Tyre manufacturer MRF on Friday reported a standalone net profit of Rs 508 crore for the October-December period, marking a three-fold jump compared with the corresponding quarter a year ago.

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The company's revenue grew 9.3 per cent on a year-on-year basis to Rs 6,047.8 crore for the fiscal third quarter, according to a regulatory filing. 

The tyre maker's quarterly margin, a key measure of profitability, expanded to 17.2 per cent from 9.9 per cent a year ago.

Chennai-headquartered MRF's operating profit came in at Rs 1,040 crore for the quarter ended December 31, 2023, as against Rs 549 crore a year ago, Zee Business reported. 

MRF shares extended their intraday losses minutes after the earnings announcement, falling by as much as Rs 4,633.4, or 3.3 per cent, to Rs 1,37,850 apiece on BSE.

At 12:44 pm, the stock was down 2.7 per cent at Rs 1,38,600 apiece. 

MRF dividend

The MRF board declared an interim dividend of Rs 3 per share with a record date of February 21.

The tyre maker said the second interim dividend of the current financial year on or after Monday, March 4. Read more on MRF dividend

MRF shares: Past performance

As of February 8, MRF shares had rewarded investors with a return of 54.5 per cent in the past year, sharply outperforming a 21.5 per cent rise in the headline Nifty50 index.

The MRF stock finished the December quarter 20.8 per cent stronger while the benchmark index rose 10.7 per cent. 

(This story will be updated shortly)

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