MRF's profit in FY22 fell by almost 50% to ₹647 crore

Tyre major MRF Ltd closed FY22 with a lower net profit on a higher revenue as compared to FY21.

The company's board recommended a final dividend of Rs 144 per share of Rs 10 each. The total dividend for FY22 was Rs 150 after taking into account two interim dividends of Rs 3 each.

For the period under review, MRF had posted a total income of Rs 19,304.43 crore up from Rs 16,128.58 crore.

The company had posted a net profit of Rs 647.34 crore last fiscal, down from Rs 1,249.06 crore logged in FY21.

During the year under review, MRF's exports stood at Rs 1,779 crore, up from Rs.1,333 crore logged during FY21.

According to MRF, it was not able to fully recover the increase in raw material cost.

Market conditions, after the pandemic, are also not favourable to absorb such frequent price increases.

The company will do its best to recover the cost increases in the coming months.

The operations were also adversely impacted by the uncertainties posed by the Covid-19 pandemic in the early part of the year, issues connected with availability of raw materials and also challenges posed by the Ukrainian war, MRF said.

The company's share with a face value of Rs 10 is one of the highest priced scrips on the bourses.

On Tuesday, the scrip opened at Rs 68,560 and touched a high of Rs 70,895.95.

SEE ALSO: Here's why Adani and JSW Group are racing to acquire Ambuja Cements and ACC from Holcim
At a time when crypto companies and talent are relocating to Dubai, this Indian company is doubling down on its efforts with a new investment venture