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Equity | News | Hot Pursuit
Hot Pursuit
MRF Q4 PAT jumps 131% on tax write back
(13:51, 29 Jun 2020)

Profit before tax (PBT) fell 27.40% to Rs 303.82 crore during the period under review. Current tax expense rose 16.8% to Rs 76.16 crore in Q4 FY20 over Q4 FY19. The company received deferred tax write back of Rs 451.36 crore in Q4 FY20, which boosted the net profit.

Consolidated net profit rose 25.8% to Rs 1,422.57 crore on a 1.1% increase in net sales to Rs 16,239.36 crore in the year ended March 2020 (FY20) over the year ended March 2019 (FY19). PBT stood at Rs 1,434.25 crore in FY20, down by 13.2% from Rs 1,652.18 crore in FY19.

COVID-19 pandemic has 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 24th March 2020 and consequently, the Group's Plants, offices and godowns were closed. On account of the lockdown, March'20 Quarter has witnessed a drop in Total Income of Rs. 404.55 Cr as against the December'19 Quarter and a drop of Rs. 504.25 Cr as compared to the March'19 Quarter. Post lifting of lockdown most of the Group's operations have resumed. As on the date of the approval of the financial statements, the Group has a strong Net Worth and has serviced all its debt obligations in a timely manner. It does not foresee any incremental risk regarding recoverability of assets and ability to service financial obligations, the company said.

MRF manufactures and distributes tyres and tubes for automobiles, aircrafts, motorcycles and cycles.

The scrip fell 1.33% to Rs 65,522.60 on the BSE. It has traded in the range of Rs 65,344.10 and Rs 66,750 so far during the day.

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