MRF Q1 results: Consolidated net profit declined by 95.07% to Rs. 13.46 crores for FY21
MRF Q1 results: It is one of the largest tyre manufacturing companies in India and also the fourteenth largest manufacturing company in the world. However, the company is located in Chennai. The company manufactures rubber products like tyres, tubes, belts, paints, and toys. On the other side, the company also runs the MRF Pace Foundation and MRF Challenge. The company was founded by K.M.Mammen Mappillai.
Meanwhile, on Friday, August 14th, the company shares tanks with almost 4% in the stock market. The main reason for this is due to the company reported its Q1 results for the Financial Year 2020-21. The company’s standalone net profit declined by almost 95.07% Year-on-Year (YoY) to Rs. 13.46 crores in this quarter ended on June 30th. The company also reported its standalone net profit of Rs. 273.27 crores in the same quarter last fiscal year.
Besides, the company’s total income from the operations during this quarter stood at Rs. 2,460.70 crores. While the company also posted its total revenue of Rs. 4,470.82 crores in the same period last fiscal year. The financial results of the company were impacted due to the COVID-19 pandemic across India.
“The company operations impacted due to outbreak of COVID-19 pandemic followed by nationwide lockdown across India. However, post lifting of lockdown in a phased manner resumed the operations of the company, but not up to the level,” said MRF in filling.
On the other side, the companies income for this quarter ended on June 30th declined by 33% to Rs. 1,240.58 crores as against the previous quarter. Compared to the year-ago, the companies total income decreased by 45% to Rs. 2,072.03 crores.
However, the shares of MRF Limited reported a bearish trend in the stock market on Friday. The company lost 2,436.50 points with a 3.81% decrease and reached 61,540.00 INR. While in BSE, the company lost 2,501.75 points with a 3.91% decrease and reached 61,488.50 INR.
Stock Market August 14th:
On Friday, both Sensex and Nifty continues its bearish trend in the stock market from the last two sessions. The Sensex is trading below 37,900 levels and Nifty is trading below 11,200 levels in the stock market. The Sensex lost 433.15 points with a 1.13% decrease and reached a 37,877.34 level. While Nifty lost 122.05 points with a 1.08% decrease and reached 11,178.40 level.
On the other side, the number of coronavirus cases in India reached 25,26,192 as of Saturday, August 15th, and deaths reached 49,036.
In the border market, the S&P BSE SmallCap reported a bullish trend in the stock market on Friday. It lost 84.46 points with a 0.61% decrease and reached a 13,855.18 level. The S&P BSE Midcap lost 149.17 points with a 1.02% decrease and reached a 14,433.58 level. While Nifty Bank lost 516.95 points with a 2.33% decrease and reached 21,679.40 level.
Top Gainers on August 14th: JSW Steel, Coal India, Sun Pharma, Cipla, and NTPC are the top gainers in today’s stock market.
Top Losers on August 14th: Eicher Motors, Tata Motors, Axis Bank, M&M, and SBI are the top losers in today’s stock market.