MRF Board To Consider Interim Dividend On Nov. 8
MRF's board will also consider and approve the financial results for the September quarter on Nov. 8.
An MRF store in Mumbai. (Photo: Vijay Sartape/NDTV Profit)
The board of MRF Ltd. will consider and approve declaring interim dividend on Nov. 8, the tyres manufacturer said in an exchange filing said on Wednesday.
The record date for the interim dividend, if approved, will be Nov. 19, as per the filing.
The company's board, during the meeting called on Nov. 8, will also approve the standalone and consolidated unaudited financial results for the quarter ended Sept. 30, 2024.
The announcement comes a day after MRF said it will pick up 26% of the paid-up equity shares for Rs 7.26 crore in Clean Max Omni Pvt. This will help the company to enhance its source of renewable power supply.
The acquisition is supposed to be completed within a timeframe of three to four months of signing agreement through cash consideration, it said on Tuesday.
MRF Q1 Performance
The Chennai-based tyre maker reported a consolidated income of Rs 7,196.45 crore in the first quarter of the fiscal 2025 compared to Rs 6,440.3 crore in the same period last year.
The company's net profit dipped to Rs 571 crore, indicating a 3% fall from Rs 588.75 crore in the same quarter of the previous financial year. Its Ebitda rose 3% to Rs 1,159.62 crore from Rs 1,129.86 crore while margin contracted to 16.1%.
Shares of MRF closed 0.72% lower at Rs 125,500 apiece on the NSE, compared to a 0.15% fall in the benchmark Nifty 50. The stock has risen 15.16% in the last 12 months and fell 3.15% on a year-to-date basis.
Out of the 10 analysts tracking the company, two have a 'hold' rating on the stock and eight recommends 'sell', according to Bloomberg data. The average of 12-month analysts' consensus price targets implies a potential downside of 6.8%.
