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MRF share falls over 4% on weak Q1 earnings

BusinessToday.In     August 14, 2020

MRF share price fell over 4% in trade today after the firm reported a 95.07 per cent decline in consolidated net profit. MRF stock has fallen after 2 days of consecutive gain. The share fell up to 4.36% to an intraday low of Rs 61200.15 against Rs 63,990 on BSE.

The share stands higher than 100 day moving averages but lower than 5 day, 20 day, 50 day and 200 day moving averages.

MRF share price gained 7.34% in one year and lost 7.28% since the beginning of this year.  Total 1917 shares changed hands amounting to turnover of Rs 12.13 crore on BSE. Later, MRF share closed 3.89% or Rs 2,491 lower at Rs 61,499.

The firm reported a 95.07 per cent fall in consolidated net profit at Rs 13.46 crore for June quarter impacted heavily by the coronavirus pandemic. In Q1 of last fiscal, the company's consolidated net profit came at Rs 273.27 crore. Revenue from operations in Q1 stood at Rs 2,460.70 crore against Rs 4,470.82 crore in the corresponding quarter of last fiscal.

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"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.

"However, post lifting of the lockdown in a phased manner the group's operations have resumed, though not at the full level which prevailed prior to the lockdown," the firm said.

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