Tyre major MRF Ltd on Tuesday reported a 50.26 percent decline in consolidated profit from continuing operations to Rs 165.21 crore for the fourth quarter ended March 2022, hit by higher expenses, especially raw materials.
The company had posted a consolidated profit from continuing operations at Rs 332.15 crore in the same period of the previous fiscal, MRF Ltd said in a regulatory filing.
The consolidated revenue from operations in the fourth quarter was Rs 5,304.82 crore against Rs 4,816.46 crore a year ago, it added.
Total expenses during the period under review were higher at Rs 5,142.79 crore compared to Rs 4,425.21 crore in the year-ago quarter, MRF Ltd said, adding that cost of materials consumed also surged higher to Rs 3,293.14 crore from Rs 2,915.19 crore.
For the fiscal ended March 2022, consolidated profit from continuing operations stood at Rs 669.24 crore compared to Rs 1,277.07 crore in the preceding fiscal, the company said.
Revenue from operations in FY22 was Rs 19,316.72 crore against Rs 16,163.19 crore in FY21, it added.
Expenses during FY22 soared to Rs 18,725.78 crore from Rs 14,636.29 crore in FY21, the filing said.
MRF said its board in its meeting held on Tuesday have recommended a final dividend of Rs 144 per share of Rs 10 each, over and above the two interim dividends already declared -- taking the total dividend for FY22 to Rs 1,501 per share of Rs 10 each.
The board also approved the re-appointments of Samir Thariyan Mappillai and Varun Mammen as whole-time directors of the company for a period of 5 years with effect from August 4, 2022, subject to the approval of the shareholders.