MRF shares gain 3% after healthy earnings growth in March quarter

MRF said the board has recommended final dividend of Rs 169 per share for the year.

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MRF share price climbed nearly 3 percent on May 3 after healthy earnings growth with sharp margin improvement recorded for the quarter ended March FY23.

The standalone profit of the tyre maker increased significantly by 162 percent to Rs 410.66 crore for the March FY23 quarter, backed by robust operating performance and exceptional gains.

Standalone revenue from operations for the quarter grew by 10 percent to Rs 5,725.4 crore compared to corresponding period last fiscal, the company said in its filing to exchanges.

At the operating level, the EBITDA (earnings before interest, tax, depreciation and amortisation) surged 60 percent on-year to Rs 843 crore with margin expansion of 460 basis points at 14.7 percent for January-March FY23 quarter.

The company had an exceptional income of Rs 80.33 crore during the quarter on account of income tax refund.

For the financial year 2022-23, MRF has recorded a 26 percent growth in profit at Rs 816.2 crore and revenue from operations increased by 19 percent to Rs 22,578 crore compared to year-ago period.

The company said the board has recommended final dividend of Rs 169 per share for the year.

The stock of MRF was trading at Rs 90,920 on the NSE, up 2.62 percent with volumes of 23,034 equity shares at 14:00 hours IST.