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Published on 14/08/2020 1:51:45 PM | Source: Dion Global Solutions Ltd

MRF Ltd Q1 net profit down 93.65% at Rs 17.05 cr

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The company reported standalone net profit of Rs 17.05 crore for the quarter ended June 30, 2020 as compared to Rs 268.52 crore in the same period last year, registering a year-on-year decline of 93.65 per cent. Net revenue of the company declined substantially by 44.88 per cent at Rs 2,430.57 crore in April-June quarter of this fiscal as against Rs 4,409.50 crore in the corresponding period last year.

During April-June quarter, operating expenses dropped by 44.86 per cent to Rs 2,099.06 crore from Rs 3,806.68 crore in year ago period. Other Income dipped by 58.96 per cent at Rs 43.04 crore versus (Jun'19 Rs 104.88 crore).

Operating Profit slipped by 45.01 per cent to Rs 331.51 crore as against Rs 602.82 crore in the year ago period, while Operating Profit Margin (OPM) contracted year-on-year to 0.22 per cent in June quarter. Interest grew by 8.10 per cent y-o-y to Rs 73.70 crore, while Taxation decreased by 92.41 per cent at Rs 10.85 crore (Jun'19 Rs 143.00 crore).