Strong sales drove MRF Ltd.’s consolidated net profit for the September quarter up by almost fivefold to ₹587 crore over the same period last year.

Revenue from operations grew by 7% to ₹6,217 crore. Cost of materials slid to ₹3,749 crore from ₹4,161 crore, the tyre major said in a statement.

On a standalone basis, the company posted a net profit of ₹572 crore (₹124 crore) and revenue from operations of ₹6,088 crore against ₹5,719 crore.

The board declared an interim dividend of ₹3 per share and it will be payable by November 30.