Results of MRF Q1: On August 3, MRF revealed its April–June quarter results for the fiscal year 2023–24 (Q1FY24). The company reported a consolidated net profit of ₹588 crore, up from ₹123.60 crore in the same period the previous year. The tire manufacturer’s operating revenue for the first quarter of this fiscal year was ₹6,440, up 13% from ₹5,695 crore during the same period last year.
In terms of operations, the business’s June quarter earnings before interest, taxes, depreciation, and amortization (EBITDA) was ₹1,129 crore, up from ₹493 crore in the same quarter last year. In comparison to the same quarter previous year, when the margins were 8.6%, they were 17% this time around.
KM Mammen has been reappointed by MRF as the company’s managing director for a five-year term beginning on February 8, 2024. The board of the firm has also approved Vimla Abraham’s reappointment as an Independent Women Director, effective February 5, 2024, for a second term of five years following the conclusion of her first term.
“The board of directors at its meeting held today approved the re-appointment of KM Mammen, as Managing Director of the company (with the designation ‘Chairman &: Managing Director or such other designation as approved by the Board from time to time’) for a period of 5 years with effect from 08.02.2024,” MRF said in a regulatory filing to the stock exchanges. “We wish to inform that the present tenure of KM Mammen as Managing Director of the company expires on 07.02.2024.”
As MRF shares reached their 52-week high peak of ₹10,7500 apiece on the BSE, they ended the day 4.17 percent higher at ₹10,6923.10. The stock has increased by 5.3% in a month and 19.25% so far in 2023. Midway through June, the company’s shares exceeded ₹1 lakh, making it the first Indian company to accomplish so in terms of absolute worth.
