MRF Ltd

₹ 1,11,203 -0.43%

01 Dec 12:52 p.m.

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 tractors, LCVs, 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]

Website BSE NSE

Market Cap ₹ 47,150 Cr.
Current Price ₹ 1,11,203
High / Low ₹ 1,13,439 / 81,380
Stock P/E 27.9
Book Value ₹ 37,328
Dividend Yield 0.16 %
ROCE 7.43 %
ROE 4.87 %
Face Value ₹ 10.0

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Pros

Cons

Stock is trading at 2.97 times its book value
The company has delivered a poor sales growth of 9.00% over past five years.
Company has a low return on equity of 6.19% over last 3 years.
Dividend payout has been low at 8.04% 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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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
	4,244	4,642	4,816	4,184	4,908	4,920	5,305	5,696	5,826	5,645	5,842	6,440	6,217
	3,378	3,665	4,050	3,688	4,387	4,427	4,765	5,203	5,346	5,083	4,988	5,310	5,060
Operating Profit	867	977	766	496	521	493	540	493	481	562	854	1,130	1,157
OPM %	20%	21%	16%	12%	11%	10%	10%	9%	8%	10%	15%	18%	19%
	45	64	58	93	89	70	66	34	77	71	70	75	71
Interest	55	66	77	64	58	64	67	66	75	86	92	84	86
Depreciation	285	284	298	302	297	296	311	298	309	316	330	333	351
Profit before tax	571	690	449	222	255	202	228	164	174	231	501	787	791
Tax %	28%	25%	26%	26%	26%	26%	28%	25%	25%	24%	32%	25%	26%
	411	521	332	166	189	149	165	124	130	175	341	589	587
EPS in Rs	968.90	1,227.37	783.17	390.42	445.78	352.24	389.52	291.43	306.19	412.23	803.24	1,388.20	1,383.27
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2011	Sep 2012	Sep 2013	Sep 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	9,752	11,964	12,248	13,329	20,179	13,412	14,954	16,062	16,237	16,162	19,317	23,008	24,144
	8,942	10,692	10,468	11,384	15,743	10,763	12,665	13,744	13,855	13,208	17,256	20,604	20,442
Operating Profit	810	1,272	1,780	1,945	4,437	2,649	2,288	2,317	2,382	2,954	2,061	2,404	3,702
OPM %	8%	11%	15%	15%	22%	20%	15%	14%	15%	18%	11%	10%	15%
	429	32	25	63	317	327	330	416	335	205	315	245	287
Interest	98	159	196	232	361	257	259	273	301	282	263	326	348
Depreciation	248	302	374	424	737	611	707	808	982	1,141	1,205	1,253	1,330
Profit before tax	893	843	1,235	1,353	3,656	2,109	1,653	1,652	1,434	1,737	908	1,070	2,310
Tax %	31%	31%	35%	33%	31%	30%	32%	32%	1%	26%	26%	28%
	619	579	809	908	2,509	1,486	1,132	1,131	1,423	1,277	669	769	1,691
EPS in Rs	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	1,577.96	1,813.09	3,986.94
Dividend Payout %	2%	2%	2%	2%	2%	2%	2%	2%	3%	5%	10%	10%

Compounded Sales Growth
10 Years:	7%
5 Years:	9%
3 Years:	12%
TTM:	11%

Compounded Profit Growth
10 Years:	2%
5 Years:	-9%
3 Years:	-21%
TTM:	198%

Stock Price CAGR
10 Years:	21%
5 Years:	11%
3 Years:	12%
1 Year:	18%

Return on Equity
10 Years:	13%
5 Years:	8%
3 Years:	6%
Last Year:	5%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2011	Sep 2012	Sep 2013	Sep 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	4	4	4	4	4	4	4	4	4	4	4	4	4
Reserves	2,290	2,857	3,651	4,535	7,220	8,637	9,734	10,833	12,210	13,409	14,028	14,703	15,827
	1,600	1,708	1,599	1,903	2,464	2,333	2,163	2,506	1,854	2,388	3,229	3,014	3,135
	2,439	2,659	3,023	3,391	3,566	4,075	4,577	5,098	5,373	6,780	5,799	6,648	6,842
Total Liabilities	6,333	7,228	8,278	9,833	13,254	15,048	16,478	18,441	19,442	22,582	23,060	24,369	25,809
	1,972	2,919	2,974	3,436	4,608	5,502	6,092	6,786	8,870	9,441	9,522	10,118	10,980
CWIP	1,042	415	359	628	1,059	848	1,079	1,403	1,741	1,002	1,233	3,046	3,173
Investments	73	429	904	1,081	3,138	3,382	4,145	3,855	1,519	5,874	3,656	3,085	3,208
	3,245	3,465	4,041	4,688	4,448	5,316	5,162	6,397	7,312	6,265	8,648	8,120	8,447
Total Assets	6,333	7,228	8,278	9,833	13,254	15,048	16,478	18,441	19,442	22,582	23,060	24,369	25,809

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2011	Sep 2012	Sep 2013	Sep 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	634	1,034	1,499	1,699	3,043	1,956	2,413	1,253	2,271	4,325	-578	2,755
	-1,111	-977	-959	-1,791	-3,408	-1,393	-2,014	-1,386	-162	-5,087	169	-1,922
	486	-51	-313	67	212	-438	-453	42	-1,032	-250	424	-840
Net Cash Flow	9	6	228	-24	-152	125	-53	-91	1,077	-1,012	14	-6

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2011	Sep 2012	Sep 2013	Sep 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	49	44	46	47	33	54	52	54	52	48	44	40
Inventory Days	78	72	83	79	62	118	88	113	110	115	120	98
Days Payable	52	41	47	50	36	69	63	64	72	129	60	58
Cash Conversion Cycle	75	76	83	76	58	103	78	102	90	34	104	80
Working Capital Days	49	54	50	47	17	27	16	26	21	-13	49	19
ROCE %	17%	24%	29%	27%	49%	23%	17%	15%	13%	14%	6%	7%

Shareholding Pattern

Numbers in percentages

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
	27.84%	27.84%	27.82%	27.84%	27.90%	27.95%	27.94%	27.87%	27.88%	27.85%	27.77%	27.75%
	12.67%	13.48%	14.07%	14.77%	14.58%	15.54%	16.05%	16.46%	18.22%	18.05%	18.77%	19.58%
	15.21%	14.28%	13.65%	12.96%	12.91%	11.73%	12.46%	12.49%	11.37%	11.65%	11.71%	11.19%
	44.28%	44.40%	44.46%	44.43%	44.61%	44.79%	43.55%	43.18%	42.53%	42.45%	41.75%	41.48%
No. of Shareholders	41,542	50,630	55,803	54,446	62,406	66,786	56,544	48,377	41,881	43,500	37,938	37,504

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
	27.37%	27.54%	27.74%	27.88%	27.84%	27.95%	27.85%	27.75%
	10.07%	7.99%	6.11%	5.24%	13.48%	15.54%	18.05%	19.58%
	10.52%	13.46%	15.37%	17.77%	14.28%	11.73%	11.65%	11.19%
	52.04%	51.01%	50.79%	49.11%	44.40%	44.79%	42.45%	41.48%
No. of Shareholders	38,782	46,283	61,429	63,243	50,630	66,786	43,500	37,504

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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MRF Ltd

MRF Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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