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Assignment on Knowledge Proficiency MG251293

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Submitted in partial fulfillment for the award of the degree Master of

Business Administration

Chhattisgarh Swami Vivekananda Technical University, Bhilai

Submitted by,
HARSH HARIHARNO
AAXX831

MBA Semester- II
(Session:2022-2023)

Approved by, Guided by,

Dr. Souren Sarkar Dr. Bishwajeet Bhattacharjee
Professor & Head
Asst. Professor

SHRI SHANKARACHARYA TECHNICAL CAMPUS

Shri Shankaracharya Technical Campus, Faculty of Management Studies
JUNWANI, BHILAI-490 020 (CHHATTISGARH), INDIA
 Table of Contents

Overview of Tyre Industry in India 1

About MRF 3
Financial Statements 5
MRF Stock Performance vs NSE Index 7
Capital Structure Analysis 9
Beta and WACC Calculations for various Debt and Equity combinations 10
Disadvantages of rising Debts 12
Recommendation based on WACC and Debt leverage ratio 12
Dividend Policy 12
Porter’s Five Forces Analysis 14
Cash Conversion Cycle 15
Revised CCC Target 16
Additional Financial Ratio Analysis 17
Takeaways 18
References 19

1
Overview of Tyre Industry in India
The first tyre firm in India was founded in West Bengal in 1926 by Dunlop Rubber Limited.
MRF followed in 1946. The interesting challenge for the companies in India is that the tyres are
designed to work on both urban and village roads. Additionally, they are designed and
anticipated to function in hot, cold, and damp weather. The tyre industry uses a lot of raw
materials. The cost of raw materials accounts for 72% of production costs and 63% of industry
turnover. Except for a few foreign competitors like Bridgestone, the tyres produced are
essentially identical in terms of functioning, quality, and cost.

In 2021, the Indian tyre market saw a volume of 182 million units. The market is anticipated to
grow at a CAGR of 3.59% from 2022 to 2027, reaching 221.8 million units. After China,
Europe, and the United States, India is the fourth-largest tyre market in the world. Increasing
radialization of tyres, particularly in buses and trucks, is what is now driving the industry in
India. Tyres are used in many kinds of vehicles, such as passenger cars, buses, military vehicles,
motorbikes, lorries, etc. OEMs and the replacement segment are the main drivers of the tyre
market. The majority of overall sales today go to the replacement market, which rules the tyre
industry. While the replacement market is connected to usage patterns and replacement cycles,
the OEM segment's demand is driven by trends in the sales of new cars.

Number Of Tyres
Segment
Produced (Lakh/nos)

Truck/Bus 179.6

Light Commercial (LCV) 111.7

Passenger Car 407.7

Tractor/Farm 57.6

Two/Three Wheeler 997.5

OTR (Off-the-road) 9.7

Others (ADV/Industrial) 4.1

Total 1767.9

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MRF is having the highest share of percentage of about 25% in market share. Apollo, Ceat, and
JK Tyres have shares of 18%,11% and 13% respectively.

Figure 1: Average market share in the Indian tyre industry

About MRF
With 9 cutting-edge plants spread across India, MRF is the largest tyre producer in the country
and one of the Top 20 Global Manufacturers. In addition, it is India's largest Original Equipment
Manufacturer (OEM) tyre provider, offering a wide variety of tyres for everything from
motorcycles to fighter jets.

The company's manufacturing facilities are situated in the Indian states of Tamil Nadu (Trichy,
Tiruvottiyur, and Arakonam), Kerala (Kottayam), Goa (Ponda), Andhra Pradesh (Medak), and
the Union Territory of Pondicherry.

K M Mammen Mappillai founded MRF Ltd in 1946 as a tiny toy balloon company. Much later,
in November 1960, the company entered a technical partnership with Tire & Rubber Company,
USA, and began manufacturing tyres. The firm put its primary plant into operation in 1964. To

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access the export market, they also opened an overseas office in Beirut, Lebanon. The business
exported tyres to the United States for the first time in 1967.

The company has four subsidiary companies, including two in India and two abroad:

● MRF Corp Limited and MRF International Limited in India,

● MRF Lanka (P) Ltd in Sri Lanka and MRF SG PTE. LTD. In Singapore.

Figure 2: MRF Limited shareholding pattern

The All India Rubber Industries Association (AIRIA) presented the company with the "Highest
Export Award 2018-19," while the Chemical and Allied Products Export Promotion Council of
India presented it with the "Top Export Award" (CAPEXIL). The nation's top automakers also
recognized MRF for "Best Product Development" and "Best Sales Support."

ICRA Limited, a credit rating agency, upgraded the credit rating for the company's non-
convertible debentures (NCD) programme in their yearly surveillance from [ICRA] AA+
(pronounced [ICRA] double A plus) to [ICRA] AAA (pronounced [ICRA] triple A) for non-
convertible debentures of Rs. 500 crores issued in 2011. This upgrade was announced on July 22,
2016, by MRF.

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The business landscape and the economy had both been badly impacted by the COVID-19
pandemic. On March 24, 2020, the government declared a statewide lockdown to lessen the
effects of the pandemic. As a result, the company's plants, offices, and godowns were shut down.
However, the company's operations have since restarted following the phased lifting of the
lockdown. After overcoming challenges brought on by the pandemic, tyre manufacturer MRF
faced the difficulty of rising input costs in FY22. According to the firm's annual report, the
increase in raw material costs was exceptional because it occurred continually for several months
at a time, causing the company to implement repeated price increases.

According to KM Mammen, chairman & MD of MRF, "the Ukraine war has not helped either as
some of the raw materials became unavailable and more expensive." He added that the rise in
gasoline prices had an impact on consumer demand, especially for two-wheeler tyres and to a
lesser extent for passenger ones. In addition, the automobile sector faced difficulties, the biggest
of which was the lack of semiconductors for automobiles.

MRF currently works with over 5000 channel partners in its network. MRF has 10
manufacturing facilities and a sizable export market; its goods are sold in more than 60 nations
worldwide. The product line includes anything from two-wheelers to truck and bus tyres for
passenger cars. Tractors, farm equipment, and OTR trucks all receive their tyres from MRF as
their main source. Aside from tyres, the company is also involved in the manufacture of toys
(Funskool), paints and speciality coatings, retread tyres, and sporting products. The business has
a strong interest in sports, and its participation in motorsports activities like racing and rallies
shows this. So, MRF's status as the top tyre brand in India is not solely due to business!

5
Financial Statements

Balance Sheet as on 31st March, 2022 (Relevant attributes only in crore Rupees)

ASSETS LIABILITIES AND EQUITY

Plant, Property, Equipment 10692.08 Share Capital 4.24

Less : Accumulated Depreciation 5,750.05 Reserves Total 13,773.03

Total Non-Current Assets 9,466.27 Equity Share Warrants 0

Capital Work in Progress 1,225.81 Equity Application Money 0

Investments 3,665.22 Total Shareholders Funds 13,777.27

Inventories 4,061.72 Secured Loans 950.43

Capital Work in Progress 1,225.81 Unsecured Loans 1,464.24

Total Current Assets 7,434.52 Total Debt 2,414.67

Other Assets 901.58 Other Liabilities 508.04

Total Assets 16,699.98 Total Liabilities 16,699.98

Profit and Loss Statement for FY 2022-23 (in crore Rupees)

Revenue From Operations(Net) 18,989.51
Other Income 314.92
Total Revenue 19,304.43
Cost of Material Consumed 13,254.45
Purchases of Stock-in-Trade 17.01
Changes in Inventories of Finished Goods, Work-in-Progress
-844.92
and Stock-in-Trade
Employee Benefits / Salaries & other Staff Cost 1,471.94

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Finance Cost 247.01
Depreciation and Amortization 1,201.41
Other Expenses 3,078.37
Total Expenses 18,425.27
Profit Before Exceptional Items and Tax 879.16
Profit Before Extraordinary Items and Tax 879.16
Profit Before Tax 879.16
Tax Expenses 231.82
Current Tax 221.95
Deferred Tax 9.87
Profit After Tax 647.34

MRF Stock Performance vs NSE Index

Figure 3: NSEI vs MRF stock performance in 2020

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2020 NSEI MRF 2021 NSEI MRF

Jan 12180.0498 67649.98 Jan 14175.1499 86014.85

Feb 11710.875 69440.35 Feb 14546.75 91201.75

Mar 9472.050049 59236.73 Mar 14800.3501 85703.4

Apr 8972.424805 58420 Apr 14597.875 80846.07

May 9202.799805 58330.32 May 15011.2998 79957.5

Jun 10048.75 63545.3 Jun 15683.27539 83413.88

Jul 10820.5 64076 Jul 15737.8501 81325.52

Aug 11338.25 61060.03 Aug 16494.0752 79307.4

Sep 11204.1499 57650.5 Sep 17501.35059 80625

Oct 11686.25 63734.25 Oct 18028.67481 82100

Nov 12351.625 73004.72 Nov 17496.27539 76769.93

Dec 13493.82471 76940.05 Dec 17024.84961 72030

Figure 4: NSEI vs MRF stock performance in 2021

8
Capital Structure Analysis

The company's principal liabilities consist of loans and borrowings. The company monitors its
capital structure using a gearing ratio which is net debt divided by total capital plus net debt. The
gearing ratio has changed from 7.23% in 2021 to 12.09% in 2022. The total capital of the
company is INR 13777.27 (Cr) and the Net Debt is INR 1895.27 (Cr).

The capital structure of the company prefers a low debt-equity ratio (avg 0.15). More equity
means more dilution of the company’s ownership pattern. On the other hand, low debt indicates
a strong financial condition and better utilization of internal cash. Furthermore, an observation of
the last 10 years’ Gross Fixed Asset values (with reference to Annual Report 2021-22) shows
that the company has steadily and continuously increased its fixed assets from INR 5744 (cr) in
2012 to INR 16442 (Cr) in 2022. This alone shows that the company has steadily invested in
expansionary capacity enhancements and used the depreciation of the fixed assets to hedge
against taxation. Therefore additional borrowing as a hedging instrument was not needed.

A low debt-equity of the company maintains a very high credit rating for the company as well.
An Altman Z score calculation of the company shows the value for the company comes to about
3.13 which is way beyond the distress zone. That’s why the company also enjoys an AAA rating
in its credit rating as per CRISIL (a reference to the annual report 2021-22).

Financial Parameter Values

Working Capital 2014.44
Sales 18989.51
Total Assets 16699.98
Retained Earnings 647
EBIT 2335.14

Altman Z Score: 1.2A + 1.4B + 3.3C + 0.6D + E

9
where,

Attribute Value for MRF

A: Working Capital / Total Assets 0.1206

B: Retained earnings/ Total Assets 0.0387

C: EBIT/ Total Assets 0.1398

D: Market Value of Equity/ Total Liabilities 2.2257

E: Sales/ total Assets 1.1371

So, calculating the Altman Z Score, it comes out to be 3.13.

Beta and WACC Calculations for various Debt and Equity combinations

A comprehensive qualitative and quantitative analysis has been carried out for different levels of
Debt and Equity ratios. Market (NIFTY 50) and company’s (MRF Ltd) month-wise average
return based on closing and opening values for 36 months from 2019 to 2021 have been
calculated. Covariances, variances and finally levered and unlevered Beta have been calculated.
The calculated Beta came out as 0.55. However, considering other factors including behavioural
finance, we have selected 0.66 as the levered Beta from MoneyControl.com. Unlevered Beta
followed by Beta levered at several combinations of Debt to Equity ratio has been calculated and
presented as follows.

CAPM model has been followed to estimate the cost of equity and the WACC. varying cost of
debt has been estimated based on risk-free rates and other premium values of the equivalent
(AAA) bond category against several layers of Debt to Equity ratio.

The company’s leverage on its debt decision depends on one main thing - how much debt it
would allow such that WACC would be minimum without lowering the credit rating of the
company. This is the most optimum level below which the WACC of the company would rise
again as lenders will claim higher risk premiums due to lower credit ratings. So, from that aspect,
the most optimum level (green highlighted in the above table) is the Debt ratio of 0.15 with a
WACC of 11.37 % (AAA).

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Rating D/E Beta Rf RMP Ke We Kd Wd (1-T) WACC

AAA 0.00 0.59 5.9 8.538 10.97 1 9.02 0 0.75 10.97

AAA 0.11 1.68 5.9 8.538 20.21 0.9 10 0.1 0.75 18.94

AAA 0.15 0.68 5.9 8.538 11.71 0.87 12.2 0.13 0.75 11.37

AA 0.25 1.78 5.9 8.538 21.10 0.8 13 0.2 0.75 18.83

AA 0.33 1.84 5.9 8.538 21.64 0.75 17 0.25 0.75 19.42

A 0.43 1.91 5.9 8.538 22.25 0.7 19 0.3 0.75 19.85

BBB 0.54 2.00 5.9 8.538 22.95 0.65 21 0.35 0.75 20.43

BB 0.67 2.09 5.9 8.538 23.77 0.6 22 0.4 0.75 20.86

B 1.00 2.34 5.9 8.538 25.91 0.5 23 0.5 0.75 21.58

Figure 5: Variation in WACC with weight of Debt

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Disadvantages of rising Debts

1. Debt repayment is a non-discretionary item that a company has to pay in terms of both
capital and interest expenses even if it has no income.
2. As already said, a higher debt ratio harms credit rating. Those are inversely proportional. The
higher the debt, the lower the credit rating and so higher the cost of capital for a company.
3. Higher debt means more control of the lenders on the company’s assets in case of liquidation.
In any case, shareholders being the last in the queue for any residual claim lose the
maximum. Therefore, higher debt is not a good signal for existing shareholders.

Normally the following two ratios are checked to evaluate the company’s debt leverage.

● Debt to Equity Ratio: It compares the company’s total liabilities to its shareholders’ equity.
It stands for MRF at 0.15. A higher leverage ratio signals higher risk to stakeholders.
● Interest Coverage Ratio: it signals how well the company is prepared to pay its interest due
on the outstanding debt. It stands for MRF at 4.45. Higher the value, the higher the
confidence in the company’s performance.

Recommendation based on WACC and Debt leverage ratio

Given the low debt ratio, the company is perfectly positioned at the lowest risk zone. For now,
there is no need to change the status quo. The company also has been maintaining the same
position for a long time. In future, should the company need to analyze its debt leverage position,
it can follow the guidelines mentioned in the above table computing WACC against various debt
and equity levels. The tyre industry does not fall in the category of high capital-intensive
industries. So, debt is not necessary in every case. However, given the credit rating company can
always raise debt to a quite sustainable extent. The company, as already pointed out, is investing
heavily and steadily in fixed assets consistently every year (3x) from 2012 to 2022 to increase
and strengthen its capacity expansion.

Dividend Policy

Last year, MRF's stock was trading for more than Rs 98,000 at one point on the day of the
dividend announcement. The interim dividend, which was paid out at Rs 3 per share, was so

12
meagre that it raised eyebrows. The dividend payout of Rs 1.27 crore might not even be worth it
for the company to do, but it has become a tradition for the company to pay interim dividends of
Rs 3 per share every quarter. However, the board of the company does not see many problems
with it. Despite the management's justification for calling its actions "shareholder friendly," its
shareholders don't feel that way. Several shareholders as per a report in Times Of India mocked
the dividend payout on social media; some even dubbed it "anti-shareholder" in their posts.
While many people will be grateful for the management's history of paying consistent quarterly
dividends, others view it as a futile exercise with little tangible benefit for the recipient. The
company's declaration of a dividend has now become material for a plethora of Internet meme
accounts. Given that its stock has provided absolute returns of 811,482% since its listing in 1993,
MRF has been one of the largest wealth creators in India. Therefore, it seems harsh to investors
to label it "anti-shareholder."

MRF would be better served by forgoing such pitiful interim dividend payments altogether and
rewarding shareholders with a larger final dividend to improve its reputation and perception
among shareholders. The shareholders of MRF are more than willing to wait for a bigger share
of the business's abundant profits rather than just crumbs every quarter.

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Porter’s Five Forces Analysis

Figure 3: Porter’s Five Forces analysis of MRF Limited

● Industry Rivalry: Competitive rivalry is the force that helps to define the competition
between the existing players in the same industry and show its effects. Due to the rise in tyre
companies like Apollo, CEAT, JK Tyres, etc., the Indian tyre industry, like MRF, currently
faces greater competition. Additionally, at the same time, the presence of foreign competitors
has raised the bar in the Indian tyre industry. Due to its competition with the top 8
businesses, MRF faces the greatest rivalry, accounting for more than 80% of the market. And
today, every business aims to maintain automated technologies by implementing new
technology like supply chain management and electronic resource planning (ERP) (SCM).
● Bargaining Power of Supplier: Suppliers' bargaining power can be broken up into different
parts based on what the industry needs, like rubber and other materials made from
petrochemicals, like carbon black and nylon cord, for example. The MRF has a small number
of suppliers, and there aren't many materials to choose from. This makes the prices go up.

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 The cost of switching to MRF is high, and the risk of forwarding integration is also very
high. About half of the rubber that the tyre industry uses has been made in our country. The
price of natural rubber is set by the Rubber Control Board. When it comes to Petro raw
materials, supplier power is high. This makes the price go up. JMK international is one of the
companies that supply raw materials for allied rubber products and also sells them in India
and other countries.
● Bargaining Power Of Buyers: The bargaining power of buyers is relatively moderate for
MRF. Because of strong brand value and higher market share, MRF has rigid control over its
distribution partners.
● Threat of New Entrants: Due to capital intensive nature of the industry, the cost associated
with entry and exit in the industry is relatively high. So, the threat of new entrants for MRF is
relatively low.
● Threat of Substitute: As of now, the tyre industry doesn’t have any substitute, and thereby,
the threat is low.

Cash Conversion Cycle

The time (expressed in days) it takes for a business to convert its investments in inventory and
other resources into cash flow from sales is known as the Cash Conversion Cycle (CCC). It tries
to figure out how long it takes for each net input rupee to be used in production and sales before
turning it into cash. This metric accounts for the amount of time required by the business to sell
its inventory, the length of time needed to collect receivables, and the amount of time necessary
to pay its bills to suppliers.

The CCC is one of several quantitative metrics used to assess how effectively a company's
operations and management are conducted. Rising CCC values should prompt further
investigation and analysis based on other factors while decreasing or stable CCC values over
several periods are a good sign. CCC only applies to specific industries that depend on inventory
management and related activities.

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 CCC = DIO + DSO − DPO

where:
DIO = Days of Inventory Outstanding
DSO = Days Sales Outstanding
DPO = Days Payables Outstanding

● 𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 4061.72
DIO = 𝐶𝑜𝑠𝑡 𝑜𝑓 𝐺𝑜𝑜𝑑 𝑆𝑜𝑙𝑑 𝑝𝑒𝑟 𝑑𝑎𝑦 = 13,254.45 / 365 = 112 days
● 𝑇𝑟𝑎𝑑𝑒 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠 2,283.26
DSO = 𝑅𝑒𝑣𝑒𝑛𝑢𝑒 𝑓𝑟𝑜𝑚 𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛𝑠 𝑝𝑒𝑟 𝑑𝑎𝑦 = 18,989.51 / 365 = 44 days
● 𝑇𝑟𝑎𝑑𝑒 𝑃𝑎𝑦𝑎𝑏𝑙𝑒𝑠 2,774.32
DPO = 𝐶𝑜𝑠𝑡 𝑜𝑓 𝐺𝑜𝑜𝑑 𝑆𝑜𝑙𝑑 𝑝𝑒𝑟 𝑑𝑎𝑦 = 13,254.45 / 365 = 76 days

CCC = (112 + 44 - 76) days = 80 days

Revised CCC Target

As per industry standards, a period of 12-13 weeks is considered as optimal for this industry. As
per the derived CCC value above, MRF already boasts a very good score. Porter’s Five Forces
analysis suggests that there isn’t much flexibility in bettering the score owing to the moderate to
the high bargaining power of suppliers and buyers. However, if we still can suggest the company
improve the DSO and DPO by 15 and 5 days respectively by adopting a further aggressive
working capital management strategy, the requirement for additional funds would decrease as
follows.

Fund savings through DSO optimization = 15 x (18989. 51 / 365) = Rs. 780.39 crores
Fund savings through DPO optimization = 5 x (13254. 45 / 365) = Rs. 181.57 crores
Total Savings = (Rs. 780.39 + Rs. 181.57) crores = Rs. 961.96 crores

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Additional Financial Ratio Analysis

Key Ratios Value

Debt-Equity Ratio 0.15

Long Term Debt-Equity Ratio 0.09

Current Ratio 0.87

Turnover Ratios

Fixed Assets Turnover Ratio 1.3

Inventory Turnover Ratio 5.47

Debtors Turnover Ratio 8.64

Total Asset Turnover Ratio 1.19

Interest Cover Ratio 4.45

1. Current Ratio: The current ratio is a liquidity ratio that measures whether a firm has enough
resources to meet its short-term obligations. It compares a firm's current assets to its current
liabilities and is expressed as follows:

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡𝑠
Current Ratio = 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠

The current ratio is an indication of a firm's liquidity. The higher current ratio of 0.87 for
MRF indicates the company has enough liquidity to meet its short-term operational expense.

2. Fixed Asset Turn Over Ratio: Fixed Asset Turnover (FAT) is an efficiency ratio that
indicates how well or efficiently a business uses fixed assets to generate sales. This ratio
divides net sales by net fixed assets, calculated over an annual period.

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 𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠
Fixed Asset Turnover =
𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝐹𝐼𝑥𝑒𝑑 𝐴𝑠𝑠𝑒𝑡𝑠

Higher fixed asset ratio implies more effective utilization of investments in fixed assets to
generate revenue. MRF has a good FAT ratio of 1.3. It is amongst the best in the industry.

3. Inventory Turnover Ratio: Inventory Turnover Ratio (ITR) is an activity ratio and is a tool
to evaluate the liquidity of a company’s inventory. It measures how many times a company
has sold and replaced its inventory during a certain period. MRF has a relatively higher ITR
of 5.47 compared to its nearest rival, i.e., Apollo tyres which has an ITR value of 4.12.MRF
should focus on its operational excellence to improve it.

4. Debtor’s Turnover Ratio: Debtor’s turnover ratio is also known as Receivables Turnover
Ratio, Debtor’s Velocity and Trade Receivables Ratio. It is an activity ratio that finds out the
relationship between net credit sales and the average trade receivables of a business. MRF
has a debtor turnover ratio of 8.64, which is amongst the best in the Industry.

Takeaways
This project enabled us to take a closer look at the capital structure of an established company,
and thereby, analyse it for its merits and shortcomings. It was an enriching experience for us to
apply the wide array of concepts taught in class to real world scenarios. Each of our group
members are now better equipped to understand the nuances of corporate finance and make
suggestions on how to make it better and more effective.

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References

1. Prof. A Vinay Kumar classroom notes

2. Financial Management Theory and Practice by Birgham Ehrhardt
3. Capitaline Database. Retrieved September 3, 2022, from https://awsone.capitaline.com/
4. Market Risk Premia. Retrieved September 3, 2022, from
http://www.market-risk-premia.com/market-risk-premia.html
5. Moneycontrol. Retrieved September 3, 2022, from https://www.moneycontrol.com
6. The Indian tyre industry - an overview. (n.d.). domain-b.com. Retrieved September 3, 2022, from
https://www.domain-b.com/industry/tyres/200012_tyre_industry.html
7. India Tyre Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027-
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says-mrf/2591721/
9. Mrf Share Price, NSE/BSE Live Stock Price & Company Profile. (n.d.). Business Standard. Retrieved
September 3, 2022, from https://www.business-standard.com/company/mrf-391.html
10. Satija, A. (n.d.). Understanding The Indian Tyre Industry, Key Players & The Road Ahead. Alpha
Invesco. Retrieved September 3, 2022, from
https://www.alphainvesco.com/blog/understanding-the-indian-tyre-industry/
11. Sector Analysis - Rubber & Tyre Industry in India. (2019, January 13). Tech4Planet. Retrieved
September 3, 2022, from https://www.tech4planet.com/sector-analysis-rubber-tyre-industry-in-india/
12. Tyre Manufacturers In India: Top Tyre Manufacturing Companies In India. (2021, December 10).
OkCredit. Retrieved September 3, 2022, from https://okcredit.in/blog/tyre-manufacturers-in-india/
13. CHAKRABORTY, C. (2021, February 22). Behind the Stock: Why MRF's interim dividends drew
memes and scorn. The Economic Times. Retrieved September 3, 2022, from
https://economictimes.indiatimes.com/markets/stocks/news/behind-the-stock-why-mrfs-interim-divid
ends-drew-memes-and-scorn/articleshow/81150589.cms

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