MRF erased early gains to trade in losses in the afternoon session after reporting a net profit that rises 1130.16% in the June 2021 quarter.
The tyre company recorded over a 12-fold jump in its net profit which stood at Rs165.58cr in the quarter ended June 2021 as against Rs13.46cr during the previous quarter ended June 2020.
The sales of the company also rose 70% to Rs4183.96cr in the quarter ended June 2021 as against Rs2460.70cr during the previous quarter ended June 2020.
Business of the Company was affected due to COVID 19 pandemic and selective lockdowns declared in different parts of the Country. Considering the present and the future economic indicators, the Company does not foresee any incremental risk regarding the recoverability of assets and ability to service financial obligations. The Company has strong networth and has serviced all its debt obligations in a timely manner, the company said.
The stock is currently trading at Rs78,800.45 down by Rs1213.45 or 1.52% from its previous closing of Rs80,013.90 on the BSE.
The scrip opened at Rs80,200 and has touched a high and low of Rs80,931.15 and Rs78,800 respectively.