Jobaaj Stories
Tyre maker MRF impressed investors with robust quarterly results wherein the company’s profits more than doubled annually.
Revenues grew 10% during the quarter while other income improved by around 5%, resulting in a 10% growth in Total income which stood at Rs 5,912 crores at the end of the quarter.
Profit for the quarter was Rs 340.67 crores, up 106% when compared to Rs 165.21 crores reported last year in the same quarter.
On a yearly basis, the company’s revenues improved by 19% to Rs 23,008.50 crores. Total expenses grew 18.5% as the cost of materials accounted for 70% of total expenses. Total expenses came in at Rs 22,191 crores as the company’s operating margin improved 57 bps to 4.94%.
Profit for the year ending on 31st March 2023 stood at Rs 769 crores, up 15% compared to Rs 669 crores reported in the corresponding period last year. EPS was Rs 1,813.10 per share, up 15% as the company had a net margin of 3.31%, down 10 bps.
The company’s Board has announced a dividend of Rs 169 per share or 1690%. At the time of reporting, the share of MRF was trading around Rs 95,225 per share, up 1.8%.
—Aman Agarwal
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