MRF board recommends final dividend of ₹94 and a special dividend of ₹50

Tyre major MRF Ltd on Monday said it closed last fiscal with a total income of ₹16,128.58 crore and a net profit of ₹1,249.06 crore.

The company had closed FY20 with a total income of ₹16,321.64 crore and a net profit of ₹1,394.98 crore.

The company also said the Board of Directors have recommended a final dividend of ₹94 (940 percent) per share with a face value of ₹10.

In addition to the final dividend, the MRF Board has recommended a special dividend of ₹50 (500 percent) per share of ₹10 each in connection with the 60th Annual General Meeting of the Company.

The company has already declared and paid two interim dividends of ₹3 each (30 percent) per share for the financial year ended 31st March, 2021.

The total dividend for the financial year ended 31st March 2021 (including the special dividend) works out to ₹150 (1,500 per cent) per share of ₹10 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.

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