Mangalore Refinery And Petrochemicals Ltd

Mangalore Refinery And Petrochemicals Ltd

₹ 149 -1.46%
13 Dec 1:31 p.m.
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
1.Retail: The company entered the Retail fuel service stations business under the brand ‘HiQ’. As of FY24, it has a network of 101 retail outlets across Karnataka and Kerala. [1] [2]

In FY24, the total retail sales volume in the domestic market was 2.6 MMT with a sales value of Rs. ~15,400 Cr vs 1.9 MMT with a sales value of Rs. ~11,000 Cr in FY22. [2] [3]

  • Market Cap 26,089 Cr.
  • Current Price 149
  • High / Low 289 / 118
  • Stock P/E 28.6
  • Book Value 70.2
  • Dividend Yield 1.98 %
  • ROCE 25.8 %
  • ROE 31.9 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company has delivered good profit growth of 60.0% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 36.2%

Cons

  • 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
13,268 20,409 24,815 32,290 24,608 26,557 25,365 21,058 19,353 24,667 25,329 23,247 24,968
13,281 18,692 21,874 27,576 26,603 26,270 21,875 18,989 17,215 23,508 22,999 22,641 25,442
Operating Profit -13 1,717 2,941 4,714 -1,995 287 3,490 2,068 2,138 1,159 2,330 606 -474
OPM % -0% 8% 12% 15% -8% 1% 14% 10% 11% 5% 9% 3% -2%
19 46 -3 45 42 53 91 54 67 45 33 52 45
Interest 268 236 394 302 315 338 330 267 311 274 262 214 285
Depreciation 289 290 220 296 297 298 296 294 296 334 333 335 342
Profit before tax -551 1,237 2,323 4,162 -2,566 -295 2,955 1,561 1,598 596 1,768 108 -1,056
Tax % -26% 52% -29% 35% -31% -34% 35% 35% 34% 34% 36% 32% -34%
-410 589 3,008 2,716 -1,779 -195 1,913 1,015 1,052 392 1,138 73 -697
EPS in Rs -2.34 3.36 17.17 15.50 -10.15 -1.11 10.92 5.79 6.00 2.24 6.50 0.42 -3.98
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
71,552 57,398 39,730 43,767 49,055 63,446 50,230 31,959 69,758 109,026 90,407 98,211
70,538 59,565 38,021 38,775 44,526 60,816 53,368 31,252 64,814 102,498 82,562 94,590
Operating Profit 1,015 -2,167 1,709 4,992 4,529 2,630 -3,137 708 4,944 6,528 7,845 3,621
OPM % 1% -4% 4% 11% 9% 4% -6% 2% 7% 6% 9% 4%
432 841 674 2,015 223 130 70 90 67 213 55 175
Interest 323 448 1,083 969 915 1,062 1,251 558 1,212 1,298 1,119 1,035
Depreciation 707 522 1,013 984 966 1,048 1,086 1,158 1,088 1,187 1,257 1,345
Profit before tax 418 -2,295 287 5,054 2,871 651 -5,404 -919 2,711 4,256 5,523 1,416
Tax % -45% -19% -77% 35% 38% 46% -25% -17% -9% 38% 35%
606 -1,853 506 3,293 1,774 351 -4,043 -765 2,958 2,655 3,597 907
EPS in Rs 3.46 -10.29 4.70 19.81 11.37 1.94 -19.14 -4.36 16.88 15.15 20.52 5.18
Dividend Payout % 0% 0% 0% 30% 26% 52% 0% 0% 0% 0% 15%
Compounded Sales Growth
10 Years: 2%
5 Years: 7%
3 Years: 41%
TTM: 6%
Compounded Profit Growth
10 Years: 22%
5 Years: 60%
3 Years: 90%
TTM: -76%
Stock Price CAGR
10 Years: 13%
5 Years: 28%
3 Years: 49%
1 Year: 16%
Return on Equity
10 Years: 11%
5 Years: 13%
3 Years: 36%
Last Year: 32%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2024
Equity Capital 1,753 1,753 1,753 1,753 1,753 1,753 1,753 1,753 1,753 1,753 1,753 1,753
Reserves 5,337 3,478 4,281 7,750 8,481 8,193 4,607 2,495 5,457 8,112 11,530 10,554
9,840 14,702 14,395 15,477 14,921 15,618 18,482 24,062 21,310 16,939 12,687 13,533
22,698 21,294 23,650 7,870 6,803 7,203 5,734 6,425 11,561 8,410 9,467 8,772
Total Liabilities 39,628 41,226 44,080 32,849 31,958 32,766 30,576 34,735 40,081 35,214 35,437 34,612
5,995 21,641 21,747 20,618 20,217 20,002 20,431 19,596 21,384 20,396 20,410 20,251
CWIP 8,552 1,389 198 220 682 995 1,746 2,343 170 475 744 712
Investments 0 0 38 42 31 29 29 25 29 46 48 43
25,081 18,197 22,097 11,969 11,028 11,740 8,369 12,770 18,499 14,297 14,234 13,605
Total Assets 39,628 41,226 44,080 32,849 31,958 32,766 30,576 34,735 40,081 35,214 35,437 34,612

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
8,597 -731 1,429 -1,108 3,972 1,640 289 -2,818 4,496 6,364 7,045
-919 -94 303 -265 -981 -1,080 -1,449 -2,101 -595 -673 -1,518
1,419 -2,672 -1,744 265 -2,796 -996 1,157 4,944 -3,922 -5,690 -5,524
Net Cash Flow 9,097 -3,497 -12 -1,109 194 -436 -3 24 -20 1 3

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 23 14 19 22 19 14 7 28 23 15 16
Inventory Days 44 24 36 44 45 39 30 90 62 25 38
Days Payable 110 116 223 60 41 29 24 50 55 23 33
Cash Conversion Cycle -43 -78 -168 6 23 24 14 67 29 17 21
Working Capital Days -47 -94 -168 -14 -16 -1 -7 49 23 14 16
ROCE % -10% 7% 19% 15% 7% -16% -1% 14% 20% 26%

Shareholding Pattern

Numbers in percentages

Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
88.58% 88.58% 88.58% 88.58% 88.58% 88.58% 88.58% 88.58% 88.58% 88.58% 88.58% 88.58%
0.74% 0.77% 1.60% 1.57% 1.05% 1.07% 1.08% 1.54% 2.55% 2.68% 2.26% 1.69%
2.34% 2.06% 1.55% 0.34% 0.28% 0.28% 0.70% 1.10% 1.57% 1.50% 1.50% 1.48%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.00% 0.00% 0.00% 0.00%
8.34% 8.59% 8.26% 9.51% 10.08% 10.06% 9.62% 8.76% 7.30% 7.23% 7.64% 8.23%
No. of Shareholders 3,55,7153,57,0113,77,3113,99,8204,04,6324,02,0513,93,1793,85,9453,69,7614,40,5694,67,8755,14,267

* 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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