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  4. MRF Q4 results: Dividend of ₹194 per share declared despite dip in net profit. Details here

MRF Q4 results: Dividend of ₹194 per share declared despite dip in net profit. Details here

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2 min read • Updated: May 3, 2024, 3:50 PM

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Summary

MRF Q4 Results: The standalone revenue from operations came in at ₹6,215.1 crore, up 8.6% as compared to ₹5,725.4 crore in the year-ago quarter.

The tyre maker logged a standalone net profit of ₹379.6 crore in Q4FY24
The tyre maker logged a standalone net profit of ₹379.6 crore in Q4FY24

MRF Tyres, the largest manufacturer of tyres in India, has declared a dividend of ₹194 per equity share despite a 7.6% year-on-year drop in net profit in the fourth quarter of financial year 2023-24 (Q4FY24), a regulatory filing showed on Friday, May 3.

“The board of directors have recommended a final dividend of ₹194 (1940%) per share of ₹10 each,” MRF said in an exchange filing, adding that it has already declared and paid two interim dividends of ₹3 each-per share for the financial year ended March 31, 2024.

This takes the total dividend for FY24 to ₹200 per share, said MRF, whose shares are the highest-priced in the Indian stock market at over ₹1.28 lakh. The final dividend payout of ₹194 per share announced by the company is the highest-ever in its history.

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MRF Q4 results: Key metrics

  • The tyre maker’s standalone net profit in Q4FY24 came in at ₹379.6 crore, as compared to ₹410.7 crore in the year-ago period.

  • The standalone revenue from operations came in at ₹6,215.1 crore, up 8.6% as compared to ₹5,725.4 crore in Q4FY23.

  • The earnings before interest, taxes, depreciation and ammortisation (EBITDA) was recorded as ₹885.7 crore in Q4FY24, a growth of 5% as against ₹843.1 crore in the year-ago quarter.

  • The EBITDA margin in the March 2024 quarter dropped by 40 basis points to 14.3%, from 14.7% in the same period of the previous fiscal year.

MRF shares

MRF shares were edging lower at the stock market ahead of the release of Q4 results. After the earnings report was disclosed, the shares declined to an intraday low of ₹1,27,767 apiece on the NSE, down 4.5% as against the previous day’s close.

At 2:07 pm, the shares were trading 4.15% lower at ₹1,28,300 apiece.

Year-to-date, the shares have inched down marginally by 0.87%, whereas a significant growth of 37.1% has been recorded in the last one year period.