Robust results; This tyre giant reported a 376 per cent increase in PAT for Q1FY24!

Today shares of company has hit all time high and shown spurt in volume by 3.25 times.

Madras Rubber Factory Limited (MRF) is the parent company of the MRF Group. The company is engaged in the business of manufacturing tyres. Yesterday it has reported financial results for the quarter end June 30, 2023 or Q1FY24.

After the results the company share price has increase significantly. Yesterday the script was closed at Rs 1,06,923.10. Today it opened at Rs 1,09,000 and currently it is trading at Rs 1,11,166.60, up by 3.97 per cent. Today it has hit fresh 52-week high at Rs 1,11,939.95 and it has a 52-week low of Rs 78,000. The company has a market cap of around Rs 47,140 crore. Over the past one year it has given a return of 25.31 per cent. So far 577 shares were traded over the counter at the BSE and Spurt in Volume by more than 3.32 times.

For Q1FY24 on a consolidated basis in comparison to the same quarter last year the company's net profit, increased by 376.33 per cent to Rs 588.75 crore from Rs 123.6 crore. In Q1FY24, the company's net revenue increased by 13.66 per cent from Rs 5730.37 crore to Rs 6514.98 crore in a similar quarter the year prior.    

Sequentially the company's net profit for the quarter which ended on June 30, 2023, increased by 72.82 per cent from Rs 340.67 crore. In Q1FY24, the company's total net revenue increased by 10.21 per cent from Rs 5911.51 crore in the similar quarter the year prior.

Disclaimer: The article is for informational purposes only and not investment advice.