Tyre manufacturer MRF said Friday that its consolidated net profit for the quarter ending September 30, 2024, was Rs 470.70 crore, a 19% year-over-year decrease. According to a regulatory filing, the company’s consolidated net profit for the second quarter of the previous fiscal year was Rs 586.60 crore.
The business stated in the regulatory filing that its consolidated revenue from operations for the September quarter increased by 10% to Rs 6,881.09 crore from Rs 6,217.10 crore in the corresponding quarter of FY 2023-24. According to the report, net profit decreased by 20% to Rs 455.43 crore during the reviewed quarter from Rs 571.93 crore in the second quarter of FY24.
Additionally, MRF announced an interim dividend of ₹3 per share, with November 19, 2024, set as the record date. On or after November 29, 2024, stockholders will receive the declared dividend. At ₹1,19,026, MRF shares are currently down 1.6%. Since its most recent top of ₹1,51,445, the stock has experienced a 22% correction. The stock has already down 8% so far this year
MRF Q2 Results
- Revenue: ₹6,760 crore, up 11.1% from the previous year.
- Net profit fell by 20.4% year-on-year to ₹455 crore.
- EBITDA decreased by 14% from the previous year to ₹973.6 crore, with margins decreasing by over 400 basis points to 14.4%.
- Market reaction: Shares are currently trading 1.6% lower at ₹1,19,026.
About the Company- MRF Ltd.
MRF Ltd. (MRF) manufactures rubber tires and sells a wide range of products, including tires, flaps, conveyor belts, tread rubber, tubes, toys, paints and coats, pre-treads, and sports equipment. Its tires fit a wide range of vehicles, including heavy-duty trucks, buses, light commercial vehicles, passenger automobiles, off-road industrial gear, and two-wheelers. MRF also offers computerized nitrogen inflation, tubeless tire repair, wheel alignment and balancing, car washing, air conditioning service, headlamp alignment, and tire replacement through its service locations.
