MRF Q4 Results: Profit Rises 16%, But Falls Short Of Estimates
Consolidated net profit of the Chennai-based tyre-maker rose 16% year-on-year to Rs 396 crore in the quarter-ended March.
MRF Ltd. clocked growth in the fiscal fourth quarter on higher sales, even though profit and operating profitability missed estimates.
Consolidated net profit of the Chennai-based tyre-maker rose 16% year-on-year to Rs 396 crore in the quarter-ended March, on the back of revenue that increased 9% to Rs 6,349 crore, according to an exchange filing on Friday. Analysts polled by Bloomberg had estimated the top line at Rs 6,360 crore and the bottom line at Rs 510 crore.
MRF Q4 FY24 Results: Key Highlights (YoY)
Revenue up 9% to Rs 6,349 crore (Estimate: Rs 6,360 crore).
Ebitda up 7% to Rs 912 crore (Estimate: Rs 1,060 crore).
Ebitda margin contracts 24 basis points to 14.36% (Estimate: 16.70%).
Net profit up 16% to Rs 396 crore (Estimate: Rs 510 crore).
Note: One basis point is one-hundredth of a percentage point.
The scrip fell as much as 4.55% to Rs 1,27,767 apiece, the lowest level since April 19. It pared losses to trade 4% lower at Rs 1,28,499.80 apiece, as of 1:09 p.m. This compares to a 0.04% advance in the NSE Nifty 50 Index.
It has fallen 0.83% on a year-to-date basis and 32.18% in the last twelve months. Total traded volume so far in the day stood at 3.12 times its 30-day average, according to the data available on National Stock Exchange.
