MRF declares 2nd interim dividend of Rs 3 per share. Check record date & other details here

This is the second interim dividend for the current fiscal and will be paid on March 6.

The company’s net profit rose 17% to Rs 175 crore for the three months ended December period, compared with Rs 149 crore in the corresponding quarter of last year.

On a sequential basis, the company’s profit rose 35% from Rs 130 crore reported in the preceding September quarter.

Revenue from operations, meanwhile, came in at Rs 5,644 crore, higher by 15% in the December quarter as against Rs 4,920 crore in the last year period. Sequentially, the revenue dropped 3% from Rs 5,826 crore in the September quarter.

Other income during the quarter rose marginally at Rs 71 crore as against Rs 69 crore in the previous year period. The company’s total income rose 15% year-on-year to Rs 5,716 crore for the December quarter. The same was Rs 4,989 crore in the same quarter of last year.

Further, the board has approved the reappointment of Arun Mammen as Managing Director of the company with the designation “Vice Chairman & Managing Director” for a period of 5 years with effect from April 1. The appointment is subject to approval of the shareholders.In the past 12 months, MRF has declared an equity dividend amounting to Rs 150 per share. At the current share price, this results in a dividend yield of 0.16%.

On Thursday, shares of MRF were down 4.17% at 88,431.30 apiece on NSE.

According to Trendlyne data, MRF has an average target of Rs 86,575. The consensus estimate represents a downside of -2.34% from current levels.

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