New Delhi: Tyre manufacturer MRF on Friday reported a 22.15% decline in standalone net profit at Rs299.92 crore for the quarter ending September on account of lower income and higher expenses.

The company had posted a net profit of Rs385.29 crore during the same period previous fiscal, MRF Ltd. said in a regulatory filing.

Total income during the quarter under review stood at Rs3,660.22 crore as against Rs3,736.70 crore in the July- September quarter of 2016-17.

Expenses during the quarter rose to Rs3,219.30 crore compared to Rs3,170.99 crore in the year ago period.

The company’s board declared an interim dividend of Rs3 per equity share for the financial year ending March 2018. MRF Ltd. stock closed 3.54% up at Rs67,286.50 on BSE.