MRF reported a net profit of Rs 410.7 crore for the March quarter, a growth of 161.5 percent from last year, compared to Rs 157 crore.
Revenue from operations in the quarter grew by 10.1 percent to Rs 5,725.4 crore, compared to Rs 5,200.3 crore in the corresponding quarter a year ago.
MRF’s earnings before interest, taxes, depreciation, and amortisation or EBITDA of Rs 843.1 crore in the quarter under review was 59.8 percent higher than Rs 527.6 crore reported in the quarter ended March 2022.
The company’s margins rose to 14.7 percent compared to 10.2 percent in the same quarter last year. The 450 basis points margin expansion was aided by low input costs and operating leverage. The EBITDA margin figure was also higher than the IIFL estimate of 11.4 percent.
Shares of MRF are trading 5.5 percent higher at Rs 93,488.35. This is the best single-day gain for the stock in 2023. The stock is now 2.8 percent away from its 52-week high of Rs 96,000.
