TVS Srichakra Ltd.’s standalone net profit for the second quarter ended September contracted 37% to ₹24.85 crore due to a rise in raw material costs.
Revenue from operations rose 25% to ₹668 crore, while cost of materials climbed 56% to ₹411 crore. Total expenditure rose 31% to ₹635 crore, it said in a regulatory filing.
The tyremaker said depreciation costs dipped by ₹12.27 crore due to the revision in the useful life of certain plant and machinery items.
Effective April 2021, the firm extended the estimated useful life of such items to 20 years on a three-shift basis instead of a single-shift basis, based on technical evaluation, TVS Srichakra said in a note.
