MRF announces 1,940% dividend in its highest ever payout post Q4 results
MRF announces 1,940% dividend in its highest ever payout post Q4 results
Tyre manufacturer MRF Ltd. has announced a final dividend of ₹194 per share post its March quarter results, making it the highest ever payout the company has announced post its quarterly results.
The company had already declared two interim dividends of ₹3 each in the financial year 2024. This has taken the total payout for the full financial year to ₹200 per share or 2,000% for shares of face value of ₹10 each.
Last year, MRF had declared a final dividend of ₹169 per share and combined with the two interim dividends, the full payout for financial year 2023 stood at ₹175 per share.
For the March quarter, MRF reported a decline of 7.6% in its net profit to ₹379.6 crore. The company had reported a profit of ₹410.7 crore during the same period last year.
EBITDA margin for MRF narrowed by 40 basis points to 14.3% from 14.7% last year.
Shares of MRF have extended losses after the announcement of the quarterly results. The stock is currently trading 4.4% lower at ₹1,28,010.
The stock has remained flat so far in 2024. Over the last 12 months the stock has risen by 37%.