MRF Financial Statements

MRF Half Yearly 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 Sep-2021 Mar-2021 Sep-2020 Mar-2020
Gross Sales 10,225 9,092 9,458 6,705 7,761
Excise Duty -- -- -- -- --
Net Sales 10,225 9,092 9,458 6,705 7,761
Other Operating Income -- -- -- -- --
Other Income 136 181 121 88.60 134
Total Income 10,361 9,273 9,579 6,794 7,895
Total Expenditure ** 9,192 8,075 7,715 5,506 6,555
PBIDT 1,169 1,198 1,865 1,288 1,340
Interest 132 122 143 132 149
PBDT 1,037 1,076 1,722 1,156 1,190
Depreciation 606 599 582 558 516
Minority Interest Before NP -- -- -- -- --
Tax 111 117 263 234 179
Deferred Tax 4.51 5.80 23.50 (61) (425)
Reported Profit After Tax 315 355 853 424 920
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 315 355 853 424 920
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 315 355 853 424 920
EPS (Unit Curr.) 742 836 2,011 1,001 2,171
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- 30 -- 30 --
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(%) 11.40 13.20 19.70 19.20 17.30
PBDTM(%) -- -- -- -- --
PATM(%) 3.08 3.90 9.02 6.33 11.90
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