Dear Shareholders,
In stark contrast to the previous year, the financial year April, 2023 to March, 2024
went without any price increases, as the raw material prices has stabilised. In fact, by
the close of the financial year, we were able to give a price reduction in our star
product in the Truck Tyre range S3C8. This price decrease was naturally welcomed by the
customers.
It is a matter of great satisfaction that MRF's products and strategies have led us to
record an all-time high performance during the current year. We have achieved a
consolidated total income of Rs.25,486 crores which is an increase of Rs.2,225 crores over
the previous year.
We are also happy that we have been able to introduce to the high-end bike customers,
our steel radial brace tyres. These bikers have been depending on imported products in
this category. The introduction of MRF Steel Brace Radial tyres would have therefore come
as a welcome step for most of these customers.
In the Passenger Car Segment, more and more customers seem to have been preferring
compact SUV's over the last few years. It is therefore a great comfort that most of the OE
manufacturers of these compact SUV's have preferred MRF Wanderer Street Radial tyres as OE
fitment.
In line with India's ambition to achieve Net Zero emissions by the year 2070, we are
proactively taking steps to reduce carbon emissions in our operational process. We are
committed to become carbon neutral by the year 2050.
I wish to thank the Shareholders, Investors. Central and State Governments, Lenders,
Suppliers and Customers for their support. I also thank all my colleagues on the Board for
their continued support.
Best Wishes,
K.M. MAMMEN
Chairman & Managing Director