MRF Financial Statements

MRF Annual Results

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Y/e 31 Mar Mar-2021 Mar-2020 Mar-2018 Mar-2017
Growth matrix (%)        
Revenue growth (0.50) 8.26 11.80 (34)
Op profit growth 23.90 1.98 (12) (40)
EBIT growth 16.50 (9.40) (19) (41)
Net profit growth (10) 25.70 (24) (41)
Profitability ratios (%)        
OPM 18.20 14.60 15.50 19.70
EBIT margin 12.40 10.60 12.70 17.60
Net profit margin 7.90 8.76 7.54 11.10
RoCE 13.20 12.70 15.80 21.80
RoNW 2.49 3.24 3.08 4.68
RoA 2.10 2.62 2.34 3.43
Per share ratios ()        
EPS 3,012 3,355 2,669 3,485
Dividend per share 150 100 60 60
Cash EPS 321 1,038 1,002 2,065
Book value per share 31,627 28,801 22,961 20,374
Valuation ratios        
P/E 27.30 17.40 27.10 17.40
P/CEPS 256 56.10 72.20 29.40
P/B 2.60 2.02 3.15 2.98
EV/EBIDTA 11.60 9.36 12.50 9.33
Payout (%)        
Dividend payout -- -- 2.25 3.43
Tax payout (26) (0.80) (32) (30)
Liquidity ratios        
Debtor days 51.40 50 50.10 51.80
Inventory days 66 57.30 56.20 58.90
Creditor days (74) (46) (43) (43)
Leverage ratios        
Interest coverage (7.30) (5.90) (7.50) (9.40)
Net debt / equity 0.14 0.06 0.20 0.23
Net debt / op. profit 0.62 0.28 0.83 0.75
Cost breakup ()        
Material costs (58) (59) (61) (56)
Employee costs (8.80) (8.30) (7.30) (7.50)
Other costs (15) (18) (16) (17)
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Y/e 31 Mar( In .Cr) Mar-2021 Mar-2020 Mar-2018 Mar-2017
Revenue 16,163 16,239 15,000 13,412
yoy growth (%) (0.50) 8.26 11.80 (34)
Raw materials (9,323) (9,617) (9,109) (7,495)
As % of sales 57.70 59.20 60.70 55.90
Employee costs (1,415) (1,345) (1,092) (1,000)
As % of sales 8.75 8.28 7.28 7.46
Other costs (2,483) (2,903) (2,471) (2,276)
As % of sales 15.40 17.90 16.50 17
Operating profit 2,942 2,374 2,328 2,640
OPM 18.20 14.60 15.50 19.70
Depreciation (1,141) (982) (707) (611)
Interest expense (275) (293) (253) (251)
Other income 210 335 285 331
Profit before tax 1,737 1,434 1,653 2,109
Taxes (460) (12) (521) (623)
Tax rate (26) (0.80) (32) (30)
Minorities and other -- -- -- --
Adj. profit 1,277 1,423 1,132 1,486
Exceptional items -- -- -- --
Net profit 1,277 1,423 1,132 1,486
yoy growth (%) (10) 25.70 (24) (41)
NPM 7.90 8.76 7.54 11.10
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Y/e 31 Mar ( In .Cr) Mar-2021 Mar-2020 Mar-2018 Mar-2017
Profit before tax 1,737 1,434 1,653 2,109
Depreciation (1,141) (982) (707) (611)
Tax paid (460) (12) (521) (623)
Working capital (2,069) 540 (1,144) (931)
Other operating items -- -- -- --
Operating cashflow (1,933) 980 (719) (56)
Capital expenditure 10,242 7,355 2,486 390
Free cash flow 8,309 8,335 1,767 335
Equity raised 14,422 13,645 12,279 11,728
Investments 5,801 1,090 3,241 2,301
Debt financing/disposal 1,315 854 1,112 1,324
Dividends paid -- -- 25.40 42.40
Other items -- -- -- --
Net in cash 29,847 23,924 18,424 15,730
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Y/e 31 Mar ( In .Cr) Mar-2021 Mar-2020 Mar-2019 Mar-2018
Equity capital 4.24 4.24 4.24 4.24
Preference capital -- -- -- --
Reserves 13,409 12,210 10,833 9,734
Net worth 13,414 12,215 10,837 9,738
Minority interest
Debt 1,994 1,854 2,506 2,163
Deferred tax liabilities (net) 462 497 904 718
Total liabilities 15,870 14,566 14,248 12,619
Fixed assets 10,443 10,611 8,189 7,171
Intangible assets
Investments 5,874 1,519 3,855 4,145
Deferred tax asset (net) 81.30 68.30 64.30 98
Net working capital (698) 1,187 2,035 972
Inventories 2,939 2,905 2,993 2,197
Inventory Days 66.40 65.30 -- 53.50
Sundry debtors 2,254 2,299 2,383 2,150
Debtor days 50.90 51.70 -- 52.30
Other current assets 902 927 917 582
Sundry creditors (3,441) (1,905) (1,709) (1,569)
Creditor days 77.70 42.80 -- 38.20
Other current liabilities (3,352) (3,039) (2,548) (2,389)
Cash 169 1,181 105 233
Total assets 15,870 14,566 14,248 12,619
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Particulars ( Rupees In Crores.) Mar-2022 Mar-2021 Mar-2020 Mar-2019 Mar-2018
Gross Sales 19,317 16,163 16,239 16,062 15,365
Excise Duty -- -- -- -- 411
Net Sales 19,317 16,163 16,239 16,062 14,954
Other Operating Income -- -- -- -- --
Other Income 317 210 335 422 331
Total Income 19,634 16,373 16,575 16,484 15,285
Total Expenditure ** 17,267 13,221 13,865 13,757 12,673
PBIDT 2,367 3,152 2,709 2,727 2,612
Interest 254 275 293 267 253
PBDT 2,113 2,878 2,417 2,460 2,359
Depreciation 1,205 1,141 982 808 707
Minority Interest Before NP -- -- -- -- --
Tax 228 498 409 339 402
Deferred Tax 10.30 (38) (397) 182 119
Reported Profit After Tax 669 1,277 1,423 1,131 1,132
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 669 1,277 1,423 1,131 1,132
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 669 1,277 1,423 1,131 1,132
EPS (Unit Curr.) 1,578 3,011 3,354 2,666 2,668
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 1,500 1,500 1,000 600 600
Equity 4.24 4.24 4.24 4.24 4.24
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) 12.30 19.50 16.70 17 17.50
PBDTM(%) 10.90 17.80 14.90 15.30 15.80
PATM(%) 3.46 7.90 8.76 7.04 7.57
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