MRF shares climb over 1 pc as Q4 net profit jumps two-fold

Shares of MRF climbed more than 1 per cent on Thursday after the company's consolidated net profit surged over two-fold for the March quarter.

The stock of the tyre maker gained 1.47 per cent to settle at Rs 94,900 apiece. During the day, it advanced 2.33 per cent to Rs 95,711.65 on the BSE.

On the NSE, it climbed 1.40 per cent to end at Rs 94,875 a share.

The company's market valuation went higher by Rs 581.72 crore to Rs 40,248.45 crore.

On Wednesday, MRF said its consolidated net profit surged over two-fold to Rs 341 crore for the March quarter, riding on lower raw material cost.

The company had reported a net profit of Rs 165 crore in the January-March quarter of 2021-22 fiscal from the continuing operations.

Revenue from operations rose to Rs 5,842 crore for the fourth quarter, as against Rs 5,305 crore in the year-ago period, MRF Ltd said in a regulatory filing.

For the full-year ended March 2023, the tyre major reported a net profit of Rs 769 crore, as compared to Rs 669 crore in the fourth quarter of 2021-22 fiscal.