Leading tyre maker MRF reported a net profit of ₹161 crore for the quarter ended June 30 compared to a net profit of ₹17 crore in the corresponding period of the previous year which saw a total lockdown on account of the first wave of the pandemic. In March 2021 quarter, the company posted a net profit of ₹317 crore.

Revenue from operations grew to ₹4,128 crore during the June quarter compared with ₹2,431 crore in the year-ago period.

Its profit before exceptional items and tax stood at ₹217 crore against ₹28 crore in June 2020 quarter.

“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 recoverability of assets and ability to service financial obligations. The company has strong net worth and has serviced all its debt obligations in a timely manner,” according to a statement.