Tyre Makers MRF

Tyre maker MRF on Thursday said its consolidated net profit declined by 3 per cent year-on-year to Rs 571 crore for the first quarter ended June 30, 2024. The company had reported a net profit of Rs 589 crore in the April-June quarter of last fiscal. Total income increased to Rs 7,280 crore for the period under review as against Rs 6,515 crore in the June quarter of FY24, MRF Ltd said in a regulatory filing. Shares of the company were trading 4.80 per cent higher at Rs 1,41,130 apiece on the BSE.

The jump in the stock price came after the company's profit zoomed 54.8 per cent quarter-on-quarter (Q-o-Q) to Rs 573.4 crore in the June quarter of FY24, from Rs 370.5 crore in Q4FY24.

Company says it recorded growth in all product groups as increase in raw material prices continued

The company said its board has approved raising of Rs 100 crore through issuance of non-convertible debentures on a private placement basis.

Tyre maker MRF on Tuesday reported 53.99 per cent decline in consolidated net profit at Rs 189.06 crore for the second quarter ended September 30, 2021

Analysts at Anand Rathi Research are positive on the outlook for the company as demand in TBRs, PCRs and two wheelers has started to pick up

The tyre maker relies on its association with the customer to build a new brand in a new category

MRF, Balkrishna Ind, TVS Srichakra, Ceat, Apollo Tyres, Goodyear India and JK Tyre were up 1% to 3%