MRF Financial Statements

MRF Annual Results

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Y/e 31 Mar Mar-2022 Mar-2021 Mar-2020 Mar-2018
Growth matrix (%)        
Revenue growth 19.50 (0.50) 8.26 11.80
Op profit growth (30) 23.90 1.98 (12)
EBIT growth (42) 16.50 (9.40) (19)
Net profit growth (48) (10) 25.70 (24)
Profitability ratios (%)        
OPM 10.60 18.20 14.60 15.50
EBIT margin 6.01 12.40 10.60 12.70
Net profit margin 3.46 7.90 8.76 7.54
RoCE 6.83 13 12.70 15.80
RoNW 1.22 2.49 3.24 3.08
RoA 0.98 2.07 2.62 2.34
Per share ratios ()        
EPS 1,578 3,012 3,355 2,669
Dividend per share 150 150 100 60
Cash EPS (1,263) 321 1,038 1,002
Book value per share 33,085 31,627 28,801 22,961
Valuation ratios        
P/E 41.20 27.30 17.40 27.10
P/CEPS (51) 256 56.10 72.20
P/B 1.96 2.60 2.02 3.15
EV/EBIDTA 12.90 11.80 9.36 12.50
Payout (%)        
Dividend payout -- -- -- 2.25
Tax payout (26) (26) (0.80) (32)
Liquidity ratios        
Debtor days 42.30 50.20 50 50.10
Inventory days 66.80 66 57.30 56.20
Creditor days (57) (72) (46) (43)
Leverage ratios        
Interest coverage (4.60) (7.30) (5.90) (7.50)
Net debt / equity 0.22 0.17 0.06 0.20
Net debt / op. profit 1.49 0.75 0.28 0.83
Cost breakup ()        
Material costs (65) (58) (59) (61)
Employee costs (7.80) (8.80) (8.30) (7.30)
Other costs (16) (15) (18) (16)
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Y/e 31 Mar( In .Cr) Mar-2022 Mar-2021 Mar-2020 Mar-2018
Revenue 19,317 16,163 16,239 15,000
yoy growth (%) 19.50 (0.50) 8.26 11.80
Raw materials (12,581) (9,323) (9,617) (9,109)
As % of sales 65.10 57.70 59.20 60.70
Employee costs (1,502) (1,415) (1,345) (1,092)
As % of sales 7.78 8.75 8.28 7.28
Other costs (3,184) (2,483) (2,903) (2,471)
As % of sales 16.50 15.40 17.90 16.50
Operating profit 2,050 2,942 2,374 2,328
OPM 10.60 18.20 14.60 15.50
Depreciation (1,205) (1,141) (982) (707)
Interest expense (254) (275) (293) (253)
Other income 317 210 335 285
Profit before tax 908 1,737 1,434 1,653
Taxes (239) (460) (12) (521)
Tax rate (26) (26) (0.80) (32)
Minorities and other -- -- -- --
Adj. profit 669 1,277 1,423 1,132
Exceptional items -- -- -- --
Net profit 669 1,277 1,423 1,132
yoy growth (%) (48) (10) 25.70 (24)
NPM 3.46 7.90 8.76 7.54
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Y/e 31 Mar ( In .Cr) Mar-2022 Mar-2021 Mar-2020 Mar-2018
Profit before tax 908 1,737 1,434 1,653
Depreciation (1,205) (1,141) (982) (707)
Tax paid (239) (460) (12) (521)
Working capital 1,164 (2,306) 261 (1,460)
Other operating items -- -- -- --
Operating cashflow 628 (2,169) 702 (1,035)
Capital expenditure 11,451 9,007 6,942 1,630
Free cash flow 12,079 6,837 7,644 595
Equity raised 15,648 14,989 14,439 13,163
Investments 3,584 5,445 616 3,064
Debt financing/disposal 2,550 1,388 803 1,154
Dividends paid -- -- -- 25.40
Other items -- -- -- --
Net in cash 33,860 28,659 23,501 18,001
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Y/e 31 Mar ( In .Cr) Mar-2022 Mar-2021 Mar-2020 Mar-2019
Equity capital 4.24 4.24 4.24 4.24
Preference capital -- -- -- --
Reserves 14,028 13,409 12,210 10,833
Net worth 14,032 13,414 12,215 10,837
Minority interest
Debt 3,229 2,388 1,854 2,506
Deferred tax liabilities (net) 472 462 497 904
Total liabilities 17,732 16,264 14,566 14,248
Fixed assets 10,755 10,443 10,611 8,189
Intangible assets
Investments 3,656 5,874 1,519 3,855
Deferred tax asset (net) 76 81.30 68.30 64.30
Net working capital 3,065 (304) 1,187 2,035
Inventories 4,130 2,939 2,905 2,993
Inventory Days 78 66.40 65.30 --
Sundry debtors 2,333 2,146 2,299 2,383
Debtor days 44.10 48.50 51.70 --
Other current assets 2,006 1,011 927 917
Sundry creditors (2,057) (3,306) (1,905) (1,709)
Creditor days 38.90 74.70 42.80 --
Other current liabilities (3,347) (3,093) (3,039) (2,548)
Cash 180 169 1,181 105
Total assets 17,732 16,264 14,566 14,248
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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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