 "MRF pre-tax profit down 93% to Rs 28 cr in Q1 on Covid hit")
Tyre major MRF has reported a profit before tax of Rs 27.90 crore during the quarter ended June 30, 2020 as against Rs 411.5 crore, a drop of nearly 93 per cent. Revenue dropped by nearly 45 per cent to Rs 2,403.57 crore during the first quarter ended June 30.
The company said the Covid-19 pandemic had severely affected the business environment and the economy. In order to reduce the impact of the pandemic, a nationwide lockdown was announced by the Government on March 24 following which, the group's plants, offices and godowns were closed.
Post lifting of lockdown in a phased manner, the group's operations have resumed, though not to the pre-lockdown level.
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