Tyre manufacturing major MRF has appointed its Managing Director Arun Mammen as Vice-Chairman of the company, while Rahul Mammen Mappillai, whole time director of the company, has been appointed as one of the managing directors of the company with immediate effect.
The decisions were taken at a company's board meeting held on Thursday. Now, Arun Mammen stands re-designated as vice-chairman and managing director with immediate effect. K M Mammen, chairman & managing director of the company is Arun Mammen's brother.
Rahul Mammen Mappillai, who has been appointed as the managing director, is the son of K M Mammen.
During the quarter ended March 31, 2017, MRF's profit dropped to Rs 286.77 crore from Rs 423.46 crore, a year ago, a decline of 32 per cent.
Total income dropped to Rs 3778.23 crore from Rs 3839.02 crore, during the same period last year.
The recent years saw the range of economic upheaval both favourable and favourable, said the company.
The short and medium term impact of goods and servixes tax (GST) on the supply chain still remains to been seen. The implementation of the BS-IV norms may throw up challenges for the automobile industry and the nature and extent is not fully clear as yet.
However, the bumper monsoon especially in North and west has resulted in the healthy upwsing in the agrarian economy, traslating to a spike in agriculture related production, said MRF management.