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  1. MRF declares a final dividend of Rs 54 per share; stock falls over 3% even as Q4 2018 profit jumps 20%

MRF declares a final dividend of Rs 54 per share; stock falls over 3% even as Q4 2018 profit jumps 20%

MRF Q4 Results 2018: The board of MRF declared a dividend of Rs 54 per equity share of face value of Rs 10 each on Thursday while announcing financial results for the quarter and the year ended 31 March 2018.

By: | Published: May 3, 2018 3:27 PM
MRF Dividend 2018: The date of payment of dividend is on or after 17 August 2018. (Image: Reuters)

MRF Q4 Results 2018: The board of MRF declared a dividend of Rs 54 per equity share of face value of Rs 10 each on Thursday while announcing financial results for the quarter and the year ended 31 March 2018. Following the Q4 Fy18 earnings release, shares of MRF crashed more than 3% on Thursday even as the net profit for the January-March period jumped about 25%. “The board of directors have recommended a final dividend of Rs 54 each per share on paid-up equity share capital of the company. The company has already declared and paid two interim dividends of Rs 3 each per share for the financial year ended 31 March 2018. With the recommendation of final dividend of Rs 54 per share, the total dividend for the above period works out to Rs 60 per share,” MRF said in an exchange filing.

The date of payment of dividend is on or after 17 August 2018 subject to the approval of the shareholders in the ensuing annual general meeting, MRF said in a statement.

The stock of MRF fell as much as 3.7% to a day’s low of Rs 76,800 on BSE on Thursday after the fourth-quarter results were announced. The escalation in the cost of crude based inputs remains a concern and will add pressure to the bottom-line. At the same time the competitive intensity in the industry continues to remain at fever-pitch due to anticipated ‘on—streaming’ of several Greenfield and Brownfield capacities by many players in the months ahead, MRF said in a statement.

MRF reported a rise of 20.6% to Rs 345.32 crore for the quarter ended 31 March 2018 as against a net profit of Rs 286.77 crore in the same period a year earlier. The total income of MRF saw a marginal jump of 4.4% to Rs 3,944.75 crore in the fourth-quarter of FY18 from Rs 3,778.23 crore in the corresponding quarter a year earlier. “The board of directors have approved issue of non-convertible debentures not exceeding Rs 500 crores through private placement basis. For this
purpose, approval of the shareholders is proposed to be obtained in the ensuing annual general meeting, MRF added. The annual general meeting of MRF is scheduled to be held on 9 August 2018.

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