MRF, often referred to as India’s most expensive stock, announced a significant final dividend of Rs 194 per share for FY24, marking a notable increase from the modest Rs 3 per share in the previous 2 years. This brings the total annual dividend to Rs 200 per share.
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Despite the generous dividend payout, MRF’s financial performance for the year exhibited positive growth. Consolidated net profit rose by 16% to Rs 396 crore compared to the previous year. However, on a sequential basis, the profit after tax declined by 22% from the October to December quarter to Rs 396 crore.
Revenue from operations witnessed a significant increase, reaching Rs 6,349 crore, up 9% year-on-year. Meanwhile, expenses also rose by 9% to Rs 5,916 crore. The net profit margin for the reported quarter stood at 6.15%, showing a decrease from the previous quarter but an improvement from the same period last year.
On a standalone basis, MRF reported a profit of Rs 379.55 crore for the January to March quarter, down 8% from the previous year. Standalone revenue for the quarter stood at Rs 6,215 crore, an increase of 8.50% compared to the year-ago period. However, this figure represents a decrease from the previous quarter’s revenue.