MRF Announces Record Dividend Of Rs 194 Per Share

Tyre manufacturer MRF Ltd. announced a dividend of Rs 194 per share for the financial year 2024.

The company has already paid two interim dividends, each of Rs 3 per share, for FY24, according to an exchange filing on Friday. With the latest issue, the total dividend for the financial year amounted to Rs 200 per share.

The current issue will be the highest dividend paid by the company to its shareholders. The previous highest issue was Rs 169 apiece, which was issued in July 2023.

The net profit of the Chennai-based tiremaker rose 16% year-on-year to Rs 396 crore in the quarter-ended March. It missed the Bloomberg estimates of Rs 510 crore.

Shares of MRF were trading 4.01% lower at Rs 1,28,500 apiece, compared to a 1.02% decline in the benchmark Nifty 50 as of 1:11 p.m.