MRF Ltd

₹ 70,553 2.24%
24 Jun - close price
About

Madras Rubber Factory Limited (MRF) is the parent company of the MRF Group. The Co is engaged in the business of manufacturing tyres[1]

Key Points

Products & Services
Products: The Co manufactures tyres (flagship) for Passenger cars, Two-wheelers, Three Wheelers, OTR, Trucks, Farm tractor, LCV, Tubes & flaps, SCV, Pick up cars, MCV and ICV.

It also manufactures Sports goods, Paints & Coats and Pretreads. It also manufactures Puzzles, games, and toys for kids through its brand Funskool.
Services: T&S, Tiretok, Tyredrome, MRF Fasst, Muscle Zone and Midd. [1][2]

  • Market Cap 29,914 Cr.
  • Current Price 70,553
  • High / Low 87,580 / 62,944
  • Stock P/E 44.7
  • Book Value 33,085
  • Dividend Yield 0.14 %
  • ROCE 7.11 %
  • ROE 4.88 %
  • Face Value 10.0

Pros

Cons

  • The company has delivered a poor sales growth of 7.57% over past five years.
  • Company has a low return on equity of 8.83% for last 3 years.
  • Dividend payout has been low at 5.82% of profits over last 3 years

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Tyres Industry: Tyres

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
4,471 4,008 4,076 3,685 2,461 4,244 4,642 4,816 4,184 4,908 4,920 5,305
3,858 3,451 3,454 3,102 2,128 3,378 3,665 4,050 3,688 4,387 4,427 4,765
Operating Profit 612 556 622 583 332 867 977 766 496 521 493 540
OPM % 14% 14% 15% 16% 14% 20% 21% 16% 12% 11% 10% 10%
106 95 74 60 44 45 64 58 93 89 70 66
Interest 72 72 77 72 76 55 66 77 64 58 64 67
Depreciation 228 238 249 267 274 285 284 298 302 297 296 311
Profit before tax 418 342 370 304 26 571 690 449 222 255 202 228
Tax % 35% 33% 35% -123% 48% 28% 25% 26% 26% 26% 26% 28%
Net Profit 273 229 241 679 13 411 521 332 166 189 149 165
EPS in Rs 644.34 539.86 569.00 1,601.05 31.74 968.90 1,227.37 783.17 390.42 445.78 352.24 389.55

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
7,459 9,752 11,964 12,248 13,329 20,179 13,412 14,954 16,062 16,237 16,162 19,317
6,635 8,942 10,692 10,468 11,384 15,743 10,763 12,665 13,744 13,855 13,208 17,267
Operating Profit 824 810 1,272 1,780 1,945 4,437 2,649 2,288 2,317 2,382 2,954 2,050
OPM % 11% 8% 11% 15% 15% 22% 20% 15% 14% 15% 18% 11%
39 429 32 25 63 317 327 330 416 335 205 317
Interest 63 98 159 196 232 361 257 259 273 301 282 254
Depreciation 262 248 302 374 424 737 611 707 808 982 1,141 1,205
Profit before tax 538 893 843 1,235 1,353 3,656 2,109 1,653 1,652 1,434 1,737 908
Tax % 34% 31% 31% 35% 33% 31% 30% 32% 32% 1% 26% 26%
Net Profit 358 619 579 809 908 2,509 1,486 1,132 1,131 1,423 1,277 669
EPS in Rs 842.94 1,458.98 1,366.16 1,906.58 2,141.71 5,916.93 3,504.33 2,668.20 2,665.82 3,354.22 3,011.15 1,577.99
Dividend Payout % 6% 2% 2% 2% 2% 2% 2% 2% 2% 3% 5% 10%
Compounded Sales Growth
10 Years: 7%
5 Years: 8%
3 Years: 6%
TTM: 20%
Compounded Profit Growth
10 Years: 7%
5 Years: -15%
3 Years: -16%
TTM: -48%
Stock Price CAGR
10 Years: 21%
5 Years: 0%
3 Years: 8%
1 Year: -12%
Return on Equity
10 Years: 15%
5 Years: 10%
3 Years: 9%
Last Year: 5%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
4 4 4 4 4 4 4 4 4 4 4 4
Reserves 1,684 2,290 2,857 3,651 4,535 7,220 8,637 9,734 10,833 12,210 13,409 14,028
1,354 1,600 1,708 1,599 1,903 2,464 2,333 2,163 2,506 1,854 1,994 3,229
964 2,439 2,659 3,023 3,391 3,566 4,075 4,577 5,098 5,373 7,174 5,799
Total Liabilities 4,007 6,333 7,228 8,278 9,833 13,254 15,048 16,478 18,441 19,442 22,582 23,060
1,331 1,972 2,919 2,974 3,436 4,608 5,502 6,092 6,786 8,870 9,441 9,522
CWIP 498 1,042 415 359 628 1,059 848 1,079 1,403 1,741 1,002 1,233
Investments 73 73 429 904 1,081 3,138 3,382 4,145 3,855 1,519 5,874 3,656
2,106 3,245 3,465 4,041 4,688 4,448 5,316 5,162 6,397 7,312 6,265 8,648
Total Assets 4,007 6,333 7,228 8,278 9,833 13,254 15,048 16,478 18,441 19,442 22,582 23,060

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
158 634 1,034 1,499 1,699 3,043 1,956 2,413 1,253 2,271 4,325 -578
-786 -1,111 -977 -959 -1,791 -3,408 -1,393 -2,014 -1,386 -162 -5,087 165
614 486 -51 -313 67 212 -438 -453 42 -1,032 -250 424
Net Cash Flow -14 9 6 228 -24 -152 125 -53 -91 1,077 -1,012 11

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 39 49 44 46 47 33 54 52 54 52 51 44
Inventory Days 81 78 72 83 79 62 118 88 113 110 115 120
Days Payable 48 30 27 32 35 36 69 63 64 72 135 60
Cash Conversion Cycle 72 97 90 97 91 58 103 78 102 90 31 104
Working Capital Days 53 49 54 50 47 17 27 16 26 21 -20 97
ROCE % 23% 17% 24% 29% 27% 49% 23% 17% 15% 13% 14% 7%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
27.73 27.75 27.77 27.88 27.88 27.87 27.84 27.84 27.82 27.84 27.90 27.95
6.54 6.50 6.27 5.24 6.25 7.37 12.67 13.48 14.07 14.77 14.58 15.54
14.89 16.67 17.06 17.77 18.29 18.25 15.21 14.28 13.65 12.96 12.91 11.73
50.84 49.08 48.89 49.11 47.58 46.50 44.28 44.40 44.46 44.43 44.61 44.79

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