MRF

Feb 6 (Reuters) - Indian tyre maker MRF MRF.NS posted a near 40% fall in third-quarter profit on Thursday, as higher rubber costs outweighed steady demand for tyre, sending its shares more than 3% lower.

Standalone net profit was 3.07 billion rupees ($35.06 million) in the quarter ended Dec. 31, missing analysts' average estimate of 4.2 billion rupees, according to LSEG data.

Revenue from operations rose 13.8% to 68.83 billion rupees, beating analysts' average estimate of 67.33 billion rupees, while total expenses increased 20.6%.

MRF makes tyres for vehicles of Hyundai Motor India HYUN.NS and Bajaj Auto BAJA.NS, among others.

For further earnings highlights, click (Full Story)

KEY CONTEXT

Prices of rubber, a key raw material for tyre makers, rose in the December quarter, analysts said. Cost of materials consumed rose 23.8% to 46.34 billion rupees for MRF.

Total vehicle sales in India rose 3.1% year-on-year in the reported quarter, compared with a 19.5% jump in the year-earlier period. This weighed on tyre makers such as MRF, which depend on auto sales for a big chunk of their revenue.

Meanwhile, replacement demand, where customers change old or worn-out tyres with new ones, along with price hikes helped boost revenue, analysts said.

PEER COMPARISON

* The mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

OCTOBER-DECEMBER STOCK PERFORMANCE

-- All data from LSEG

-- $1 = 87.5575 Indian rupees

(Reporting by Meenakshi Maidas in Bengaluru; Editing by Subhranshu Sahu)

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Nov 8 (Reuters) - MRF Ltd MRF.NS:

• Q1 PROFIT FROM CONTINUING OPERATIONS 4.55 BILLION RUPEES; IBES PROFIT EST. 4.25 BILLION RUPEES

• Q1 REVENUE FROM OPERATIONS 67.60 BILLION RUPEES; IBES EST. 65.74 BILLION RUPEES

• DIVIDEND 3 RUPEES PER SHARE

Further company coverage: MRF.NS

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Aug 8 (Reuters) - MRF Ltd MRF.NS:

• MRF Q1 PROFIT FROM CONTINUING OPERATIONS 5.63 BILLION RUPEES; IBES PROFIT EST. 4.25 BILLION RUPEES

• MRF Q1 REV FROM OPS 70.78 BLN RUPEES; IBES EST. 65.74 BLN RUPEES

Source text for Eikon: [ID:]

Further company coverage: MRF.NS

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By Praveen Paramasivam

May 8 (Reuters) - Rockwell Automation ROK.N is mulling expanding its technology workforce and opening more factories to boost manufacturing in India, a senior executive said on Wednesday, days after unveiling plans to construct a plant in the southern state of Tamil Nadu.

The industrial automation equipment maker, which completed 40 years in India in 2023, counts many manufacturing giants, including Reliance Industries RELI.NS, Mahindra Group and MRF MRF.NS, as its customers.

"We see India as a technology hub for our current and future product development, hardware and software," Rockwell Asia Pacific Regional President Scott Wooldridge told Reuters on Wednesday.

Rockwell, which currently employs 4,500 people and has a majority of its Indian tech workers in Noida, Pune and Bengaluru, also plans to sharpen its focus on hardware and software product development by hiring more people for its technology centers.

"We'd continue to expand at a similar rate to what we've expanded the last five or six years, where we went from 500 to 3,500," Wooldridge said.

Rockwell's plan comes at a time when Indian IT majors are going slow on hiring due to clients cutting back spending and deferring projects due to macroeconomic challenges.

Last week, Rockwell, which has products that are deployed in a range of manufacturing sectors including tyremaking machines and vaccine production lines, said it would open a factory in the city of Chennai in Tamil Nadu.

Rockwell has plans to open more factories in India, which is benefiting from global manufacturers vying to expand their production footprint beyond China.

"We see (the Chennai plant) as a start of a manufacturing campus strategy ... We're looking for the opportunity to build more manufacturing capacity and move more products to India," Woolridge said.

(Reporting by Praveen Paramasivam; Editing by Krishna Chandra Eluri)

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** 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)

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Feb 9 (Reuters) - MRF Ltd MRF.NS:

• MRF Q3 PROFIT FROM CONTINUING OPERATIONS 5.08 BILLION RUPEES

• MRF Q3 REVENUE FROM OPERATIONS 60.48 BILLION RUPEES

• MRF YEAR AGO Q3 PROFIT 1.69 BILLION RUPEES; REVENUE 55.35 BILLION RUPEES

• MRF LTD - DIVIDEND 3 RUPEES PER SHARE

Source text for Eikon: [ID:]

Further company coverage: MRF.NS

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Jan 31 (Reuters) - MRF Ltd MRF.NS:

• CO DIRECTED TO PAY ENVIRONMENTAL COMPENSATION OF 1.3 MILLION RUPEES

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Jan 3 (Reuters) - MRF Ltd MRF.NS:

• ENTERED INTO A CAPTIVE POWER PURCHASE AGREEMENT WITH FIRST ENERGY 8

• WILL BE ACQUIRING UPTO 27.2% OF PAID UP EQUITY OF FIRST ENERGY 8

• COST OF ACQUISITION AT 358.7 MILLION RUPEES

• ENTERED INTO CAPTIVE POWER PURCHASE AGREEMENT FOR PURCHASE OF WIND POWER UNDER CAPTIVE POWER POLICY OF GOVERNMENT

Source text for Eikon: ID:nBSE2vkB3J

Further company coverage: MRF.NS

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Nov 30 (Reuters) - MRF Ltd MRF.NS:

• ENTERED INTO A CAPTIVE POWER PURCHASE AGREEMENT WITH FIRST ENERGY 5

• AGREEMENT FOR PURCHASE OF WIND POWER UNDER CAPTIVE POWER POLICY OF GOVERNMENT

• IN THIS CONNECTION WILL ACQUIRE UPTO 11.95% OF PAID UP EQUITY OF COMPANY

• COST OF ACQUISITION 113.5 MILLION RUPEES

Further company coverage: MRF.NS

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Nov 10 (Reuters) - MRF Ltd MRF.NS:

• ENTERED INTO AGREEMENT WITH FIRST ENERGY 6 FOR PURCHASE OF SOLAR POWER

• WILL ACQUIRE UPTO 11.57% OF PAID UP EQUITY OF FIRST ENERGY 6

• FIRST ENERGY 6 DEAL FOR 51.7 MILLION RUPEES

Source text for Eikon: ID:nBSEK6163

Further company coverage: MRF.NS

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Nov 3 (Reuters) - MRF Ltd MRF.NS:

• Q2 PROFIT FROM CONTINUING OPERATIONS 5.72 BILLION RUPEES; REFINITIV IBES PROFIT EST. 5.71 BILLION RUPEES

• Q2 REVENUE FROM OPERATIONS 60.88 BILLION RUPEES

• YEAR AGO Q2 PROFIT 1.24 BILLION RUPEES; REVENUE 57.19 BILLION RUPEES

• DIVIDEND 3 RUPEES PER SHARE

Source text for Eikon: ID:nBSEPbV7V

Further company coverage: MRF.NS

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Aug 3 (Reuters) - MRF Ltd MRF.NS:

• Q1 PROFIT FROM CONTINUING OPERATIONS 5.81 BILLION RUPEES; REFINITIV IBES EST. 3.83 BILLION RUPEES

• Q1 REVENUE FROM OPERATIONS 63.23 BILLION RUPEES

• Q1 YEAR AGO PROFIT 1.12 BILLION RUPEES; REVENUE 55.99 BILLION RUPEES

• RE-APPOINTS K M MAMMEN AS MANAGING DIRECTOR

Further company coverage: MRF.NS

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BENGALURU, Aug 2 (Reuters) - Tyre manufacturer Goodyear India GDYR.NS reported a higher quarterly profit as a drop in raw material prices helped make up for its first revenue fall in 12 quarters on low demand.

The Indian unit of U.S.-based Goodyear Tire and Rubber Co GT.O said standalone profit rose 4% to 392.6 million rupees ($4.8 million) in the first quarter.

While revenue from operations fell about 12% to 7.2 billion rupees, that was more than offset by a roughly 13% drop in expenses due to lower raw material prices.

Rubber prices, a key raw material for the tyre industry, have fallen by about 20%-25% over the last year through May, according to HDFC Securities.

However, Goodyear's revenue was hurt by lower sales volumes due to subdued demand and index-based price reduction to vehicle makers, the company said.

The company sells tyres to both car and other passenger vehicle makers as well as to commercial vehicle makers, especially tractor makers, whose sales have suffered this quarter.

While automaker Maruti Suzuki India MRTI.NS reported strong sales, the likes of Mahindra and Mahindra MAHM.NS and Escorts Kubota ESCO.NS have reported a drop in tractor sales.

"While the current economic environment remains challenging, we expect the industry to bounce back, specially in the light of good monsoon which should help stimulate the rural demand", said Goodyear India Chairman and Managing Director Sandeep Mahajan.

The company's larger rival CEAT CEAT.NS, however, reported a near 16-fold jump in profit as rubber prices fell and demand for passenger vehicles climbed. MRF MRF.NS and JK Tyre JKIN.NS will report results later this week.

Goodyear India's shares ended the day nearly 3% lower, ahead of the results, but have gained 24.5% so far this year. CEAT's shares have surged nearly 50% in that period, while MRF has risen 16% and JK Tyre 38%.

Goodyear Tire and Rubber will report its quarterly results later in the day.

($1 = 82.5440 Indian rupees)

(Reporting by Ashish Chandra in Bengaluru; Editing by Savio D'Souza)

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** Shares of MRF MRF.NS rise as much as 1.5% to a fresh all-time high of 100,439.95 rupees

** Stock above its 50-, 100-, and 200-day exponential moving averages since April 27, suggesting bullish bias

** Stock's Relative Strength Index climbs above 70 in early trade, indicating it is overbought

** Stock rose nearly 7% since MRF's Q4 earnings on May 3

** Trading volume at ~6,400 shares, just over 0.5x the 30-day avg

** Average rating of ten analysts at equivalent of 'sell'; median PT is 79,200 rupees - Refinitiv data

** Including session's gains, stock last up 13% so far this year

(Reporting by Biplob Kumar Das in Bengaluru)

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May 4 (Reuters) -

Indian tyremaker CEAT Ltd CEAT.NS reported a more-than-five-fold increase in its fourth-quarter profit on Thursday, aided by low raw material costs and strong domestic demand.

CEAT's consolidated net profit rose to 1.34 billion rupees ($16.40 million) in the three months ended March 31, from 252.5 million rupees a year ago.

Analysts, on average had expected a profit of 908.3 million rupees, according to Refinitiv IBES.

Indian car and bike makers have reported strong domestic growth, which, in turn, has boosted demand for tyre makers. They have also hiked prices that, analysts said, would boost margins.

The Mumbai-based CEAT's revenue rose about 11% to 28.75 billion rupees. Its total expenses rose 5% but the cost of materials consumed fell 6.1%.

That, and the price hikes, helped CEAT's earnings before interest, taxes, depreciation, and amortization (EBITDA) margin increase to 13.1% from 7.2% last year.

"On exports, we continue to face pressure as a result of global economic headwinds, largely spurred by the ongoing war and the currency devaluation," Vice Chairman Anant Goenka said in a statement.

However, while wholesale commercial and passenger vehicle sales growth moderated in April, analysts expect demand for replacement tyres would provide cushion to tyremakers including CEAT rivals MRF Ltd MRF.NS, Apollo Tyres Ltd APLO.NS and JK Tyre & Industries Ltd JKIN.NS in the coming quarters.

"We have begun to see some recovery in exports and the replacement market, especially in the commercial category. We are hopeful that the coming quarters will see a further uptick in growth," CEAT said.

Earlier this week, MRF Ltd MRF.NS said its fourth-quarter profit more than doubled.

CEAT's shares closed 1.07% higher. The company recommended a final dividend of 12 rupees per share.

($1 = 81.7320 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Janane Venkatraman)

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May 3 (Reuters) - MRF Ltd MRF.NS:

• INDIA'S MRF MARCH-QUARTER PROFIT FROM CONTINUING OPERATIONS 4.11 BILLION RUPEES VERSUS PROFIT 1.57 BILLION RUPEES

• MRF MARCH-QUARTER REVENUE FROM OPERATIONS 57.25 BILLION RUPEES VERSUS 52 BILLION RUPEES

• FINAL DIVIDEND OF 169 RUPEESPER SHARE

Source text for Eikon: ID:nBSE8mKTvL

Further company coverage: MRF.NS

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