MRF Ltd

About

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 36,111 Cr.
  • Current Price 85,166
  • High / Low 98,600 / 58,100
  • Stock P/E 25.3
  • Book Value 31,628
  • Dividend Yield 0.12 %
  • ROCE 13.7 %
  • ROE 9.99 %
  • Face Value 10.0

Pros

Cons

  • Stock is trading at 2.69 times its book value
  • The company has delivered a poor sales growth of -4.34% over past five years.
  • Company has a low return on equity of 11.03% for last 3 years.
  • Dividend payout has been low at 3.40% 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

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
3,947 4,095 4,138 4,471 4,008 4,076 3,685 2,461 4,244 4,642 4,816 4,184
3,381 3,524 3,554 3,858 3,451 3,454 3,102 2,128 3,378 3,665 4,050 3,688
Operating Profit 566 571 583 612 556 622 583 332 867 977 766 496
OPM % 14% 14% 14% 14% 14% 15% 16% 14% 20% 21% 16% 12%
Other Income 112 126 112 106 95 74 60 44 45 64 58 93
Interest 69 71 62 72 72 77 72 76 55 66 77 64
Depreciation 200 206 215 228 238 249 267 274 285 284 298 302
Profit before tax 409 421 418 418 342 370 304 26 571 690 449 222
Tax % 32% 31% 30% 35% 33% 35% -123% 48% 28% 25% 26% 26%
Net Profit 278 291 294 273 229 241 679 13 411 521 332 166
EPS in Rs 656.17 685.74 693.05 644.34 539.86 569.00 1,601.05 31.74 968.90 1,227.37 783.17 390.42

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
5,667 7,459 9,752 11,964 12,248 13,329 20,179 13,412 14,954 16,062 16,237 16,162 17,886
4,992 6,635 8,942 10,692 10,468 11,384 15,743 10,763 12,665 13,744 13,855 13,208 14,781
Operating Profit 674 824 810 1,272 1,780 1,945 4,437 2,649 2,288 2,317 2,382 2,954 3,106
OPM % 12% 11% 8% 11% 15% 15% 22% 20% 15% 14% 15% 18% 17%
Other Income 41 39 429 32 25 63 317 327 330 416 335 205 259
Interest 69 63 98 159 196 232 361 257 259 273 301 282 262
Depreciation 250 262 248 302 374 424 737 611 707 808 982 1,141 1,169
Profit before tax 396 538 893 843 1,235 1,353 3,656 2,109 1,653 1,652 1,434 1,737 1,933
Tax % 37% 34% 31% 31% 35% 33% 31% 30% 32% 32% 1% 26%
Net Profit 251 358 619 579 809 908 2,509 1,486 1,132 1,131 1,423 1,277 1,429
EPS in Rs 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 3,011.15 3,369.86
Dividend Payout % 4% 6% 2% 2% 2% 2% 2% 2% 2% 2% 3% 5%
Compounded Sales Growth
10 Years:8%
5 Years:-4%
3 Years:3%
TTM:26%
Compounded Profit Growth
10 Years:14%
5 Years:-12%
3 Years:4%
TTM:23%
Stock Price CAGR
10 Years:29%
5 Years:11%
3 Years:11%
1 Year:47%
Return on Equity
10 Years:17%
5 Years:12%
3 Years:11%
Last Year:10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
4 4 4 4 4 4 4 4 4 4 4 4
Reserves 1,351 1,684 2,290 2,857 3,651 4,535 7,220 8,637 9,734 10,833 12,210 13,409
Borrowings 672 1,354 1,600 1,708 1,599 1,903 2,464 2,333 2,163 2,506 1,854 1,994
735 964 2,439 2,659 3,023 3,391 3,566 4,075 4,577 5,098 5,373 7,174
Total Liabilities 2,763 4,007 6,333 7,228 8,278 9,833 13,254 15,048 16,478 18,441 19,442 22,582
936 1,331 1,972 2,919 2,974 3,436 4,608 5,502 6,092 6,786 8,870 9,441
CWIP 285 498 1,042 415 359 628 1,059 848 1,079 1,403 1,741 1,002
Investments 144 73 73 429 904 1,081 3,138 3,382 4,145 3,855 1,519 5,874
1,397 2,106 3,245 3,465 4,041 4,688 4,448 5,316 5,162 6,397 7,312 6,265
Total Assets 2,763 4,007 6,333 7,228 8,278 9,833 13,254 15,048 16,478 18,441 19,442 22,582

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
847 158 634 1,034 1,499 1,699 3,043 1,956 2,413 1,253 2,271 4,325
-232 -786 -1,111 -977 -959 -1,791 -3,408 -1,393 -2,014 -1,386 -162 -5,087
-657 614 486 -51 -313 67 212 -438 -453 42 -1,032 -250
Net Cash Flow -42 -14 9 6 228 -24 -152 125 -53 -91 1,077 -1,012

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 37 39 49 44 46 47 33 54 52 54 52 51
Inventory Days 64 81 78 72 83 79 62 118 88 113 110 115
Days Payable 48 48 30 27 32 35 36 69 63 64 72 135
Cash Conversion Cycle 53 72 97 90 97 91 58 103 78 102 90 31
Working Capital Days 38 53 58 57 55 49 19 34 20 35 29 -14
ROCE % 21% 23% 17% 24% 29% 27% 49% 23% 17% 15% 13% 14%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
27.64 27.74 27.73 27.75 27.77 27.88 27.88 27.87 27.84 27.84 27.82 27.84
6.40 6.11 6.54 6.50 6.27 5.24 6.25 7.37 12.67 13.48 14.07 14.77
15.08 15.37 14.89 16.67 17.06 17.77 18.29 18.25 15.21 14.28 13.65 12.96
50.88 50.79 50.84 49.08 48.89 49.11 47.58 46.50 44.28 44.40 44.46 44.43

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