CHENNAI: Tyre maker MRF has posted a net profit of Rs 669 crore, as compared with a net profit of Rs 294 crore in the previous fiscal. Revenue from operations was lower at Rs 3,615 crore (Rs 4,073 crore), it added.
For the full fiscal ended March 2020, the company reported a net profit of Rs 1,395 crore, compared with a net profit of Rs 1,097 crore in the previous fiscal. Revenue from operations grew marginally to Rs 15,991 crore against Rs 15,837 crore in FY19.
Exports reported higher revenue at Rs 1,651 crore, against Rs 1,566 crore in FY19.Profit before exceptional items and tax stood at Rs 1,399 crore (Rs 1,609 crore).
The net provision for tax (current tax and deferred tax) for FY20 was Rs 4 crore (Rs 512 crore in FY19) as the company elected to exercise the option permitted under Section 115BAA of the Income Tax Act, 1961 as introduced by the taxation laws (Amendment) Ordinance, 2019.The Board has recommended a final dividend of Rs 94 per share (940 per cent) for the year ended March 31.