Lockdowns likely to affect business in short-term: MRF
The second wave of the Covid-19 blockade will affect business in the short term, with tire giant MRF Ltd saying there will be some uncertainty over vehicle demand in the coming months. MRF Chairman and Managing Director KM Maman, in the company’s 2020-21 address to shareholders in its annual report, said the company is hopeful that demand for tires will recover as the blockade eases.
He wrote, “In many cases, businesses have been negatively impacted, but the industry has learned to deal with the embargo. The embargo has also affected our business, and we are hopeful that tire demand will recover with the lifting of the embargo.”
Maman said automobile companies have also reduced production during the blockade and “it seems that once the blockade is lifted, things will return to normal.” There is some uncertainty as to how demand will evolve over the next few months.”
The company’s latest annual report says the outlook for the automotiv...