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MRF Ltd Financial Performance Analysis

The document provides a detailed financial overview of MRF Ltd, including sales, expenses, operating profit, net profit, and various financial ratios from September 2014 to March 2024. It highlights trends in sales growth, operating profit margin, and price-to-earnings ratio, along with projections for future performance. Additionally, it includes cash flow statements and balance sheet information, indicating the company's financial health and market capitalization.

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VISHAL DWIVEDI
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15 views10 pages

MRF Ltd Financial Performance Analysis

The document provides a detailed financial overview of MRF Ltd, including sales, expenses, operating profit, net profit, and various financial ratios from September 2014 to March 2024. It highlights trends in sales growth, operating profit margin, and price-to-earnings ratio, along with projections for future performance. Additionally, it includes cash flow statements and balance sheet information, indicating the company's financial health and market capitalization.

Uploaded by

VISHAL DWIVEDI
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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MRF LTD SCREENER.

IN

Narration Sep-14 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Trailing Best Case Worst Case
Sales 13,329.30 20,179.41 13,411.98 14,953.71 16,061.72 16,237.38 16,162.49 19,316.65 23,008.33 25,168.73 27,427.72 29,172.86 27,175.90
Expenses 11,383.91 15,742.84 10,762.94 12,665.28 13,744.37 13,855.36 13,208.27 17,255.66 20,604.14 20,896.47 23,509.85 25,005.71 23,657.82
Operating Profit 1,945.39 4,436.57 2,649.04 2,288.43 2,317.35 2,382.02 2,954.22 2,060.99 2,404.19 4,272.26 3,917.87 4,167.15 3,518.07
Other Income 63.28 317.05 327.49 329.68 415.83 335.38 205.03 314.79 245.02 306.16 389.14 - -
Depreciation 423.88 737.12 610.58 706.72 807.60 982.32 1,140.77 1,205.05 1,253.04 1,429.97 1,606.05 1,606.05 1,606.05
Interest 231.70 360.60 256.58 258.74 273.40 300.83 281.64 262.80 326.45 361.03 355.35 355.35 355.35
Profit before tax 1,353.09 3,655.90 2,109.37 1,652.65 1,652.18 1,434.25 1,736.84 907.93 1,069.72 2,787.42 2,345.61 2,205.75 1,556.67
Tax 444.76 1,146.47 623.15 521.04 521.57 11.68 459.77 238.69 300.78 706.19 592.32 25% 25%
Net profit 908.32 2,509.43 1,486.22 1,131.61 1,130.60 1,422.56 1,277.06 669.23 768.93 2,081.22 1,753.27 1,648.75 1,163.58
EPS 2,162.67 5,974.83 3,538.62 2,694.31 2,691.90 3,387.05 3,040.62 1,593.40 1,830.79 4,955.29 4,133.95 3,887.51 2,743.55
Price to earning 15.11 6.41 17.23 26.91 21.54 17.17 27.05 40.81 45.91 26.92 26.59 35.06 24.70
Price 32,681.95 38,296.75 60,954.45 72,513.25 57,987.15 58,164.45 82,259.45 65,022.10 84,047.20 133,387.30 109,939.00 136,283.52 67,754.35

RATIOS:
Dividend Payout 2.33% 1.69% 1.71% 2.25% 2.25% 2.98% 4.98% 9.50% 9.65% 4.07%
OPM 14.59% 21.99% 19.75% 15.30% 14.43% 14.67% 18.28% 10.67% 10.45% 16.97% 14.28%

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS RECENT BEST WORST


Sales Growth 7.32% 9.41% 9.40% 15.91% 9.39% 15.91% 7.32%
OPM 15.58% 14.27% 14.09% 12.95% 14.28% 14.28% 12.95%
Price to Earning 24.70 29.11 30.74 35.06 26.59 35.06 24.70
MRF LTD [Link]

Narration Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24
Sales 5,826.30 5,644.55 5,841.72 6,440.29 6,217.10 6,162.46 6,349.36 7,196.45 6,881.09 7,000.82
Expenses 5,345.73 5,082.96 4,988.18 5,310.44 5,060.19 5,107.69 5,437.33 6,036.83 5,869.61 6,166.08
Operating Profit 480.57 561.59 853.54 1,129.85 1,156.91 1,054.77 912.03 1,159.62 1,011.48 834.74
Other Income 77.08 71.36 69.79 74.69 70.72 77.62 93.81 84.04 113.21 98.08
Depreciation 309.48 315.85 329.63 333.26 351.48 359.98 385.25 396.08 409.73 414.99
Interest 74.61 85.91 92.47 84.22 85.54 90.00 93.25 84.67 83.78 93.65
Profit before tax 173.56 231.19 501.23 787.06 790.61 682.41 527.34 762.91 631.18 424.18
Tax 43.70 56.36 160.58 198.31 203.95 172.70 131.23 191.89 160.48 108.72
Net profit 129.86 174.83 340.64 588.75 586.66 509.71 396.10 571.02 470.70 315.45

OPM 8% 10% 15% 18% 19% 17% 14% 16% 15% 12%
MRF LTD [Link]

Narration Sep-14 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Equity Share Capital 4.24 4.24 4.24 4.24 4.24 4.24 4.24 4.24 4.24 4.24
Reserves 4,535.31 7,220.10 8,636.52 9,733.95 10,833.11 12,210.47 13,409.43 14,027.51 14,703.42 16,698.75
Borrowings 1,902.77 2,463.90 2,332.84 2,162.90 2,506.31 1,854.14 2,388.23 3,228.95 3,013.61 2,821.50
Other Liabilities 3,390.73 3,565.57 4,074.56 4,577.13 5,097.54 5,373.49 6,779.96 5,799.04 6,648.14 7,324.94
Total 9,833.05 13,253.81 15,048.16 16,478.22 18,441.20 19,442.34 22,581.86 23,059.74 24,369.41 26,849.43

Net Block 3,435.86 4,608.29 5,502.24 6,092.17 6,786.00 8,869.76 9,440.75 9,521.82 10,117.97 12,046.22
Capital Work in Progress 627.54 1,059.28 847.93 1,078.91 1,403.47 1,740.94 1,002.23 1,233.07 3,045.86 2,384.53
Investments 1,081.19 3,137.90 3,382.10 4,145.00 3,854.68 1,519.33 5,874.02 3,656.46 3,085.11 3,382.97
Other Assets 4,688.46 4,448.34 5,315.89 5,162.14 6,397.05 7,312.31 6,264.86 8,648.39 8,120.47 9,035.71
Total 9,833.05 13,253.81 15,048.16 16,478.22 18,441.20 19,442.34 22,581.86 23,059.74 24,369.41 26,849.43

Working Capital 1,297.73 882.77 1,241.33 585.01 1,299.51 1,938.82 -515.10 2,849.35 1,472.33 1,710.77
Debtors 1,715.36 1,838.72 1,969.00 2,149.93 2,382.71 2,299.40 2,145.96 2,332.68 2,503.27 2,911.96
Inventory 1,826.25 1,899.81 2,425.27 2,197.33 2,993.20 2,905.18 2,938.81 4,129.67 4,141.05 4,468.58

Debtor Days 46.97 33.26 53.59 52.48 54.15 51.69 48.46 44.08 39.71 42.23
Inventory Turnover 7.30 10.62 5.53 6.81 5.37 5.59 5.50 4.68 5.56 5.63

Return on Equity 20% 35% 17% 12% 10% 12% 10% 5% 5% 12%
Return on Capital Emp 50% 23% 17% 15% 13% 14% 7% 8% 17%
MRF LTD [Link]

Narration Sep-14 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Cash from Operating Activity 1,699.48 3,043.47 1,955.72 2,412.98 1,252.85 2,271.23 4,324.58 -578.01 2,755.47 3,300.50
Cash from Investing Activity -1,790.64 -3,407.81 -1,392.70 -2,013.88 -1,386.15 -162.31 -5,086.57 168.73 -1,921.81 -2,377.72
Cash from Financing Activity 67.16 212.31 -437.62 -452.58 42.19 -1,032.35 -249.68 423.74 -839.54 -868.22
Net Cash Flow -24.00 -152.03 125.40 -53.48 -91.11 1,076.57 -1,011.67 14.46 -5.88 54.56
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COMPANY NAME MRF LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 0.42
Face Value 10.00
Current Price 109,939.00
Market Capitalization 46,626.72

PROFIT & LOSS


Report Date Sep-14 Mar-16 Mar-17 Mar-18
Sales 13,329.30 20,179.41 13,411.98 14,953.71
Raw Material Cost 8,442.09 11,288.89 7,722.80 9,031.34
Change in Inventory -14.41 14.48 227.71 -77.61
Power and Fuel 665.57 843.37 580.94 638.23
Other Mfr. Exp 524.71 906.11 639.80 697.33
Employee Cost 742.50 1,285.46 1,000.55 1,092.55
Selling and admin 905.01 1,207.31 868.99 961.24
Other Expenses 89.62 226.18 177.57 166.98
Other Income 63.28 317.05 327.49 329.68
Depreciation 423.88 737.12 610.58 706.72
Interest 231.70 360.60 256.58 258.74
Profit before tax 1,353.09 3,655.90 2,109.37 1,652.65
Tax 444.76 1,146.47 623.15 521.04
Net profit 908.32 2,509.43 1,486.22 1,131.61
Dividend Amount 21.20 42.40 25.44 25.44

Quarters
Report Date Sep-22 Dec-22 Mar-23 Jun-23
Sales 5,826.30 5,644.55 5,841.72 6,440.29
Expenses 5,345.73 5,082.96 4,988.18 5,310.44
Other Income 77.08 71.36 69.79 74.69
Depreciation 309.48 315.85 329.63 333.26
Interest 74.61 85.91 92.47 84.22
Profit before tax 173.56 231.19 501.23 787.06
Tax 43.70 56.36 160.58 198.31
Net profit 129.86 174.83 340.64 588.75
Operating Profit 480.57 561.59 853.54 1,129.85
BALANCE SHEET
Report Date Sep-14 Mar-16 Mar-17 Mar-18
Equity Share Capital 4.24 4.24 4.24 4.24
Reserves 4,535.31 7,220.10 8,636.52 9,733.95
Borrowings 1,902.77 2,463.90 2,332.84 2,162.90
Other Liabilities 3,390.73 3,565.57 4,074.56 4,577.13
Total 9,833.05 13,253.81 15,048.16 16,478.22
Net Block 3,435.86 4,608.29 5,502.24 6,092.17
Capital Work in Progress 627.54 1,059.28 847.93 1,078.91
Investments 1,081.19 3,137.90 3,382.10 4,145.00
Other Assets 4,688.46 4,448.34 5,315.89 5,162.14
Total 9,833.05 13,253.81 15,048.16 16,478.22
Receivables 1,715.36 1,838.72 1,969.00 2,149.93
Inventory 1,826.25 1,899.81 2,425.27 2,197.33
Cash & Bank 727.61 124.23 342.61 232.90
No. of Equity Shares 4,241,143.00 4,241,143.00 4,241,143.00 4,241,143.00
New Bonus Shares
Face value 10.00 10.00 10.00 10.00

CASH FLOW:
Report Date Sep-14 Mar-16 Mar-17 Mar-18
Cash from Operating Activity 1,699.48 3,043.47 1,955.72 2,412.98
Cash from Investing Activity -1,790.64 -3,407.81 -1,392.70 -2,013.88
Cash from Financing Activity 67.16 212.31 -437.62 -452.58
Net Cash Flow -24.00 -152.03 125.40 -53.48

PRICE: 32,681.95 38,296.75 60,954.45 72,513.25

DERIVED:
Adjusted Equity Shares in Cr 0.42 0.42 0.42 0.42
PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24


16,061.72 16,237.38 16,162.49 19,316.65 23,008.33 25,168.73
10,323.17 9,599.63 8,968.25 13,436.89 15,786.49 15,265.35
613.83 -17.40 -354.25 856.15 346.91 184.32
763.53 721.56 655.20 931.94 1,136.03 1,148.65
827.70 838.44 723.67 915.29 958.08 1,067.81
1,165.48 1,345.13 1,415.26 1,502.19 1,595.65 1,797.09
1,073.69 1,066.00 866.51 1,113.30 1,241.15 1,463.38
204.63 267.20 225.13 212.20 233.65 338.51
415.83 335.38 205.03 314.79 245.02 306.16
807.60 982.32 1,140.77 1,205.05 1,253.04 1,429.97
273.40 300.83 281.64 262.80 326.45 361.03
1,652.18 1,434.25 1,736.84 907.93 1,069.72 2,787.42
521.57 11.68 459.77 238.69 300.78 706.19
1,130.60 1,422.56 1,277.06 669.23 768.93 2,081.22
25.44 42.40 63.60 63.60 74.20 84.80

Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24


6,217.10 6,162.46 6,349.36 7,196.45 6,881.09 7,000.82
5,060.19 5,107.69 5,437.33 6,036.83 5,869.61 6,166.08
70.72 77.62 93.81 84.04 113.21 98.08
351.48 359.98 385.25 396.08 409.73 414.99
85.54 90.00 93.25 84.67 83.78 93.65
790.61 682.41 527.34 762.91 631.18 424.18
203.95 172.70 131.23 191.89 160.48 108.72
586.66 509.71 396.10 571.02 470.70 315.45
1,156.91 1,054.77 912.03 1,159.62 1,011.48 834.74
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
4.24 4.24 4.24 4.24 4.24 4.24
10,833.11 12,210.47 13,409.43 14,027.51 14,703.42 16,698.75
2,506.31 1,854.14 2,388.23 3,228.95 3,013.61 2,821.50
5,097.54 5,373.49 6,779.96 5,799.04 6,648.14 7,324.94
18,441.20 19,442.34 22,581.86 23,059.74 24,369.41 26,849.43
6,786.00 8,869.76 9,440.75 9,521.82 10,117.97 12,046.22
1,403.47 1,740.94 1,002.23 1,233.07 3,045.86 2,384.53
3,854.68 1,519.33 5,874.02 3,656.46 3,085.11 3,382.97
6,397.05 7,312.31 6,264.86 8,648.39 8,120.47 9,035.71
18,441.20 19,442.34 22,581.86 23,059.74 24,369.41 26,849.43
2,382.71 2,299.40 2,145.96 2,332.68 2,503.27 2,911.96
2,993.20 2,905.18 2,938.81 4,129.67 4,141.05 4,468.58
104.50 1,181.14 169.39 256.13 258.49 345.38
4,241,143.00 4,241,143.00 4,241,143.00 4,241,143.00 4,241,143.00 4,241,143.00

10.00 10.00 10.00 10.00 10.00 10.00

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24


1,252.85 2,271.23 4,324.58 -578.01 2,755.47 3,300.50
-1,386.15 -162.31 -5,086.57 168.73 -1,921.81 -2,377.72
42.19 -1,032.35 -249.68 423.74 -839.54 -868.22
-91.11 1,076.57 -1,011.67 14.46 -5.88 54.56

57,987.15 58,164.45 82,259.45 65,022.10 84,047.20 133,387.30

0.42 0.42 0.42 0.42 0.42 0.42

Common questions

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Raw material costs significantly influenced profitability, as they comprise a large portion of expenses. For example, in 2014, raw material expense was 8,442.09 crore, and fluctuations in subsequent years could directly impact operating profit margins, highlighting the importance of effective cost management . Changes in global raw material prices and supply chain dynamics might also affect these costs .

MRF's net profit showed a cyclical pattern, reaching as high as 2,509.43 crore in 2016, with fluctuations following until an estimated peak of 2,081.22 crore in 2023. Factors likely include changes in sales volumes, cost management, and economic conditions that impact operating profits and cost of borrowing . External factors such as market demand and competition would also play a role .

MRF's operating profit margin changed significantly from 14.59% in 2014, peaking at 21.99% in 2016, and subsequently dropping to 10.45% in 2023. These fluctuations can be attributed to variations in sales, expenses, and raw material costs, which influence profitability . Changes in the economic environment and operational efficiency could also impact the OPM .

MRF's working capital showed volatility, with a negative figure in 2021 highlighting liquidity challenges, possibly from inventory build-up and debtor collection timing. Variations in debtor days, maintaining a range from 33.26 to 54.15, and inventory turnover rates indicate changes in operational efficiency and market demand .

Dividend payout has been strategic, starting at 2.33% in 2014 and peaking at 9.65% in 2023, reflective of policies focusing on shareholder returns potentially aligned with profit cycles and cash flow conditions. This approach could aim at maintaining investor confidence and share value during profitable cycles .

MRF's borrowings increased from 1,902.77 crore in 2014 to 2,821.50 crore by 2024, indicating reliance on debt for growth or operations. This could impact financial health by increasing interest obligations, ultimately affecting net profitability . The company's ability to manage these borrowings in line with revenue growth would be critical to maintaining financial stability .

Taxation had a varied impact on net profitability, with tax amounts peaking at 1,146.47 crore in 2016 and dropping significantly in later years, notably to 11.68 crore in 2020. These shifts might relate to tax planning, regulatory changes, or differing profit levels across years, affecting net profit margins .

Other Income played a variable role in MRF's financials, rising to 415.83 crore in 2019 and fluctuating thereafter, reflecting diversification likely in investments or non-core business activities. While not a primary income source, it contributed to profitability, especially during periods of fluctuating core profits .

MRF's sales fluctuated due to market demand shifts, competition, and pricing strategies. For example, sales increased from 13,329.30 crore in 2014 to 25,168.73 crore estimated in 2024, indicating expansion strategies or favorable market conditions at different periods . Economic factors or industry trends would also have played a role .

MRF's ROE varied, peaking at 35% in 2016 and declining to around 12% in 2024, indicating shifting efficiency in generating profits from equity. This reflection can be influenced by earnings management, equity capital structure changes, and broader economic factors impacting profitability and capital usage .

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