MRF has appointed Rahul Mammen Mappillai (39), elder son of Chairman KM Mammen and grandson of founder, the late KM Mammen Mappillai, as the Managing Director of the company.

Rahul Mammen Mappillai, who has an MBA from Michigan Business School, US, was a Whole-Time Director of the company. He was inducted into the Board in 2010.

He was previously Vice-President – Corporate Planning and Development in the company for about seven years.

MRF has also re-designated Managing Director Arun Mammen as Vice-Chairman and Managing Director with immediate effect, according to a communiqué to the stock exchanges.

Profit dips 32% in Q4

MRF has reported a 32 per cent decline in its net profit at ₹287 crore for the quarter ended March 31 against ₹423 crore in the year-ago period, on the back of lower operating profit on account of fall in revenues.

Its gross profit stood at ₹364 crore during the January-March 2017 quarter against ₹595 crore in the year-ago period. Cost of raw material was higher at ₹2,120 crore (₹1,728 crore). The company’s net sales stood at ₹3,713 crore against ₹3,772 crore.

For the full year ended March 31, 2017, net profit stood at ₹1,451 crore against ₹2,474 crore, which was for the 18-month period ended March 31, 2016.

Net sales were ₹14,743 crore against ₹22,162 crore.

The Board has recommended a final dividend of ₹54 per share.

The company has already declared and paid two interim dividends of ₹3 each per share for the financial year ended March 31, 2017.

With the recommendation of final dividend, the total dividend works out to ₹60 per share.

On the BSE, the company’s scrip closed 2.5 per cent lower at ₹66,985 against the previous close of ₹68,712.

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