Tyre manufacturing firm declared an interim dividend of Rs 3 per share for the monetary yr 2022-23. The corporate has mounted February 21 because the report date for the aim of fee of the dividend.

That is the second interim dividend for the present fiscal and shall be paid on March 6.

The corporate’s web revenue rose 17% to Rs 175 crore for the three months ended December interval, in contrast with Rs 149 crore within the corresponding quarter of final yr.

On a sequential foundation, the corporate’s revenue rose 35% from Rs 130 crore reported within the previous September quarter.

Income from operations, in the meantime, got here in at Rs 5,644 crore, increased by 15% within the December quarter as in opposition to Rs 4,920 crore within the final yr interval. Sequentially, the income dropped 3% from Rs 5,826 crore within the September quarter.

Different earnings throughout the quarter rose marginally at Rs 71 crore as in opposition to Rs 69 crore within the earlier yr interval. The corporate’s whole earnings rose 15% year-on-year to Rs 5,716 crore for the December quarter. The identical was Rs 4,989 crore in the identical quarter of final yr.

Additional, the board has authorized the reappointment of Arun Mammen as Managing Director of the corporate with the designation “Vice Chairman & Managing Director” for a interval of 5 years with impact from April 1. The appointment is topic to approval of the shareholders.Up to now 12 months, MRF has declared an fairness dividend amounting to Rs 150 per share. On the present share value, this leads to a dividend yield of 0.16%.

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

Based on Trendlyne information, MRF has a median goal of Rs 86,575. The consensus estimate represents a draw back of -2.34% from present ranges.

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