MRF Q4 standalone net profit more than doubles
CHENNAI: Tyre major MRF saw its Q4FY23 standalone net profit more than double at Rs 410.66 crore, up from nearly Rs 157 crore in the year ago period. Total revenue also went up to Rs 5,793 crore up from Rs 5,265 crore in Q4FY22. For the full year FY22-23, the company saw its net profit go up to just over Rs 816 crore compared to just over Rs 647 crore in the year ago fiscal. The companys consolidated total income was just over Rs 23,261 crore as compared to Rs 19,633.7 crore in the previous year. The consolidated profit before tax stood at nearly Rs 1,070 crore as against nearly Rs 908 crore for the year-ago fiscal. Tax expense for the year was at nearly Rs 301 crore (previous year was around Rs 238.7 crore). After making provision for tax expense, the consolidated net profit for FY23 was nearly Rs 769 crore as against just over Rs 669 crore for the previous financial year.MRFs consolidated exports for the year was Rs 1,877 crore up from Rs 1,791 crore in FY22. Revenue from operations for 2022-23 registered good growth over the previous year and the increase in sales was a result of growth in all product groups, the company said in a statement. The unprecedented increase in raw material prices, which was witnessed during 2021-22 due to the Covid-19 pandemic and also the war in Ukraine, extended into the current financial year. Despite efforts being taken to pass on the cost increases in a graduated manner, the profitability continued to be low during the first three quarters of the year. However, with easing of raw material prices during the later part of the year, the benefits of lower raw material cost resulted in better profitability in the fourth quarter, said the statement.The company has announced a final dividend of Rs 169 (1690%) per share of Rs 10 each. The company has already declared and paid two interim dividends of Rs 3 each (30%) per share for FY23. With that, the aggregate dividend for the year works out to Rs 175 (1750%) per share of Rs 10 each.
Saturday, May 6, 2023 at 7:59 am