MRF shares dip over 7% after Q2 PAT declined 32%

Shares of tyre manufacturer MRF fell over 7.19% to Rs 88,085 in Wednesday’s intraday on the BSE after the company reported that its consolidated net profit declined 32% to Rs 130 crore for the second quarter ended September 30, on account of higher expenses. The company had posted a net profit of Rs 190 crore in the July-September quarter of the previous fiscal.

However, revenue from operations rose to Rs 5,826 crore for the second quarter, as compared to Rs 4,908 crore in the year-ago period.

The company’s total expenses rose to Rs 5,730 crore during the September quarter, up 21% from Rs 4,741 crore in the corresponding quarter of the last financial year.


Its board has declared an interim dividend of Rs 3 per share (30% of face value) for the financial year ending March 31, 2023, the company said in a BSE filing.

November 18 has been fixed as the record date for the purpose of payment of the interim dividend and payment will be done on or after December 2, 2022, it added.

At 1.00 pm, the scrip was trading 7.16% lower at Rs 8,8125 over its previous day’s closing price of Rs 9,4917 apiece. However, the stock has surged nearly 29% in the last six months while it has risen about 20% year-to-date.