MRF, a leading tyre-maker, released its financial results for the first quarter of fiscal year 2023-24 (Q1FY24) on August 3. The company recorded a consolidated net profit of ₹588 crore, a significant increase compared to ₹123.60 crore in the corresponding period of the previous year. The revenue from operations for the first quarter of the current fiscal reached ₹6,440 crore, representing a growth of 13% from ₹5,695 crore in the year-ago period.
On the operating front, MRF’s EBITDA for the June quarter stood at ₹1,129 crore, a remarkable improvement from ₹493 crore in the same quarter last year. The margins also saw a substantial rise, reaching 17% as compared to 8.6% in the previous year’s corresponding quarter.
MRF informed that the present tenure of KM Mammen as Managing Director of the company would expire on 07.02.2024. The Board, during its meeting, approved the re-appointment of KM Mammen as Managing Director with the designation ‘Chairman & Managing Director or such other designation as approved by the Board from time to time’ for a duration of five years, starting from 08.02.2024.
As a result of the positive financial performance and leadership news, the shares of MRF witnessed a notable surge, settling at Rs.106,973.35 each, 4.27% higher than previous close on NSE.
