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MRF net drops 51% to Rs 157 crore in Q4

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For the full year, the company’s total income stood at Rs 19,304.43 crore compared to Rs 16, 128.58 crore in the previous year, logging a growth of 19.7%.

Tyre major MRF on Tuesday reported a net profit of Rs 156.78 crore for the fourth quarter of FY22 against Rs 317.26 crore in the corresponding quarter of last fiscal, registering a decline of 50.6%. The total income of the company went up 9.8% to Rs 5,265. 20 crore compared with Rs 4,794.21 crore same time last fiscal.

For the full year, the company’s total income stood at Rs 19,304.43 crore compared to Rs 16, 128.58 crore in the previous year, logging a growth of 19.7%.

Tax expense for the year was at Rs 231.82 crore against Rs 451.21 crore in the previous year. After making provision for tax expenses, the standalone net profit for the year stood at Rs 647.34 crore against Rs 1,249.06 crore in the previous financial year, registering a decline of 48%.

The company’s exports for the year were at Rs 1,779 crore against Rs 1,333 crore, an increase of 33.4%. Despite its best efforts, it has been unable to recover fully the raw materials cost increases. “The cost increases of raw materials are at an unprecedented level. 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,” it said.

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.

The board of directors has recommended a final dividend of Rs 144 (1440%) per share of Rs 10 each. The company has already paid two interim dividends of Rs 3 each (30%) per share for the financial year ended March 31, 2022.

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