Tyre major MRF Ltd., has posted a 14.91% decline in its standalone net profit in the fourth quarter ended March 2019 to ₹293.83 crore against ₹345.32 crore in the corresponding quarter a year-ago, due to rising input costs. Revenue from operations rose 6.2% to ₹4,073.45 crore from ₹3,835.50 crore.
Exports for FY19 grew 15.74% to ₹1,566 crore from ₹1,353 crore. The board recommended a final dividend of ₹54 per share to be paid by August 16, subject to shareholders’ approval.
The firm had already paid two interim dividends of ₹3 each for FY19. Pointing out that the automobile industry had witnessed a moderate 7.1% growth in FY19, a company statement said the commercial vehicle category showed polarity in its sales performance between the first and second halves of the fiscal year.
The statement further said that changing car ownership patterns, shift in personal mobility, disruptive technological advances, tightening global regulatory framework, Centre’s initiatives in reduction of emissions and steps to decrease oil dependence, would all lead to increased funding in alternative hybrid & electric vehicles technology.
All these would have implications for tyre majors in the year ahead, it added.