“MRF’s share price reaches Rs 1 lakh milestone as it opens over 1% higher, backed by impressive Q4 results. The company’s consolidated profit after tax surged 86% YoY, while revenue from operations grew by 10.12% YoY. MRF remains the largest tyre manufacturer in India.”
Image-: ET
On June 13, the stock price of MRF surpassed the long-awaited milestone of Rs 1 lakh. The stock opened more than 1 percent higher and was trading at Rs 1,00,050 on the NSE at 9.25 am. Previously, in May, the stock had briefly reached the Rs 1 lakh mark but in the futures segment.
Over the past year, MRF’s stock has experienced a remarkable rally of over 45 percent. It has gained an impressive 81 percent from its low point of Rs 55,000 in March 2020. In December 2022, the stock rose to Rs 94,500, but it couldn’t maintain that level. The stock witnessed a sharp surge after May 3 when the company announced its Q4 results.
For the fourth quarter ended March 2023, the tyre maker reported a consolidated profit after tax (PAT) of Rs 313.53 crore, marking an 86 percent YoY increase. In the same quarter of the previous year, MRF had posted a net profit of Rs 168.53 crore. The consolidated revenue from operations stood at Rs 5,841.7 crore, exhibiting a 10.12 percent YoY growth. Additionally, the company’s board declared a final dividend of Rs 169 (1,690 percent on the face value of Rs 10 per share) along with the results.
Note-: MRF, also known as Madras Rubber Factory or MRF Tyres, is an Indian multinational tyre manufacturing company and holds the position of being the largest tyre manufacturer in India. Its headquarters are located in Chennai, Tamil Nadu, India.
Read More-French tyre maker Michelin sells its activities in Russia
