MRF pre-tax profit down 93% to Rs 28 cr in Q1 on Covid hit

Revenue dropped by nearly 45 per cent to Rs 2,403.57 crore during the first quarter ended June 30, 2020 as against Rs 4,40950 crore

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.