MRF Reports Mixed Q1 Results, Shares Rise
New Delhi, 2024-08-10 – Leading tire manufacturer MRF Limited released its financial results for the first quarter of the 2024 fiscal year today. While the company reported a 3% decline in net profit, its revenue grew by 12%.
Financial Highlights:
Consolidated net profit: Rs 571 crore (down 3% YoY)
Revenue: Rs 7,196 crore (up 12% YoY)
* Operating profit: Rs 679 crore (down 4% YoY)
Despite the profit decline, MRF shares surged by 6% in the falling market. The company’s market capitalization now exceeds Rs 60,000 crore.
MRF’s Humble Beginnings
MRF’s journey began in 1946 when KM Mammen Mappillai established a small balloon manufacturing unit in Chennai. With support from American company Mansfield Tire and Rubber, MRF transitioned into tire manufacturing and released its first tire in 1961.
From Balloons to Tires
From its humble beginnings, MRF has become synonymous with tires in India. The company’s innovative products and aggressive marketing strategies have propelled it to the top of the market.