Record-Breaking Surge: MRF Rockets to 52-Week High with Astonishing 376% Q1 Profit Growth!
MRF Limited, a company that makes tires, did really well in the last three months. They made a lot more money compared to the same time last year. Their profit went up by a huge 376 percent, which is a big jump.
This happened mainly because they managed their costs better and made more money from their operations.
On August 3rd, their stock price reached the highest point it has been in the last 52 weeks. This means that the price of a single share of their company reached a level that it hadn't reached in a whole year.
When the stock market closed at 3:30 pm, their share price was Rs 1,07,600, which is a big increase of Rs 5010.80 from before. This made their stock price go up by about 4.88 percent on the NSE, which is a place where people trade stocks. During the day, a total of almost 24,000 shares of the company were bought and sold, which is more than the usual 5,000 shares that are traded in a month.
MRF's stock price going up today is a big deal because it didn't go up much for almost three months before this. It was kind of stuck at the same level. MRF's stock is known to be the most expensive one in India, which means it costs a lot to buy just one share of their company.
Among all the similar companies, MRF's stock has the second-highest P/E, which is a way to measure how much people are willing to pay for the company's earnings.
When MRF reported their results for the first quarter of the financial year 2023-24 (Q1FY24), they said that they made 13.06 percent more money from their operations compared to the same time last year.
This is called revenue, and for MRF, it was Rs 6,440.29 crore, which is a lot of money.
In the June quarter, MRF made Rs 1,129.85 crore from their operations before taking out things like interest, taxes, and other expenses. This number went up by a big 128.99 percent compared to the same time last year.
This means they are doing a much better job at making money. Also, their profit margin, which is a way to see how much money they make compared to how much they spend, went up by 888 basis points to 17.54 percent. This shows that they are managing their money better.
MRF Limited had a great quarter. They made a lot more money than before, their stock price went up, and they managed their costs well. This is good news for the company and for the people who own its shares.