MRF Ltd

About [ edit ]

MRF Ltd is Indias largest tyre manufacturer and ranked amongst the Top 20 Global Manufacturers, with 9 state-of-the-art factories across India. It is also Indias largest Original Equipment Manufacturer (OEM) tyre supplier with an expansive tyre range from two-wheelers to fighter aircrafts.

  • Market Cap 35,053 Cr.
  • Current Price 82,672
  • High / Low 98,600 / 55,300
  • Stock P/E 21.9
  • Book Value 29,155
  • Dividend Yield 0.12 %
  • ROCE 12.9 %
  • ROE 12.2 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • The company has delivered a poor sales growth of 3.91% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 11.69% for last 3 years.
  • Dividend payout has been low at 2.56% of profits over last 3 years

Peer comparison

Sector: Tyres Industry: Tyres

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
3,836 3,836 3,894 4,034 4,073 4,410 3,948 4,009 3,625 2,431 4,186 4,567
3,179 3,260 3,347 3,482 3,502 3,807 3,407 3,399 3,055 2,099 3,332 3,604
Operating Profit 656 576 546 552 571 603 541 610 570 332 854 963
OPM % 17% 15% 14% 14% 14% 14% 14% 15% 16% 14% 20% 21%
Other Income 109 71 111 126 109 105 95 73 57 43 44 63
Interest 65 63 64 63 57 68 66 70 69 74 53 64
Depreciation 187 187 200 205 215 228 237 249 266 273 284 283
Profit before tax 514 397 394 409 409 412 332 364 292 28 562 680
Tax % 33% 34% 33% 32% 28% 35% 34% 35% -129% 39% 28% 25%
Net Profit 345 261 263 279 294 269 220 237 669 17 403 512
EPS in Rs 814.22 614.79 620.22 658.46 692.82 633.14 519.58 557.94 1,578.53 40.20 950.30 1,206.57

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Sep 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
5,045 5,662 7,453 9,743 11,867 12,131 13,197 19,887 13,252 14,775 15,836 15,989 14,809
4,638 4,980 6,623 8,934 10,606 10,364 11,269 15,515 10,652 12,547 13,586 13,659 12,090
Operating Profit 406 682 829 809 1,261 1,767 1,928 4,371 2,600 2,228 2,250 2,330 2,719
OPM % 8% 12% 11% 8% 11% 15% 15% 22% 20% 15% 14% 15% 18%
Other Income 41 34 29 430 32 29 65 321 325 328 417 330 208
Interest 66 69 63 98 159 196 232 352 250 250 253 281 259
Depreciation 170 249 261 248 301 373 423 735 609 705 806 981 1,106
Profit before tax 211 398 535 894 833 1,227 1,339 3,606 2,066 1,602 1,609 1,399 1,561
Tax % 32% 36% 34% 31% 31% 35% 33% 31% 30% 32% 32% 0%
Net Profit 145 253 354 619 572 802 898 2,474 1,451 1,092 1,097 1,395 1,601
EPS in Rs 340.85 596.61 834.64 1,460.52 1,349.56 1,891.51 2,117.12 5,833.16 3,421.47 2,575.46 2,586.29 3,289.19 3,775.60
Dividend Payout % 6% 4% 6% 2% 2% 2% 2% 2% 2% 2% 2% 3%
Compounded Sales Growth
10 Years:11%
5 Years:4%
3 Years:6%
TTM:-10%
Compounded Profit Growth
10 Years:19%
5 Years:9%
3 Years:-2%
TTM:57%
Stock Price CAGR
10 Years:29%
5 Years:18%
3 Years:2%
1 Year:44%
Return on Equity
10 Years:18%
5 Years:17%
3 Years:12%
Last Year:12%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Sep 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
4 4 4 4 4 4 4 4 4 4 4 4 4
Reserves 1,117 1,357 1,686 2,294 2,854 3,641 4,513 7,157 8,540 9,600 10,649 12,000 12,361
Borrowings 1,249 672 1,354 1,600 1,708 1,599 1,903 2,067 2,072 1,701 1,868 1,365 935
1,006 734 964 2,438 2,647 3,013 3,377 3,942 4,309 4,997 5,707 5,785 7,441
Total Liabilities 3,376 2,768 4,009 6,336 7,212 8,257 9,797 13,170 14,925 16,302 18,228 19,154 20,741
867 934 1,329 1,971 2,914 2,970 3,429 4,594 5,488 6,075 6,768 8,849 9,025
CWIP 444 285 498 1,042 415 359 627 1,058 847 1,079 1,403 1,735 1,442
Investments 69 149 73 73 425 906 1,088 3,147 3,394 4,146 3,848 1,540 852
1,997 1,401 2,110 3,250 3,459 4,023 4,654 4,370 5,196 5,001 6,209 7,030 9,422
Total Assets 3,376 2,768 4,009 6,336 7,212 8,257 9,797 13,170 14,925 16,302 18,228 19,154 20,741

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Sep 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
269 847 158 634 1,023 1,476 1,687 3,407 1,790 2,529 1,380 2,079
-566 -232 -786 -1,111 -966 -937 -1,785 -3,406 -1,394 -1,970 -1,310 -168
326 -657 614 486 -51 -313 67 -179 -295 -639 -112 -864
Net Cash Flow 29 -42 -15 9 5 226 -31 -178 101 -80 -41 1,047

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Sep 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 13% 21% 23% 17% 23% 29% 27% 50% 23% 17% 16% 13%
Debtor Days 44 37 40 49 45 47 47 34 54 53 54 52
Inventory Turnover 4.47 4.89 6.14 5.72 5.66 4.94 5.03 6.54 3.78 4.25 4.06 3.53

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
27.56 27.62 27.64 27.74 27.73 27.75 27.77 27.88 27.88 27.87 27.84 27.84
7.60 6.99 6.40 6.11 6.54 6.50 6.27 5.24 6.25 7.37 12.67 13.48
14.00 14.37 15.08 15.37 14.89 16.67 17.06 17.77 18.29 18.25 15.21 14.28
50.85 51.02 50.88 50.79 50.84 49.08 48.89 49.11 47.58 46.50 44.28 44.40

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