“We are disbursing to all MRF personnel that went with out an increment past yr one particular month’s wage as a token of our appreciation for a glowing functionality, in spite of the weighty odds we confronted,” chairman KM Mammen reported in an inner interaction, which ET has seen.
The company’s revenue additional than doubled to Rs 521 crore for the duration of the December quarter as tyre demand from customers recovered sharply on the again of sustained progress in economic action.
MRF could not be attained for responses.
Other tyre makers, this kind of as JK Tyre and Ceat Ltd., have also reportedly reversed wage cuts and compensated bonuses to employees immediately after their December-quarter earnings. The revival in economic action and a sharp slide in tyre imports next the government’s restrictions augur well for domestic tyre makers, according to analysts. Vehicle sales far too have been recovering, main to higher demand from customers for tyres from automakers.
MRF Ltd’s board also announced a second interim dividend of Rs three for each fairness share for FY21. The optimum priced share on the Indian bourses bore a very similar dividend previously in this financial yr.
On Tuesday, the company’s shares shut one.16% decreased on the BSE at Rs 89,392.4.