MRF rallies over 4.5% on strong Q4 results

Moneycontrol BureauStocks of tyre major MRF rallied close to 5 percent (upto 4.7 percent) touching an intra-day high of Rs 33,200. The main reason for the strong Q4 numbers especially operational margins is the steep fall in rubber prices.

Natural rubber prices dropped below Rs 120/kg for the first time since 2009 as bench mark grade RSS-4 today quoted Rs 118/Kg.

The company’s revenue was up 7 percent at Rs 3361.1 crore versus Rs 3147 crore. Its EBITDA stood at Rs 607.5 crore versus an estimated Rs 436 crore. The company’s operating margins came in at 18.1 percent versus 12. 8 percent.

The company’s other income too came in higher at Rs 24.88 cr as against expectation of Rs 12.3 crore.