MRF on good roads
MRF is on good roads today, driven by its good earnings for Q4FY23. The stock price surged over 2% to hit an intraday high at Rs.95,400. In a stock like MRF, a 2% movement is a lot – its gone up from its yesterday’s close of Rs.93,528. The current price is also not too far from its 52-week high of Rs.95,954.35.
The company yesterday reported a 86% (YoY) jump in consolidated net profit at Rs.313 crore on a 10% jump in net revenue at Rs.5842 crore. Other income stood at Rs.70 crore.
MRF has always been generous when it comes to payment of dividend – it announced a final dividend of Rs.169/share (Rs.10 face value). This, along with two interim dividends of Rs.3 each means the total dividend paid in FY23 is at Rs.175. The record date and payment date for the dividend is to be announced soon.
The company’s paid-up capital remains tiny at Rs.4.24 crore and net worth stands at Rs.14,708 crore. The wait for the elusive bonus continues…