MRF Q4 Results: Profit surges 86% YoY to Rs 313 crore; Rs 169/share dividend declared

Its consolidated revenue from operations stood at Rs 5,841.7 crore in Q4 FY23, up 10.12% YoY as compared to Rs 5,304.8 crore in Q4 FY22.

The board of directors of MRF also recommended a final dividend of Rs 169 (1690%) per share of Rs 10 each.

Earlier, the company has already declared and paid two interim dividends of Rs 3 each per share for the financial year ended 31st March, 2023. The total dividend for the financial year ended 31st March 2023 works out to Rs 175 (1750%) per share of Rs 10 each.

Other income during the quarter rose marginally at Rs 70 crore as against Rs 66 crore in the previous year period. The company’s total income rose 10% year-on-year to Rs 5,911.51 crore for the March quarter. The same was Rs 5,370.83 crore in the same quarter of last year.

Following the Q4 FY23 results, shares of MRF were trading 4% higher at Rs 92,102 on BSE.

As per Trendlyne data, the average target price of the stock is Rs 74,468, which shows a downside of 19% from the current market prices.The consensus recommendation from nine analysts for the stock is a strong sell. Out of these analysts, eight have strong sell and sell ratings, while one has a hold rating.

Technically, MRF is trading above 8 out of 8 SMAs. The day RSI (14) is at 65.7. The RSI below 30 is considered oversold and above 70 is overbought. MFI is at 83.4, and MFI above 80 is considered strongly overbought. This implies that the stock may show a pullback.