MRF's Q2FY24 Financial Performance Review

2 mins read . 03 Nov 2023 . 08:09 AM

In this financial performance review, we delve into the results of MRF for the second quarter of fiscal year 2024 and analyze key metrics, including revenue, expenses, net profit, and margin.

REVENUE: 
MRF reported a total income of ₹6,287.82 crores in Q2FY24, showing a slight decrease of 3.49% compared to the preceding quarter. On a year-on-year (YoY) basis, the company's revenue increased by 6.51% from ₹5,903.38 crores in Q2FY23.

EXPENSES: 
Total expenses for Q2FY24 amounted to ₹5,497.21 crores, which represented a decrease of 4.03% compared to the expenses in the preceding quarter. On a YoY basis, expenses decreased by 4.06% from ₹5,729.82 crores in Q2FY23.

NET PROFIT: 
 MRF reported a net profit of ₹586.66 crores, indicating a 5% increase compared to the net profit of ₹558.75 crores in the preceding quarter. On a YoY basis, the net profit exhibited substantial growth, with a remarkable increase of 351.76% from ₹129.86 crores in Q2FY23.

MARGINS: 
MRF's margin in Q2FY24 was 9.33%, which is an improvement compared to the margin of 8.58% in the preceding quarter, Q1FY24. On a YoY basis, the margin showed a notable increase, rising from 2.20% in Q2FY23 to 9.33% in this quarter.

In conclusion, MRF's financial performance in the second quarter of fiscal year 2024 reflects a robust increase in net profit and margin, driven by effective cost management and resilient revenue generation. The company has navigated challenging economic conditions, and its performance indicates a positive outlook.

Stay tuned for more updates on upcoming financial performances.