MRF Q1 Profit Falls 95 Percent At Rs 13 Crore

The company’s consolidated net profit last year from continuing operations was Rs 273.27 crore

Home grown tyre major MRF has reported 95.07 per cent decline in consolidated net profit from continuing operations at Rs 13.46 crore for June quarter impacted heavily by the COVID-19 pandemic.

The company’s consolidated net profit last year from continuing operations was Rs 273.27 crore, MRF Tyres said in a regulatory filling.

Revenue from operations in the period under review stood at Rs 2,460.70 crore as against Rs 4,470.82 crore in the corresponding quarter last fiscal, it added.

"COVID-19 pandemic has severely affected the business environment and the economy," MRF said.

The group's plants, offices and godowns were closed when the nationwide lockdown was announced on March 24 in order to reduce the impact of the pandemic, it added.

"However, post lifting of the lockdown in a phased manner the group's operations have resumed, though not at the full level which prevailed prior to the lockdown," it added.

MRF said as on the date of the approval of the financial statements, the group has a strong net worth and has serviced all its debt obligations in a timely manner.

"It does not foresee any incremental risk regarding recoverability of assets and ability to service financial obligations," the company added.

Source:PTI