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National, Reader's Choice, Tyre Industry

MRF’s net profits jump by 13% in Q4.

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Posted: May 10, 2016 at 12:20 pm   /   by   /   comments (0)

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Tyre manufacturer MRF on Tuesday reported a 13.01 per cent rise in its net profit at Rs 375.9 crore for the fourth quarter ended March 31.

The company had posted a net profit of Rs 332.6 crore in the same period a year ago.

Total income of the company rose to Rs 3,456.4 crore during the quarter under review as against Rs 3,332.7 crore in the year-ago period, MRF said in a regulatory filing.

On a consolidated basis, it posted a net profit of Rs 2,366 crore for eighteen months ended March 31. Its total income stood at Rs 20,729.01 crore for the same period.

“The worst seems to be over for the heavy commercial vehicle industry and the current production trends indicate an upswing. This augers well for the replacement market demand in the long term,” the company said.

The two-wheeler and passenger car segments continued to be flat in view of low demand from rural India and it is expected that a normal monsoon may revive demand, it added.

The company used to follow October-September financial year, but later the board decided to change the financial year to April-March and for that it extended the current fiscal for six months.

Accordingly, the current financial year of the company has been extended up to March 31, 2016, covering a period of 18 months, commencing from October 01, 2014, to March 31, 2016.

The company’s board, which met today, approved a final dividend of Rs 94 each per share on paid-up equity share capital of the company.

MRF has already declared and paid two interim dividends of Rs 3 each per share for the above period.

“With the recommendation of final dividend of Rs 94 per share, the total dividend for the above period works out to Rs 100 per share,” it added.

MRF shares today closed 2.09 per cent lower at Rs 33,450 apiece on BSE.

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