MRF Q1 net profit rises by 376%

Tyre manufacturer MRF Ltd. announced a 376% YoY increase in its consolidated profit from continuing operations for the first quarter ended in June 2023, at Rs. 588.75 crores as compared to Rs. 123.6 crores in the same period of the previous fiscal year.

Sequentially, the net profit increased by 72.8% from Rs 340.67 crore in the March quarter of the previous year (Q4FY23).

The operating revenue for the reporting quarter was Rs 6,440 crore, up from Rs 5,696 crore YoY. This is a 13.06% gain.

Operating profit, also known as consolidated EBITDA was Rs 1,129 crore as compared to Rs 493 crore in the same period last year. Margins were 17% as compared to 8.6% YoY.

The Madras Rubber Factory (MRF) manufactures tyres. In terms of market share among its competitors and market capitalization, the company dominates the Indian tyre market. The company also produces paints, retreads, and sporting goods.

Source: Media Reports