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Tyre maker MRF Ltd on Tuesday reported a 25.35 per cent decline in consolidated profit from continuing operations at Rs 123.6 crore in the first quarter ended June, impacted by higher raw material cost.

The company, which had posted a consolidated profit for the period from continuing operations of Rs 165.58 crore in the year-ago period, said its board has approved raising of Rs 100 crore through issuance of non-convertible debentures on a private placement basis.

Consolidated revenue from operations in the June quarter stood at Rs 5,695.93 crore as against Rs 4,183.96 crore in the last fiscal, MRF Ltd said in a regulatory filing.

Total expenses in the quarter under review stood at Rs 5,566.63 crore as compared to Rs 4,054.24 crore last year. Cost of materials consumed in the quarter was higher at Rs 4,114.06 crore. The same stood at Rs 3,251.56 crore in the corresponding period last fiscal.

MRF said the economic crisis in Sri Lanka had led to currency devaluation resulting in remeasurement loss on consolidation of its wholly-owned subsidiary MRF Lanka (P) Ltd., aggregating to Rs 2.60 crore for the quarter ended June. PTI RKL SHW SHW

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