MRF Q2 Net Profit Jumps 79 Per cent To Rs 411 Crore
Published On 20-Nov-2020
The company had posted a consolidated profit from continuing operations at Rs 228.96 crore in the year-ago period
Homegrown tyre major MRF has reported a 79 per cent jump in consolidated net profit to Rs 410.92 crore in the quarter ending September. The company has posted a consolidated profit from continuing operations at Rs 228.96 crore in the year-ago period, MRF said in a regulatory filing.
The tyre marker's net sales for Q2 September 2020 grew by 6% to Rs 4,244.43 crore from Rs 4,007 crore in the same period last year.
Total expense during the period was lower at Rs 3,717.62 crore as compared to Rs 3,760.80 in the second quarter of the last fiscal. Cost of materials consumed was lower at Rs 2,271.82 crore as compared to Rs 2,425.75 crore in the year-ago period, the company said.
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Tyre maker has reported 95.07 per cent decline in consolidated net profit from continuing operations at Rs 13.46 crore in the first quarter impacted heavily by the COVID-19 pandemic. MRF manufactures and distributes tyres and tubes for automobiles, aircrafts, motorcycles and cycles.