Investors Rejoice! MRF Shares Hit New Milestone Of Rs 1 lakh per share

In May, MRF board recommended a final dividend of Rs 169 (1,690 per cent) per share of Rs 10 each.

New Delhi: Leading tyremaker MRF Ltd on Tuesday became the first stock on the Indian bourses to cross the Rs 1 lakh per share mark milestone. MRF Scrip grew over 1 percent to hit its all-time high of Rs 1 lakh per share. Intra-day, the shares rose further by 1.48 percent to Rs 1,00,439.95 apiece on National Stock Exchange (NSE) and Rs 1,00,300 apiece on BSE. 

In May, MRF posted consolidated net profit surged over two-fold to Rs 341 crore for the March quarter. The company had reported a net profit of Rs 165 crore in the January-March quarter of 2021-22 fiscal from the continuing operations.

Revenue from operations rose to Rs 5,842 crore for the fourth quarter as against Rs 5,305 crore in the year-ago period, MRF Ltd said in a regulatory filing.

For the full year ended March 31, 2023, the tyre major reported a net profit of Rs 769 crore as compared with Rs 669 crore in the fourth quarter of 2021-22 fiscal.

Revenue from operations rose to Rs 23,008 crore for FY23 as against Rs 19,317 crore in FY22.

The company said its board recommended a final dividend of Rs 169 (1,690 per cent) per share of Rs 10 each.