MRF drops after Q4 results

MRF lost 1.53% to Rs 17289.15 at 10:12 IST on BSE after net profit rose 11.73% to Rs 184.10 crore on 4.87% growth in total income to Rs 3159.80 crore in Q4 September 2013 over Q4 September 2012.

The Q4 result was announced after market hours on Thursday, 28 November 2013.

Meanwhile, the S&P BSE Sensex was up 244.36 points or 1.19% at 20,779.27.

On BSE, 2,988 shares were traded in the counter as against average daily volume of 3,189 shares in the past two weeks.

The stock hit a high of Rs 17,499.90 and a low of Rs 17,135.25 so far during the day. The stock had hit a record high of Rs 18,025 on Thursday, 28 November 2013. The stock had hit a 52-week low of Rs 10,061.20 on 29 November 2012.

The stock had dropped 0.97% to settle at Rs 17,558.55 on Thursday, 28 November 2013, ahead of the result announcement. Before Thursday's slide, the stock had surged 5.21% in three trading sessions to settle at Rs 17,732.25 on Wednesday, 27 November 2013, from a recent low of Rs 16,853.85 on 22 November 2013.

MRF's operating profit margin edged up to 13.84% in Q4 September 2013, from 11.7% in Q4 September 2012.

MRF's net profit jumped 40.15% to Rs 802.21 crore on 2.16% growth in total income to Rs 12160.19 crore in the year ended 30 September 2013 (FY 2013) over the year ended 30 September 2012 (FY 2012). On consolidated basis, the company's net profit jumped 39.55% to Rs 808.60 crore on 2.28% increase in total income to Rs 12273.29 crore in FY 2013 over FY 2012.

MRF's board of directors at a meeting held on Thursday, 28 November 2013, recommended a final dividend of Rs 24 per share for the year ended 30 September 2013.

MRF manufactures the largest range of tyres in India and exports to over 65 countries worldwide.

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