Vedanta Q2 Results: Mining Giant Returns to Profit, Posts ₹4,352 Crore Earnings
MRF Q2 Results: Revenue Rises by 11% Despite Profit Decline; ₹3 Dividend Announced
Last Updated: 8th November 2024 - 01:11 pm
MRF Ltd., the tyre manufacturer, announced its September quarter results on Friday, November 8, reporting a decrease in net profit alongside an increase in revenue compared to the same quarter the previous year. Net profit fell by 20.4% year-on-year, reaching ₹455 crore. The company's EBITDA margin also saw a significant contraction, narrowing by more than 400 basis points from 18.5% in the prior-year quarter to 14.4%.
MRF has also announced an interim dividend of ₹3 per share, setting November 19, 2024, as the record date. The dividend is scheduled to be paid to shareholders on or after November 29, 2024.
MRF Q2 Results Highlights
- Revenue: ₹6,760 crore, a growth of 11.1% from last year.
- Net Profit: Dropped by 20.4% year-on-year, settling at ₹455 crore.
- EBITDA: Decreased by 14% from the previous year to ₹973.6 crore, with margins contracting by more than 400 basis points to 14.4%.
- Market Reaction: Shares are presently trading 1.6% lower at ₹1,19,026.
MRF Management Commentary
MRF has declared an interim dividend of ₹3 per share, with a record date set for November 19, 2024. The dividend is expected to be distributed to shareholders on or after November 29, 2024.
Stock Market Reaction
MRF share price are presently trading 1.6% lower at ₹1,19,026. The stock has dropped 22% from its recent high of ₹1,51,445 and has declined by 8% year-to-date.
About MRF Ltd.
MRF Ltd. (MRF) specializes in the production of rubber tires and offers a diverse range of products, including tires, flaps, conveyor belts, tread rubber, tubes, toys, paints and coats, pre-treads, and sports equipment. Its tire products cater to a variety of vehicles, such as heavy-duty trucks, buses, light commercial vehicles, passenger cars, off-road industrial machinery, and two-wheelers. Additionally, through its service centers, MRF provides services like computerized nitrogen inflation, tubeless tire repair, wheel alignment and balancing, car washing, AC servicing, headlight alignment, and tire replacement, among others.
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