The Chennai-based company had posted a consolidated net profit of Rs 501.82 crore in the corresponding quarter last fiscal, MRF Ltd said in a regulatory filing.

Consolidated revenue from operations in the first quarter stood at Rs 8,415.5 crore as against Rs 7,675.64 crore in the same period a year ago, it added.

Total expenses in the quarter under review were higher at Rs 7,960.87 crore as compared to Rs 7,132.4 crore in the year-ago period, the company said.

Cost of materials consumed in the first quarter were higher at Rs 5,854.23 crore as against Rs 4,622.99 crore in the same period last fiscal, the filing said.

MRF was able to deliver a resilient operating performance in Q1 on the back of good demand for its products. Demand from OE manufacturers was buoyant as vehicle sales across segments witnessed strong growth. Replacement sales was also healthy as demand continued to be robust. However, higher input costs impacted profitability during the quarter, a release from MRF said.

The tyre major has taken price increases and cost management measures in this quarter which helped to partially offset cost increases. Raw material prices continue to remain firm due to the ongoing conflict in the Middle East. The impact of higher costs on margins is expected to continue, it added.