MRF’s 4QFY24 result was weak as higher RM costs and operating expensesled to lower adjusted EBITDA margin of 16.2% (-100bp QoQ vs. est. 17%). Aprovision of INR463.6m, which was made in FY23, was recognized in 4Qalong with the additional provision of INR981.4m for FY24 to cover EPRcosts.