MRF shares decline 4 pc as Q1 profit falls

MRF Ltd on Friday reported a 95.07 per cent decline in its consolidated net profit from continuing operations at Rs 13.46 crore for the June quarter impacted heavily by the coronavirus pandemic. In the year-ago period, the company's consolidated net profit from continuing operations was Rs 273.27 crore, MRF said in a regulatory filing.

Shares of tyre major MRF Ltd on Friday dropped nearly 4 per cent after the company reported a 95.07 per cent decline in its consolidated net profit for the June quarter. The stock declined 3.91 per cent to close at Rs 61,488.50 apiece on the BSE. During the day, it tanked 4.36 per cent to Rs 61,200.15.

On the NSE, it was down by 3.80 per cent to settle at Rs 61,540. MRF Ltd on Friday reported a 95.07 per cent decline in its consolidated net profit from continuing operations at Rs 13.46 crore for the June quarter impacted heavily by the coronavirus pandemic.

In the year-ago period, the company's consolidated net profit from continuing operations was Rs 273.27 crore, MRF said in a regulatory filing. 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.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)