd. has announced a profits of Rs.490.93 large integer for the quarter all over June thirty, 2016 against Rs.479.54 large integer for the corresponding year-ago amount. Total financial gain on a standalone basis inflated to Rs.3,481.97 crore, from Rs.3,477.17 crore.
The unaudited numbers, as reviewed by the audit committee, were approved by the board of the corporate, that met on Th.
In a notification to the bovine spongiform encephalitis, the corporate aforementioned the monetary results were ready in accordance with the Indian Accounting Standards (Ind-AS). this can be in line with a recent circular issued by the Securities and Exchange Board of Republic of India (SEBI).
The company au courant the exchange that the Ind AS-compliant standalone monetary results for the corresponding quarter all over June 2015 had not been subjected to accounting or audit. “However, the management has exercised necessary due diligence to confirm that the monetary results offer a real and honest read of its affairs,” the corporate aforementioned.
Addressing the fifty-fifth annual general meeting of the shareholders in Chennai on Th, MRF Chairman and decision maker, K.M. Mammen aforementioned that the general profit for the corporate over a previous couple of years was on the increase thanks to the softening of staple costs. Also, the corporate was ready to sell merchandise at a whole premium, he added.
“With this era currently seemingly drawing to a detailed, it's imperative that we'd like to shield our domestic turf and focus our efforts to keep up and grow our leadership position,” he said. Excess capability within the business, inflationary input prices and increasing pressure on margins, however, had created the competitive canvas a difficult one, he said.
“We are often certain that our ability to be nimble-footed and respond apace to dynamical client preferences are going to be unrelentingly placed to the take a look at within the close to future,” he said.
Nevertheless, he declared that “the MRF management team is prepared and absolutely prepared for this challenge.”