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 37,593 Cr.
  • Current Price 88,662
  • High / Low 98,600 / 49,915
  • Stock P/E 23.2
  • Book Value 29,654
  • Dividend Yield 0.11 %
  • ROCE 12.6 %
  • ROE 12.3 %
  • Face Value 10.0

Pros

  • Company has reduced debt.

Cons

  • Stock is trading at 2.99 times its book value
  • The company has delivered a poor sales growth of 4.03% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 11.84% for last 3 years.
  • Dividend payout has been low at 2.49% of profits over last 3 years

Peer comparison

Sector: Tyres Industry: Tyres

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
3,883 3,947 4,095 4,138 4,471 4,008 4,076 3,685 2,461 4,244 4,642
3,298 3,381 3,524 3,554 3,858 3,451 3,454 3,102 2,128 3,378 3,665
Operating Profit 585 566 571 583 612 556 622 583 332 867 977
OPM % 15% 14% 14% 14% 14% 14% 15% 16% 14% 20% 21%
Other Income 72 112 126 112 106 95 74 60 44 45 64
Interest 66 69 71 62 72 72 77 72 76 55 66
Depreciation 187 200 206 215 228 238 249 267 274 285 284
Profit before tax 404 409 421 418 418 342 370 304 26 571 690
Tax % 34% 32% 31% 30% 35% 33% 35% -123% 48% 28% 25%
Net Profit 268 278 291 294 273 229 241 679 13 411 521
EPS in Rs 630.87 656.17 685.74 693.05 644.34 539.86 569.00 1,601.05 31.74 968.90 1,227.37
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
5,049 5,667 7,459 9,752 11,964 12,248 13,329 20,179 13,412 14,954 16,062 16,237 15,032
4,643 4,985 6,625 8,942 10,692 10,468 11,386 15,749 10,763 12,666 13,750 13,855 12,273
Operating Profit 406 681 834 810 1,272 1,780 1,943 4,430 2,649 2,287 2,311 2,382 2,759
OPM % 8% 12% 11% 8% 11% 15% 15% 22% 20% 15% 14% 15% 18%
Other Income 41 34 29 429 32 25 66 324 328 331 422 335 212
Interest 66 69 63 98 159 196 232 361 257 259 273 301 270
Depreciation 170 250 262 248 302 374 424 737 611 707 808 982 1,109
Profit before tax 210 396 538 893 843 1,235 1,353 3,656 2,109 1,653 1,652 1,434 1,592
Tax % 32% 37% 34% 31% 31% 35% 33% 31% 30% 32% 32% 1%
Net Profit 143 251 358 619 579 809 908 2,509 1,486 1,132 1,131 1,423 1,624
EPS in Rs 338.21 591.31 842.94 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 3,829.06
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:7%
TTM:-10%
Compounded Profit Growth
10 Years:19%
5 Years:9%
3 Years:-2%
TTM:57%
Stock Price CAGR
10 Years:31%
5 Years:21%
3 Years:8%
1 Year:34%
Return on Equity
10 Years:18%
5 Years:17%
3 Years:12%
Last Year:12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 1,113 1,351 1,684 2,290 2,857 3,651 4,535 7,220 8,637 9,734 10,833 12,210 12,572
Borrowings 1,249 672 1,354 1,600 1,708 1,599 1,903 2,464 2,333 2,163 2,506 1,854 1,949
1,006 735 964 2,439 2,659 3,023 3,391 3,566 4,075 4,577 5,098 5,373 6,501
Total Liabilities 3,372 2,763 4,007 6,333 7,228 8,278 9,833 13,254 15,048 16,478 18,441 19,442 21,026
870 936 1,331 1,972 2,919 2,974 3,436 4,608 5,502 6,092 6,786 8,870 9,051
CWIP 444 285 498 1,042 415 359 628 1,059 848 1,079 1,403 1,741 1,445
Investments 64 144 73 73 429 904 1,081 3,138 3,382 4,145 3,855 1,519 844
1,994 1,397 2,106 3,245 3,465 4,041 4,688 4,448 5,316 5,162 6,397 7,312 9,686
Total Assets 3,372 2,763 4,007 6,333 7,228 8,278 9,833 13,254 15,048 16,478 18,441 19,442 21,026

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Sep 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
270 847 158 634 1,034 1,499 1,699 3,043 1,956 2,413 1,253 2,273
-567 -232 -786 -1,111 -977 -959 -1,791 -3,408 -1,393 -2,014 -1,386 -164
326 -657 614 486 -51 -313 67 212 -438 -453 42 -1,032
Net Cash Flow 29 -42 -14 9 6 228 -24 -152 125 -53 -91 1,077

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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% 24% 29% 27% 49% 23% 17% 15% 13%
Debtor Days 44 37 39 49 44 46 47 33 54 52 54 52
Inventory Turnover 4.47 4.88 6.13 5.72 5.65 4.92 5.01 6.50 3.73 4.22 4.04 3.51

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
27.54 27.56 27.62 27.64 27.74 27.73 27.75 27.77 27.88 27.88 27.87 27.84
7.99 7.60 6.99 6.40 6.11 6.54 6.50 6.27 5.24 6.25 7.37 12.67
13.46 14.00 14.37 15.08 15.37 14.89 16.67 17.06 17.77 18.29 18.25 15.21
51.01 50.85 51.02 50.88 50.79 50.84 49.08 48.89 49.11 47.58 46.50 44.28

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