MRF rolls in a net profit of Rs 768.96cr in FY23

Chennai (IANS) Automobile tyre major MRF Ltd closed FY23 with a total income of Rs 23,261.17 crore, a consolidated net profit of Rs 768.96 crore.

The company said that last fiscal, it had earned total income of Rs 23,261.17 crore (against previous year's Rs 19,633.71 crore) and an after tax profit of Rs 768.96 crore (against previous year's Rs 669.24 crore).

MRF shipped out goods worth Rs 1,877 crore last fiscal as against Rs 1,791 crore for the previous year ended March 31, 2022.

The unprecedented increase in raw material prices, which was witnessed during financial year 2021-22 due to the Covid pandemic and also Ukraine crisis, extended into the current financial year, the company said.

Despite efforts being taken to pass on the cost increases in a graduated manner, the profitability continued to be low during the first three quarters of the year. However, with easing of raw material prices during the later part of the year, the benefits of lower raw material cost resulted in better profitability in the fourth quarter, MRF said.

The Board of Directors have recommended a final dividend of Rs 169 (1,690 per cent) per share of Rs 10 each. The company has already declared and paid two interim dividends of Rs 3 each (30 per cent) per share for the financial year ended March 31, 2023.

With two dividends of Rs 3 each paid during the above period, the aggregate dividend for the year works out to Rs 175 (1,750 per cent) per share of Rs 10 each.