New Delhi: Tyre major MRF Ltd on Friday posted 30.68% fall in standalone net profit at Rs288.08 crore for the quarter ended 31 December 2016, due to higher expenses.

The company had posted consolidated net profit of Rs415.59 crore in the year-ago period, MRF Ltd said in a BSE filing.

Its total income from operations during the quarter under review stood at Rs3,533.14 crore as against Rs3,571.93 crore in a year ago, down 1.08%. During the third quarter, the firm’s total expenses rose to Rs3,120.92 crore from Rs2,953.28 crore in the corresponding period last fiscal.

MRF Ltd said its board has approved issue of non-convertible debentures not exceeding Rs500 crore through private placement basis and it would seek approval for the same from its shareholders through a postal ballot.

Besides, the board also approved an interim dividend of Rs3 per equity share at 30% for the financial year ending 31 March 2017, it added.

Shares of MRF Ltd were trading 0.92% down at Rs51102.05 apiece on BSE at 3.17pm