On May 3, the price of MRF stock increased by almost 3% as a result of the strong earnings growth and significant margin expansion seen in the March FY23 quarter. With strong operating results and outstanding profits, the tyre manufacturer’s standalone profit for the March FY23 quarter climbed dramatically by 162 per cent to Rs 410.66 crore. In its disclosure to exchanges, the business reported that standalone revenue from operations for the quarter increased by 10% to Rs 5,725.4 crore when compared to the same period in the previous fiscal.
Operating-level EBITDA (profits before interest, taxes, depreciation, and amortisation) increased by 460 basis points to 14.7 per cent for the January-March FY23 quarter, up 60 per cent year over year. Due to income tax refunds, the company had a quarter-long extraordinary income of Rs 80.33 crore.
MRF reported a 26 per cent increase in profit for the fiscal year 2022–2023 at Rs 816.2 crore, and a 19 per cent increase in operating revenue to Rs 22,578 crore. The business said that the board’s final dividend recommendation for the year is Rs 169 per share. At 14:00 IST, the MRF stock was up 2.62 per cent, trading at Rs 90,920 on the NSE, with 23,034 equity shares traded.
Meanwhile, the tire manufacturer stated on Wednesday that it would pay its shareholders a final dividend of 1,690 per cent, or Rs. 169 per equity share with a face value of Rs. 10 per share. The Board of Directors has recommended a final dividend per share of Rs. 10 of Rs. 169. For the fiscal year that concluded on March 31, 2023, the Company has already declared and paid two interim dividends of RS.3/030% each per share, according to the company’s regulatory filing. The entire dividend paid by MRF for the fiscal year that concluded on March 31, 2023, came to Rs 175—per share worth Rs 10.
Also Read: Aviation Sector Gains Momentum on Go First Bankruptcy, IndiGo, SpiceJet Shares Fly
To read more such news, download Bharat Express news apps
