MRF's Q1 Financial Results Show Flat Performance, Experts Suggest Caution for Investors
MRF, a leading tyre company in the largecap industry, has recently announced its financial results for the quarter ending March 2024. According to the report, the company's performance has remained flat compared to the previous quarter. This has resulted in a decrease in the company's score from 15 to 2 in the last three months.
One of the major factors contributing to this decline is the Profit Before Tax (PBT) less Other Income, which has fallen by 29.7% to Rs 433.53 crore compared to the average PBT of the previous four quarters, which was Rs 617.12 crore. This indicates a negative trend in the near term for PBT.
Similarly, the Profit After Tax (PAT) has also seen a decline of 21.8% to Rs 396.10 crore compared to the average PAT of the previous four quarters, which was Rs 506.44 crore. This further reinforces the negative trend in the near term for PAT.
Additionally, MRF's Non-Operating Income for the quarter was at its highest in the last five quarters, at Rs 93.81 crore. However, experts suggest that this increase in income from non-business activities may not be sustainable.
Based on these financial results, MarketsMOJO has given a 'Hold' call for MRF's stock. It is important for investors to carefully analyze the company's performance and make informed decisions.
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