CHENNAI: The shares of MRF Ltd on Thursday touched Rs 107,500 with its Q1 net profit at Rs 588.75 crore. On the BSE, the scrip, with a face value of Rs 10, opened at Rs 101,725.05 (closing price of Wednesday Rs 102,640.10) and touched a high of Rs 1,07,500 and closed at Rs 106,923.10.

The company closed Q1FY24 with an operational revenue of Rs 6,323.28 crore (Q1FY23 Rs 5,598.92 crore) and a net profit of Rs 588.75 crore (Rs 123.6 crore). The company’s material cost for the period under review went down to Rs 3,722.03 crore (Rs 4,043.31 crore). The Board has re-appointed KM Mammen as managing director of the company for five years with effect from February 8, 2024.