MRF 1690% Dividend 2023: MRF Announces Interim Dividend of Rs 10 per Equity Share

MRF has already declared and paid two interim dividends of Rs.3/- (30%) each per share for the financial year ended 31st March, 2023.

New Delhi: Tyre maker MRF said its board recommended a final dividend of Rs 169 (1,690 per cent) per share of Rs 10 each.

"The Board of Directors at its meeting held today have recommended a final dividend of Rs 169/- (1690%) per share of Rs.10 each. The Company has already declared and paid two interim dividends of Rs.3/- (30%) each per share for the financial year ended 31st March, 2023. The total dividend for the financial year ended 31st March 2023 works out to Rs. 175 (1750%) per share of Rs.10 each," MRF Ltd said in a regulatory filing.

MRF on Wednesday reported that decreased raw material costs caused its consolidated net profit to more than double to Rs 341 crore for the March quarter.

In the January-March quarter of the 2021–22 fiscal year, the company reported a net profit of Rs 165 crore from continuing activities.

According to MRF Ltd.'s regulatory filing, operating revenue increased to Rs 5,842 crore for the fourth quarter from Rs 5,305 crore in the same time last year.

The major tyre manufacturer declared a net profit of Rs 769 crore for the fiscal year that ended on March 31, 2023, up from Rs 669 crore in the fourth quarter of the 2021–22 fiscal year.

Operations revenue increased to Rs 23,008 crore for FY23 from Rs 19,317 crore for FY22.