 "MRF tyres")
Chennai-based tyre company MRF on Friday posted a threefold increase in its profit after tax (PAT) for the December quarter to Rs 509.71 crore, on the back of an increase in inventory levels and a slight reduction in the cost of materials.
MRF posted a 9.17 per cent increase in its consolidated revenue from operations, which came in at Rs 6,162.46 crore compared to Rs 5,644.55 crore in the corresponding quarter in the previous year.
On a sequential basis, the company saw a 0.88 per cent decline in revenues along with PAT, which also declined by 13.11 per cent.
The company opted not to disclose the figures for its international operations, citing failure to meet the disclosure threshold specified in the Indian Accounting Standards.
In the financial results statement, the company clarified: “The group's operations outside India do not exceed the quantitative threshold for the disclosure envisaged in the (IND-AS). Given the above, primary and secondary reporting disclosures for business/geographical segments are not applicable.”
The Board of Directors announced a Second Interim Dividend of Rs 3 per equity share (30 per cent) for the financial year ending March 31, 2024.
The Record Date for eligibility to receive the Second Interim Dividend has been set on February 21, 2024.
The payment of the declared Second Interim Dividend is scheduled to be made on or after March 4.
Except for MRF Corporation, which specialises in the manufacture of speciality coatings, the rest of the group is involved in the production of rubber products such as tyres, tubes, flaps, and tread rubber, and engages in the trading of rubber and rubber chemicals.
MRF’s share price declined 3.82 per cent, ending the session on Friday at Rs 1,37,047.15 apiece on the BSE.
