Homegrown tyre major MRF has reported its financial results for FY2023 with revenue of Rs 23,261 crore, up 18 percent, as compared to Rs 19,633 crore a year ago.
The consolidated net profit came at Rs 768.96 crore as against Rs 669.24 crore for the same period last year. During the period exports contributed Rs 1,877 crore in revenue as against Rs 1,791 crore a year ago. The increase in sales was a result of growth in all product groups.
MRF says the unprecedented increase in raw material prices, which was witnessed during financial year 2021-22 due to the Covid pandemic and the war in Ukraine, extended into the current financial year. Despite efforts being taken to pass on the cost increases in a graduated manner, the profitability continued to be low during the first three quarters of the year.
However, with the easing of raw material prices during the later part of the year it benefited from the lower raw material cost, which resulted in better profitability in the fourth quarter.
MRF was rated as the second strongest tyre brand in the world besides being the most valued tyre brand in India by Brand Finance, a leading global valuation consultancy firm.
