News Karnataka
Tuesday, December 05 2023
Business News

MRF closes FY22 with lower profit after tax at Rs 647 crore

MRF closes FY22 with lower profit after tax at Rs 647 crore
Photo Credit : IANS

Chennai: Tyre major MRF Ltd closed FY22 with a lower net profit on a higher revenue as compared to FY21.

The company’s board recommended a final dividend of Rs 144 per share of Rs 10 each. The total dividend for FY22 was Rs 150 after taking into account two interim dividends of Rs 3 each. For the period under review, MRF had posted a total income of Rs 19,304.43 crore up from Rs 16,128.58 crore.

The company had posted a net profit of Rs 647.34 crore last fiscal, down from Rs 1,249.06 crore logged in FY21. During the year under review, MRF’s exports stood at Rs 1,779 crore, up from Rs.1,333 crore logged during FY21. According to MRF, it was not able to fully recover the increase in raw material cost.

Market conditions, after the pandemic, are also not favourable to absorb such frequent price increases. The company will do its best to recover the cost increases in the coming months. The operations were also adversely impacted by the uncertainties posed by the Covid-19 pandemic in the early part of the year, issues connected with the availability of raw materials and also challenges posed by the Ukrainian war, MRF said.

The company’s share with a face value of Rs 10 is one of the highest-priced scrips on the bourses. On Tuesday, the scrip opened at Rs 68,560 and touched a high of Rs 70,895.95.

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