Jobaaj Stories
India's leading tire manufacturer has reported a 51% YoY decline in profits as the profits for the quarter ended in March 2022 stood at Rs 156.78 crores, as opposed to Rs 317.26 crores for the corresponding quarter last year.
However, the company's revenues grew 9.76% YoY as the revenue figure for the year was Rs 5,200.29 crores. The company also saw a 7.67% QoQ growth in revenues as the revenues for the quarter ended in December 2021 stood at Rs 4,829.85 crores.
ICEX loses its position as a recognized bourse, read more.
The company faced a rise in input prices as the cost of raw materials consumed rose significantly. The company was unable to collect the cost of raw materials fully as market conditions were not favorable to absorb rising prices as frequently.
For the year ended on 31st March 2022, the company's total income grew 19.7% to Rs 19,304.43 crores against Rs 16,128.58 crores last year. The standalone profit after making relevant provisions stood at Rs 647.34 crores, down 48% YoY. The company's exports for the year were at Rs 1,779 crore against Rs 1,333 crore, an increase of 33.4%.
The Board of Directors has recommended a final dividend of Rs 144 per share. This brings the total dividends paid by MRF to Rs 150 per share or 1500% for the year.
The stock of MRF is one of the most expensive shares, if not the most expensive, in India. The share has seen a significant decline during this year as it has lost 7.2% so far. The stock touched a low of Rs 63,000 per share during this time, a level it hadn't reached in October 2020. The stock closed today at Rs 68,110.70 per share.
Article by Aman Agarwal.
This news piece is brought to you in association with jobaaj.com
