MRF, renowned as India's priciest stock, has stunned investors with a final dividend announcement of Rs 194 per share for the fiscal year ending March 31, 2024. This marks a departure from its past trend of offering Rs 3 per share in dividends over the last two financial periods.
Despite the significant dividend payout, MRF's financial report for the year exhibits promising growth. The company reported a consolidated net profit of Rs 396 crore, marking a 16% increase from the previous year. However, the consolidated profit after tax (PAT) saw a sequential decline of 22% from the October-December quarter, standing at Rs 396 crore.
Revenue from operations witnessed a substantial 9% year-on-year increase, reaching Rs 6,349 crore compared to the same period last year. Concurrently, expenses also surged by 9%, totaling Rs 5,916 crore for the specified quarter. Despite the rise in expenses, the net profit margin for the quarter stood at 6.15%, showing a slight decrease from the previous quarter but an improvement from the same period last year.
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On a standalone basis, MRF reported a profit of Rs 379.55 crore for the January-March quarter, marking an 8% decline from the previous year. Standalone revenue for the quarter witnessed an 8.50% increase compared to the year-ago period. However, shares of MRF closed at Rs 1,28,400, experiencing a decline of 4.08% on Friday.
In summary, MRF's record dividend declaration coupled with its positive financial performance reflects its strong position in the market, offering investors a blend of growth potential and income generation.
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