MUMBAI: Tyre major reported a 51% decline in consolidated net profit for the March quarter to Rs 332 crore even as revenue grew by 31%.
The company reported consolidated revenue of Rs 4,816 crore for the period under consideration as against Rs 3,685 crore for the same period last year.
However, the profit narrowed as the company had taken a one-time deferred tax credit in the corresponding quarter last year which had helped its bottom line.
EBITDA improved by 31% year-on-year to Rs 766 crore, while EBITDA margin improved marginally by 7 basis point to 15.9%.
The stock of MRF declined by 2.99% to Rs 82,391.75 per share on the BSE on Monday compared to a 0.44% gain in the benchmark Sensex.
The company declared a dividend of Rs 94 as well as a special dividend of Rs 50 per share to mark the 75th anniversary of the establishment of the Madras Rubber Factory in 2021. During the year two interim dividends of Rs 3 each were declared, bringing the total dividend to Rs 150 per share for FY21.
"The second phase of the Pandemic has affected our business due to the continuing lock-down in different parts of the country. It is hoped that in a month or two the situation across the country will turn more stable enabling the business to get back to normalcy," the company said in a press statement.
The company reported consolidated revenue of Rs 4,816 crore for the period under consideration as against Rs 3,685 crore for the same period last year.
However, the profit narrowed as the company had taken a one-time deferred tax credit in the corresponding quarter last year which had helped its bottom line.
EBITDA improved by 31% year-on-year to Rs 766 crore, while EBITDA margin improved marginally by 7 basis point to 15.9%.
The stock of MRF declined by 2.99% to Rs 82,391.75 per share on the BSE on Monday compared to a 0.44% gain in the benchmark Sensex.
The company declared a dividend of Rs 94 as well as a special dividend of Rs 50 per share to mark the 75th anniversary of the establishment of the Madras Rubber Factory in 2021. During the year two interim dividends of Rs 3 each were declared, bringing the total dividend to Rs 150 per share for FY21.
"The second phase of the Pandemic has affected our business due to the continuing lock-down in different parts of the country. It is hoped that in a month or two the situation across the country will turn more stable enabling the business to get back to normalcy," the company said in a press statement.
Read More News on
Download The Economic Times News App to get Daily Market Updates & Live Business News.
