Dividend Stocks: India's only ₹1 lakh and above stock is back with another payout

Tyre manufacturer MRF Ltd. has announced a dividend of ₹3 per share, translating into a 30% payout. The interim dividend will be paid on or after November 30, 2023.

MRF has fixed November 17 as the record date for shareholders to be eligible for this interim dividend.

In July this year, the company had declared a final dividend of ₹169 for financial year 2023, taking the total payout for the financial year to ₹175. Barring the final dividend announcements, that have ranged between ₹54 to ₹144, MRF has paid interim dividends worth ₹3 to its shareholders.

The company has never announced a bonus issue or a stock split.

For the September quarter, MRF's net profit rose to ₹572 crore from ₹124 crore last year. The revenue increased to ₹6,088 crore in the September quarter, a growth of 6.5% from last year. EBITDA margin also expanded by over 1,000 basis points from last year to 18.5% from 8.2% last year.

MRF became the first Indian company to cross the mark of ₹1 lakh per share, nearly 10x from the time it crossed the mark of ₹10,000 on February 21, 2012.

Since then, the stock has even crossed the mark of ₹1.1 lakh, making a peak of ₹1.13 lakh recently.

Shares of MRF are down 2.5% post the earnings announcement, currently trading at ₹1,07,802. The stock is up 22% so far in 2023.