MRF, India’s leading tire manufacturer, reported strong results for the quarter ended September 30, 2023. The company’s net profit surged 351.71% to ₹572 crore (US$76 million) from ₹124 crore in the same quarter last year.
MRF’s revenue for the quarter grew 6.5% to ₹6,088 crore (US$800 million). The company’s domestic revenue grew 7.2% to ₹4,582 crore (US$600 million), while its international revenue grew 2.5% to ₹1,506 crore (US$200 million).
MRF’s growth was driven by a number of factors, including:
- Strong demand for tires in India and overseas
- The company’s focus on innovation and product development
- The expansion of MRF’s manufacturing capacity
“We are pleased with our strong performance in the second quarter of FY24,” said K. M. Mammen, Chairman and Managing Director of MRF. “We are confident that we will continue to grow in the coming quarters.”
Key Highlights:
- MRF’s net profit surged 351.71% to ₹572 crore (US$76 million) for the quarter ended September 30, 2023.
- The company’s revenue grew 6.5% to ₹6,088 crore (US$800 million).
- MRF’s growth was driven by strong demand for tires in India and overseas, the company’s focus on innovation and product development, and the expansion of MRF’s manufacturing capacity.
Additional Details:
- MRF’s domestic revenue grew 7.2% to ₹4,582 crore (US$600 million), while its international revenue grew 2.5% to ₹1,506 crore (US$200 million).
- MRF’s operating profit grew 261.94% to ₹886 crore (US$113 million).
- MRF’s EBITDA margin was 14.6%, up from 12.8% in the same quarter last year.
- MRF’s debt-to-equity ratio was 0.2, down from 0.22 in the same quarter last year.
Outlook:
MRF expects to continue to grow in the coming quarters, driven by strong demand for tires in India and overseas. The company is also investing in new products and technologies to meet the growing needs of its customers.