MRF said tire demand, particularly in the agricultural and commercial sectors, has not been significantly impacted.

KM Mammen, chairman and chairman, said, “High demand for two-wheelers and tractors in the rural and urban-rural segments continues to be a bright spot for the domestic tire industry in the challenging business environment in New Crown Pneumonia (COVID-19).” MRF Executive Director. He presented the company’s annual report for 2019-20 to the shareholders of the company, saying that normal monsoon and bumper harvest expectations augur well for the rural economy.

“It has been two months since the government lifted the blockade. We are still looking for ways to increase the level of production in the economy. Our manufacturing plants have to deal with COVID-19 cases from time to time, which affects our production dynamics. “, noted Mamen.

Fortunately, he added, the demand for tires, especially in the agricultural and commercial sectors, has not been greatly affected and the company can meet the needs of these segments.

Mammen said that the forecast and timely arrival of normal monsoon has raised expectations of a good crop harvest, which augurs well for the rural economy.

This is likely to increase rural incomes and demand leading to a surge in demand for two-wheelers and tractors,” he added. Thus, the revival of rural economy will ease the pressure on the Indian tire industry.”

Mammon said the government’s decision to ban tire imports is a welcome step and said it will certainly go a long way in easing the concerns of the industry.

The tire market leader pointed out that the automobile industry is currently going through difficult times and demand for four and two-wheelers is at an all-time low.

“The industry has shifted to BS-VI vehicles which are slowly being absorbed in the market. The demand for vehicles is expected to increase significantly and it is believed that by 2020 the automobile industry will emerge out of recession and bring in substantial revenues. In the near future, “it will grow.” Ma said, Mann said.

He said that as of 2020, the year March 31, MRF’s total revenue was Rs. 1632.2 crore and the company is committed to strengthening its position in these uncertain times with an unwavering emphasis on quality.

“This is one of the key factors that have helped us gain industry leadership in almost every segment.” Mammen said.

The company said that new trends will emerge in the automotive industry in order to emerge from the COVID-19-induced recession.

People will be more inclined to travel alone, and entry-level vehicles will benefit, the report said.

E-commerce will gain more traction to boost sales of light commercial vehicles, while two-wheelers are also likely to be more attractive as they are used for last-mile deliveries.

The outlook for the automobile and tire industry is uncertain due to the uncertainty of the epidemic. The road to recovery is unlikely to be smooth considering the impact on disposable income, consumer behavior and credit availability. The company noted. MRF said that some experts estimate that sales in the automotive industry will decline by 25% in fiscal year 2021.

He added: “The bright spots will be rural and semi-urban. Tractors and two-wheelers are likely to perform better than other segments.” .