India’s largest tyre manufacturer MRF Limited (MRF) reported lower-than-expected numbers in Q3FY19. Standalone revenue was up 6.2% yoy (4% qoq) at Rs4,034cr, lower than the consensus estimate of Rs4,179cr. EBITDA was down 21.5% yoy (up 1% qoq) at Rs552cr. EBITDA margin contracted 483bps yoy and 35bps qoq to 13.7%. EBITDA and EBITDA margin missed the consensus estimate of Rs677cr and 16.2%, respectively. Standalone PAT was down 18% yoy (up 6% qoq) at Rs279cr, missing the consensus estimate of Rs319cr by a wide margin.
The Board of Directors of MRF announced an interim dividend of Rs3/- per share.
The Listed Secured Redeemable Non-Convertible Debentures of the Company aggregating to Rs500cr as on 31st December, 2018 are secured by way of legal mortgage of Company's Land at Taluka Kadi, District Mehsana, Gujarat and hypothecation by way of first charge on Plant & Machinery at the Company's Plants at Perarnbalur, Trichy, Tamilnadu, equivalent to the outstanding amount.
MRF Ltd is currently trading at Rs. 60,019.10, down by 33.55 points or 0.06% from its previous closing of Rs. 60,052.65 on the BSE.
The scrip opened at Rs. 60,060 and has touched a high and low of Rs. 60,812.90 and Rs. 59,090 respectively. So far 19,338 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.
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