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MRF Ltd

Updated on November 29, 2019

Stock/Share Code - MRF

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.

Below is the details of MRF MRF Ltd

Market Cap₹26,880 Cr.
Current Price ₹62,092.1 as on 4 Dec 19
52 Week High / Low Price₹69,900 / ₹51,586.3
Face Value₹10
Stock P/E25.31
Book Value₹26,184
Dividend Yield0.09 %
ROCE13.96 %
ROE9.49 %
Sales Growth (3yrs)-7.31 %
SectorTyres
IndustryTyres
Listed onBSE  AND  NSE
Company WebsiteCompany Website
Pros: Company has reduced debt. Company is virtually debt free.
Cons: The company has delivered a poor growth of 5.48% over past five years. Promoter holding is low: 27.75% Company has a low return on equity of 12.95% for last 3 years. Dividend payout has been low at 2.13% of profits over last 3 years

MRF Ltd Price Chart

MRF Ltd Price Chart

MRF Ltd Peer Comparison in Tyres

S.No. Name CMP Rs. P/E Mar Cap Rs.Cr. Div Yld % NP Qtr Rs.Cr. Qtr Profit Var % Qtr Sales Var % Sales Qtr Rs.Cr. ROCE %
1. MRF 25.31 ₹26,880.35 Cr. 0.09 ₹220.36 Cr. -16.23 1.39 3947.57 13.96
2. Balkrishna Inds ₹29.7 22.12 ₹17,906 Cr. 0.86 ₹294.31 Cr. 39.95 -17.32 1084.28 22.08
3. Apollo Tyres ₹69.65 15.13 ₹9,613.3 Cr. 1.93 ₹83.07 Cr. -52.71 -6.38 3985.80 8.74
4. CEAT ₹919.6 13.71 ₹3,809.79 Cr. 1.27 ₹43.98 Cr. -30.99 -4.55 1691.55 13.38
5. Goodyear India ₹72.2 19.84 ₹2,234.33 Cr. 1.34 ₹37.79 Cr. 31.49 -7.20 454.08 19.31
6. JK Tyre & Indust ₹72.75 6.00 ₹1,728.54 Cr. 2.14 ₹170.1 Cr. 160.20 -13.59 2154.95 10.52
7. TVS Srichakra ₹1,719.5 15.72 ₹1,350.88 Cr. 2.27 ₹19.59 Cr. -31.00 -13.69 557.24 18.11
8. Modi Rubber ₹16.05 23.85 ₹93.27 Cr. 0.00 ₹14.11 Cr. 727.11 -17.89 1.01 1.60

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MRF Ltd Fundamentals

Quarterly Results

Quarterly reports are issued by companies every three months. Most companies have a financial year-end of Mar. 31 and quarters that end on June 30, Sept. 30, Dec. 31 and March 31.

Standalone Figures in Rs. Crores

Dec 2016Mar 2017Jun 2017Sep 2017Dec 2017Mar 2018Jun 2018Sep 2018Dec 2018Mar 2019Jun 2019Sep 2019
Sales3,1763,3383,5673,5913,7993,8363,8363,8944,0344,0734,4103,948
YOY Sales Growth %-0.76%-1.42%2.43%10.51%19.61%14.89%7.56%8.42%6.18%6.2%14.94%1.39%
Expenses2,6102,8163,2922,9853,0963,1793,2603,3473,4823,5023,8073,407
Material Cost %57.04%59.83%67.5%59.99%58.42%59.63%60.45%60.8%61.32%60.92%61.15%59.45%
Employee Cost %7.89%7.57%7.19%7.5%7.29%7.09%7.09%7.4%7.39%7.03%7%8.36%
Operating Profit566523275606703656576546552571603541
OPM %18%16%8%17%19%17%15%14%14%14%14%14%
Other Income74658969451097111112610910595
Interest616263605865636463576866
Depreciation154162167174178187187200205215228237
Profit before tax425364135441513514397394409409412332
Tax %32%21%21%32%34%33%34%33%32%28%35%34%
Net Profit288287107300341345261263279294269220
EPS in Rs679.27676.18251.19707.18802.88814.21614.80620.21658.47692.83633.14519.59
NotesNotesNotesNotesNotesNotesNotesNotesNotesNotesNotesNotes

Profit & Loss

The profit and loss (P&L) statement is a financial statement that summarizes the revenues, costs and expenses incurred during a specified period, usually a fiscal quarter or year. The P&L statement is synonymous with the income statement. These records provide information about a company's ability or inability to generate profit" by increasing revenue, reducing costs or both. Some refer to the P&L statement as a statement of profit and loss, income statement, statement of operations, statement of financial results or income, earnings statement or expense statement.

Standalone Figures in Rs. Crores

Sep 2007Sep 2008Sep 2009Sep 2010Sep 2011Sep 2012Sep 2013Sep 2014Mar 2016Mar 2017Mar 2018Mar 2019TTM
Sales4,3895,0455,6627,4539,74311,86712,13113,19719,88713,25214,77515,83616,464
Sales Growth %18.17%14.94%12.24%31.62%30.73%21.8%2.23%8.79%50.69%-33.36%11.49%7.18%%
Expenses3,9554,6384,9806,6238,93410,60610,36411,26915,51510,65212,54713,58614,198
Material Cost %67.69%68.55%65.52%67.3%72.95%70.39%65.12%63.49%56.25%56.59%61.37%60.88%%
Manufacturing Cost %8.18%9.83%8.91%9.12%8.21%8.53%8.53%8.97%8.74%9.17%9%10%%
Employee Cost %5.36%5.36%5.48%4.98%4.59%4.33%4.97%5.55%6.33%7.42%7.27%7.23%%
Other Cost %8.87%8.21%8.03%7.47%5.95%6.12%6.81%7.37%6.69%7.2%7.28%7.68%%
Operating Profit4344066828298091,2611,7671,9284,3712,6002,2282,2502,267
OPM %10%8%12%11%8%11%15%15%22%20%15%14%14%
Other Income29413429430322965321325328417435
Interest4966696398159196232352250250253255
Depreciation153170249261248301373423735609705806885
Profit before tax2612113985358948331,2271,3393,6062,0661,6021,6091,561
Tax %34%32%36%34%31%31%35%33%31%30%32%32%
Net Profit1721452533546195728028982,4741,4511,0921,0971,062
EPS in Rs401.75337.55592.53826.571,456.831,345.841,886.952,107.803,889.823,402.062,576.162,586.992,504.03
Dividend Payout %5%6%4%6%2%2%2%2%2%2%2%2%

Compounded Sales Growth

  • 10 Years:: 12.12%
  • 5 Years:: 5.48%
  • 3 Years:: -7.31%
  • TTM:: 7.16%

Compounded Profit Growth

  • 10 Years:: 21.37%
  • 5 Years:: 3.69%
  • 3 Years:: -26.57%
  • TTM:: -12.21%

Return on Equity

  • 10 Years:: 26.57%
  • 5 Years:: 13.08%
  • 3 Years:: 9.05%
  • 1 Year:: -5.84%

Balance Sheet

A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure. It is a financial statement that provides a snapshot of what a company owns and owes, as well as the amount invested by shareholders. It is used alongside other important financial statements such as the income statement and statement of cash flows in conducting fundamental analysis or calculating financial ratios.

Standalone Figures in Rs. Crores

Sep 2007Sep 2008Sep 2009Sep 2010Sep 2011Sep 2012Sep 2013Sep 2014Mar 2016Mar 2017Mar 2018Mar 2019Sep 2019
Share Capital4444444444444
Equity Capital4.244.244.244.244.244.244.244.244.244.244.244.244.24
Reserves9821,1171,3571,6862,2942,8543,6414,5137,1578,5409,60010,64911,101
Borrowings8351,2496721,3541,6001,7081,5991,9032,0672,0721,7011,8681,199
Other Liabilities7141,0127349642,4512,6643,0393,4023,9824,4095,0945,7716,839
Trade Payables414.81629.41489.07663.33581.82614.53701.421139.621528.821677.081998.962327.642658.72
Total Liabilities2,5353,3822,7684,0096,3497,2298,2839,82313,21015,02516,39918,29219,142
Fixed Assets6578679341,3291,9712,9142,9703,4294,5945,4886,0756,7686,714
Gross Block2046.742422.562734.333367.93831.825062.515475.026327.765248.166713.137949.049372.69
Accumulated Depreciation1389.991556.011800.772038.991860.442148.712505.482899.07654.361225.551873.732605.17
CWIP2434442854981,0424153596271,0588471,0791,4032,677
Investments726914973734259061,0883,1473,3944,1463,8483,410
Other Assets1,5632,0041,4012,1103,2623,4764,0484,6794,4105,2965,0996,2736,342
Inventories693.34984.28650.471110.681526.021645.591795.291799.71879.742392.922172.072950.932970.78
Trade receivables551.92610.05580.03811.491308.861454.091556.141708.471831.721959.952135.922361.622274.21
Cash Equivalents73.17102.3559.8945.1855.9861.1330.81707.6780.45274.42138.6360.0768.54
Loans n Advances244.5307.03110.34142.29201.3227.8192.96197.11370.17346.49293.3241.5330.6
Other Assets etc0000170.1787.69173.01266.38248.27322.53358.64658.47997.8
Total Assets2,5353,3822,7684,0096,3497,2298,2839,82313,21015,02516,39918,29219,142

Cash Flows

Cash flow is the net amount of cash and cash-equivalents being transferred into and out of a business. At the most fundamental level, a company’s ability to create value for shareholders is determined by its ability to generate positive cash flows, or more specifically, maximize long-term free cash flow.

Standalone Figures in Rs. Crores

Sep 2007Sep 2008Sep 2009Sep 2010Sep 2011Sep 2012Sep 2013Sep 2014Mar 2016Mar 2017Mar 2018Mar 2019
Cash from Operating Activity3062698471586341,0231,4761,6873,4071,7902,5291,380
Profit from operations457.21450.08709.45845.68824.061280.151780.331943.474398.72616.892319.052378.3
Working Capital Changes-70.85-87.54238.64-468.28-41.63-18.77-0.65151.32169.59-427.08675.33-593.38
Taxes paid-80.22-93.54-101.33-219.9-148.74-238.61-303.33-407.95-1161.06-399.62-465.41-404.7
Cash from Investing Activity-335-566-232-786-1,111-966-937-1,785-3,406-1,394-1,970-1,310
Fixed Assets Purchased-337.55-583.63-162.28-869.65-1126.04-616.19-429.4-1242.26-2303.15-1364.76-1529.8-1960.32
Fixed Assets Sold0.443.570.592.7513.480.632.110.263.331.182.650.42
Investments purchased00-73.0700-352.01-472.16-654-2342.140-2997.46-2116.46
Investments sold0.6312.34078.980.3700491.78727.2630.352476.562718.5
Cash from Financing Activity49326-657614486-51-31367-179-295-639-112
Proceeds from Borrowings76.97347.780630.67127.75118.65000000
Repayment of Borrowings-4.34-8.39-668.170-252.70-52.4900000
Interest Paid-49.9-63.14-70.97-61.36-58.31-148.07-191.19-221.7-314.63-241.54-241.08-246.42
Dividends Paid-9.69-9.87-9.8-12.39-24.41-12.32-12.35-14.89-26.7-51.03-30.61-30.66
Net Cash Flow2029-42-1595226-31-178101-80-41

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Ratios

Sep 2007Sep 2008Sep 2009Sep 2010Sep 2011Sep 2012Sep 2013Sep 2014Mar 2016Mar 2017Mar 2018Mar 2019
ROCE %18%13%21%23%17%23%29%27%50%23%17%14%
Debtor Days464437404945474734545354
Inventory Turnover6.976.016.938.467.397.487.057.3410.816.206.476.18

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Disclaimer:
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