MRF: India's most expensive stock hits another record high, up 28.5% in CY23 so far
MRF, known for holding the title of the most expensive stock in the Indian stock market, has witnessed a further increase in its value, making it even pricier. The stock in today's intraday trade hit a fresh all-time high of ₹1,14,459 apiece, gaining by 2.64%. It then finished the trade at ₹1,13,944.
Starting the year at ₹88,600 apiece, MRF's shares have surged 28.5% to date. The stock achieved the milestone of crossing the ₹1,00,000 mark in June 2023, becoming the first Indian company to do so. Over the past 15 years, the stock has closed 11 years with positive performance, with CY14 being the standout year with a remarkable rally of 96%, followed by 48% in CY17.
Throughout this period, the stock has exhibited an impressive growth of 5588%, surging from ₹2,003 to its current level of ₹1,13,944 per share. Also Read: PCBL stock records new all time high, up 4170% in a decade, is more steam left? For the quarter ending September (Q2FY24), the company delivered a robust performance, witnessing a staggering 374% YoY growth in consolidated net profit, soaring to ₹587 crore from ₹123.9 crore in the same period last year. It witnessed a 6.71% YoY growth in operating revenue to ₹6,217 crore in Q2 FY24.
Although revenue growth showed a marginal increase, MRF managed to improve its margins, primarily due to softened raw material costs. The cost of materials consumed during the second quarter moderated to ₹3,748.9 crore, compared to ₹4,161.18 crore in the corresponding period of the previous fiscal year. Also Read: Auto volume review: 2Ws shine in Nov; TVS, Bajaj Auto, Eicher among firms with double-digit domestic wholesale growth Post Q2 performance, domestic brokerage firm Motilal Oswal adjusted its FY24E and FY25E EPS by +3% and
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