MRF Q4 profit halves, to pay ₹150 dividend

Tyre major MRF reported standalone net profit halved to ₹317 crore for the fourth quarter ended March from the year-earlier period.

However, the FY20 Q4 profit of ₹669 crore included ₹451 crore in deferred tax. Revenue from operations rose by almost 31% to to ₹4,738 crore.

The board declared a total dividend of ₹150 per equity share (1500%) for FY21 in connection with its 60th Annual General Meeting.

On Monday, the board declared a final dividend of ₹94 per share and a special dividend of ₹50 per share. Earlier, it had paid two interim dividends of ₹3 each.

The year 2021 also marks the completion of 75 years of establishment of Madras Rubber Factory (which was originally established in 1946 as a proprietorship concern for manufacture of toy balloons). Madras Rubber Factory later took up manufacture of tread rubber at which time it was converted into a partnership concern. Subsequently, during the year 1960, it was converted into a limited company after which it started manufacture of automotive tyres and tubes, it said in a filing.

The second phase of the pandemic has affected our business due to the continuing lockdown in different parts of the country. It is hoped that in a month or two the situation across the country will turn more stable enabling the business to get back to normalcy, it said.

Shares of the company lost ₹2,537.75 to close at ₹82,391.75 on the BSE on Monday.

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