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MRF Q4 net profit jumps over two-fold to Rs 679 crore –

Tyre major MRF on Monday posted over two-fold surge in consolidated net profit to Rs 679.02 crore for the fourth quarter ended March 31. The company had reported a net profit of Rs 293.93 crore for the same period of 2018-19 fiscal.

Revenue from operations stood at Rs 3,685.16 crore as compared with Rs 4,137.67 crore in the same period of 2018-19, MRF Ltd said in a regulatory filing.

For 2019-20 fiscal, the company posted a consolidated net profit of Rs 1,422.57 crore as against Rs 1,130.61 crore in 2018-19, it added.

Revenue from operations for last fiscal stood at Rs 16,239.36 crore as compared to Rs 16,062.46 crore in 2018-19.

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The tyre industry has been facing market demand problems emanating from the crisis that the automobile sector has been confronting for some time, the company said.

The way forward is not clear as the pandemic has brought in uncertainties both for the automobile sector and for the tyre industry, it added.

However, the government’s announcement of putting restrictions on the import of tyres is likely to be of immense help to the industry at a difficult time like this, MRF said.

The company’s board recommended a final dividend of Rs 94 per share (940 per cent) for the year ended March 31.

With two interim dividends of Rs 3 each paid during the year, the aggregate dividend for the last financial year is Rs 100 each per equity share of Rs 10 each (1,000 per cent), MRF said.

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