MRF announces bonus for employees after a sharp recovery

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MRF announces bonus for employees after a sharp recovery
ET | Other Tyre manufacturers like JK Tyres and CEAT Ltd have additionally reportedly reversed wage cuts and paid bonuses to their employees after December quarter earnings.

MRF announces one month’s salary as bonus for employees after a sharp recovery in the business

Tyre manufacturing giant, MRF limited has announced one month’s salary as a bonus to its employees who didn’t get increments in the year 2020.

According to an ET report, “We are disbursing, to all MRF staff who went without an increment last year, one month’s salary as a token of our appreciation for a sparkling performance, in spite of the heavy odds we faced,” Chairman K M Mammen mentioned in an inner communication.

The firm’s earnings more than doubled to Rs 521 crore through the December quarter as Tyre demand recovered sharply on the back of sustained growth in economic activity.

Other Tyre manufacturers like JK Tyres and CEAT Ltd have additionally reportedly reversed wage cuts and paid bonuses to their employees after December quarter earnings.

The revival in financial exercise and a sharp fall in tyre imports following the federal government’s restrictions augur nicely for home tyre makers in accordance with analysts. Automobile gross sales too have been recovering, resulting in larger demand tyre from automakers.

MRF Ltd’s board also announced a second interim dividend of Rs 3 per equity share for FY21. The most expensive share on the Indian bourses bore a similar dividend earlier in this financial year.

The company’s stock ended 1.16% lower at Rs 89,392.4 per share on the BSE on Tuesday.

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