India's MRF falls after Q4 profit slides, misses estimates

MRF

03/05/2024 08:40

** Shares of tire-maker MRF  MRF.NS  down as much as 4.3% to
127,850 rupees
    ** Co's Q4 profit from cont. ops fell 7.6% y/y to 3.80 bln
rupees ($45.6 mln), and missed analysts' estimates of 5.05 bln
rupees, per LSEG data 
    ** Stock was down 2.9% before results
    ** If losses hold, MRF is set to log its worst single-day
fall by percentage since November 2022
    ** Analysts' avg rating on stock is "Sell", their median PT
is 108,929 rupees - a near 19% discount on last closing price 
    ** At current levels, it is down 0.8% YTD

($1 = 83.3830 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))