Mangalore Refinery And Petrochemicals Ltd

₹ 59.2 -0.17%
05 Dec - close price
About

Mangalore Refinery & Petrochemicals Limited (MRPL) was set up as a joint venture (JV) between the AV Birla Group and Hindustan Petroleum Corporation Limited (HPCL). It is now a subsidiary of Oil & Natural Gas Corporation(ONGC). The company is mainly engaged in the business of refining crude oil, petrochemical business, trading of aviation fuels and distribution of petroleum products through retail outlets and transport terminals. [1][2]

Key Points

Business Segments
Retail: MRPL has forayed into the Retail service stations business with a unique retail brand ‘HiQ’. The Co. has service stations located in Mangalore, Hubli, Maddur, Mandya and Gubbi, Tumkur in Karnataka. [1]
Consumer Sale: The Co. is engaged in the consumer sale of products like Bitumen, Furnace Oil, High-Speed diesel, Xylol, Naphtha, Pet coke, Sulphur, etc. [2]
Petrochemical Sale: The Co. is also engaged in the manufacture and sale of polypropylene with the brand name ‘Mangpol’. [3]

  • Market Cap 10,375 Cr.
  • Current Price 59.2
  • High / Low 128 / 37.0
  • Stock P/E 2.29
  • Book Value 46.3
  • Dividend Yield 0.00 %
  • ROCE 13.9 %
  • ROE 52.2 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is expected to give good quarter

Cons

  • The company has delivered a poor sales growth of 10.0% over past five years.
  • Company has a low return on equity of -2.38% over last 3 years.
  • Company might be capitalizing the interest cost

* 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: Refineries Industry: Refineries

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
13,203 14,386 14,132 4,473 6,182 7,952 13,581 11,219 13,243 20,409 24,815 32,290 24,608
13,666 14,087 16,054 4,960 5,946 7,805 12,675 10,934 13,264 18,692 21,874 27,576 26,603
Operating Profit -464 300 -1,922 -488 237 147 905 285 -21 1,717 2,941 4,714 -1,995
OPM % -4% 2% -14% -11% 4% 2% 7% 3% -0% 8% 12% 15% -8%
19 35 31 25 29 37 26 14 23 43 -4 37 32
Interest 229 183 188 142 4 69 210 310 179 236 394 302 315
Depreciation 201 196 196 200 210 225 293 289 212 290 220 296 297
Profit before tax -874 -45 -2,276 -804 51 -111 428 -299 -390 1,235 2,323 4,153 -2,576
Tax % 34% 19% 28% 35% 39% 32% 38% 23% 38% 53% -30% 35% 31%
Net Profit -574 -37 -1,629 -524 31 -76 268 -230 -243 586 3,008 2,708 -1,789
EPS in Rs -3.28 -0.21 -9.30 -2.99 0.18 -0.43 1.53 -1.31 -1.38 3.35 17.16 15.45 -10.21
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
38,887 53,770 65,696 71,815 57,463 39,647 43,208 48,451 62,062 51,002 31,959 69,727 102,122
36,864 52,156 65,393 70,808 59,551 37,859 38,493 44,139 60,382 53,524 31,251 64,783 94,745
Operating Profit 2,023 1,615 303 1,007 -2,088 1,789 4,714 4,311 1,681 -2,522 708 4,944 7,377
OPM % 5% 3% 0% 1% -4% 5% 11% 9% 3% -5% 2% 7% 7%
210 346 153 430 838 674 2,015 154 131 97 93 64 108
Interest 105 207 329 321 407 594 520 443 475 749 558 1,212 1,248
Depreciation 391 434 604 706 499 710 678 671 757 783 1,158 1,088 1,103
Profit before tax 1,737 1,320 -477 410 -2,156 1,158 5,531 3,351 581 -3,958 -915 2,708 5,135
Tax % 32% 31% -59% -47% 21% 1% 34% 34% 43% 31% 17% -9%
Net Profit 1,177 909 -757 601 -1,712 1,147 3,644 2,224 332 -2,740 -761 2,955 4,513
EPS in Rs 6.71 5.18 -4.32 3.43 -9.77 6.54 20.79 12.69 1.89 -15.64 -4.34 16.86 25.75
Dividend Payout % 18% 19% 0% 0% 0% 0% 29% 24% 53% 0% 0% 0%
Compounded Sales Growth
10 Years: 3%
5 Years: 10%
3 Years: 4%
TTM: 122%
Compounded Profit Growth
10 Years: 13%
5 Years: 3%
3 Years: 105%
TTM: 1719%
Stock Price CAGR
10 Years: -1%
5 Years: -14%
3 Years: 9%
1 Year: 33%
Return on Equity
10 Years: 5%
5 Years: 5%
3 Years: -2%
Last Year: 52%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
1,762 1,757 1,753 1,753 1,753 1,753 1,753 1,753 1,753 1,753 1,753 1,753 1,753
Reserves 4,767 5,472 4,715 5,316 3,552 4,679 8,318 9,280 8,974 6,014 2,485 5,444 6,364
1,126 6,183 7,558 9,793 9,032 8,075 8,541 7,950 9,131 11,896 24,062 21,310 18,437
10,856 12,747 12,676 22,665 20,007 22,787 7,802 7,238 7,333 6,145 6,425 11,561 11,899
Total Liabilities 18,501 26,155 26,701 39,527 34,345 37,293 26,414 26,221 27,191 25,808 34,725 40,068 38,452
3,090 4,052 5,781 5,991 14,109 14,881 14,161 14,038 13,996 14,239 19,596 21,384 20,846
CWIP 3,995 7,089 7,554 8,552 1,378 188 220 668 982 1,730 2,343 170 371
Investments 42 42 15 15 1,350 1,350 1,350 1,350 1,503 2,178 16 16 16
11,374 14,971 13,351 24,969 17,508 20,874 10,684 10,166 10,710 7,661 12,770 18,499 17,218
Total Assets 18,501 26,155 26,701 39,527 34,345 37,293 26,414 26,221 27,191 25,808 34,725 40,068 38,452

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
1,942 276 882 8,602 -576 1,376 -852 3,507 569 183 -2,818 4,693
-3,321 -3,886 -2,209 -921 -1,408 359 -337 -966 -952 -1,563 -2,101 -595
-489 4,158 698 1,387 -1,503 -1,748 67 -2,334 -55 1,379 4,944 -4,119
Net Cash Flow -1,868 547 -629 9,068 -3,487 -13 -1,121 207 -438 -1 24 -20

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 24 23 22 23 15 22 22 20 14 7 28 23
Inventory Days 41 56 38 44 22 33 40 41 36 28 90 62
Days Payable 89 79 62 109 116 221 59 40 29 23 50 55
Cash Conversion Cycle -24 -0 -2 -43 -79 -166 3 20 21 12 67 29
Working Capital Days -29 -6 -7 -47 -92 -164 -16 -13 10 -3 49 23
ROCE % 25% 15% -1% 4% -11% 13% 27% 20% 6% -16% -1% 14%

Shareholding Pattern

Numbers in percentages

Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
88.58 88.58 88.58 88.58 88.58 88.58 88.58 88.58 88.58 88.58 88.58 88.58
1.48 0.69 0.60 0.56 0.61 0.74 0.69 0.56 0.74 0.77 1.60 1.57
3.55 4.29 4.00 2.90 2.68 2.73 2.67 2.53 2.34 2.06 1.55 0.34
6.39 6.44 6.81 7.96 8.12 7.95 8.06 8.33 8.34 8.59 8.26 9.51

* The XBRL reporting format changed from Sep'2022 onwards. The new format added details about banks and foreign portfolio investors. These were not available earlier.
The sudden increase in FII or DII might be because of these changes.

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