Table of Contents

MRF Ltd

Updated on August 3, 2020

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	₹25,064 Cr.
Current Price	₹62,702.8 as on 7 Aug 20
52 Week High / Low Price	₹73,565.7 / ₹49,915.1
Face Value	₹10
Stock P/E	24.59
Book Value	₹26,184
Dividend Yield	0.10 %
ROCE	13.96 %
ROE	9.49 %
Sales Growth (3yrs)	-7.31 %
Sector	Tyres
Industry	Tyres
Listed on	BSE AND NSE
Company Website	Company 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: 27.88% 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 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		24.59	₹25,063.95 Cr.	0.10	₹236.63 Cr.	-15.27	-0.62	4008.89	13.96
2.	Balkrishna Inds	₹18.15	23.68	₹20,856.99 Cr.	1.85	₹223.8 Cr.	48.23	-3.51	1155.76	22.08
3.	Apollo Tyres	₹123.75	11.66	₹5,554.61 Cr.	3.35	₹77.86 Cr.	-52.87	-15.53	3610.14	8.74
4.	CEAT	₹890.8	13.14	₹3,276.26 Cr.	1.48	₹51.88 Cr.	-29.47	-10.63	1573.41	13.38
5.	Goodyear India	₹272.95	15.70	₹1,613.75 Cr.	1.86	₹11.88 Cr.	-45.23	-8.15	426.26	19.31
6.	JK Tyre & Indust	₹65.55	4.94	₹1,289.02 Cr.	2.87	₹10.95 Cr.	-71.90	-19.44	2199.80	10.52
7.	TVS Srichakra	₹1,485.8	14.21	₹1,077.92 Cr.	2.84	₹12.78 Cr.	-44.91	-15.35	509.44	18.11
8.	Birla Tyres	₹22.3		₹228.86 Cr.	0.00	Cr.

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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

	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019
Sales -	3,338	3,567	3,591	3,799	3,836	3,836	3,894	4,034	4,073	4,410	3,948	4,009
YOY Sales Growth %	-1.42%	2.43%	10.51%	19.61%	14.89%	7.56%	8.42%	6.18%	6.20%	14.94%	1.39%	-0.62%
Expenses -	2,816	3,292	2,985	3,096	3,179	3,260	3,347	3,482	3,502	3,807	3,407	3,399
Material Cost %	60%	68%	60%	58%	60%	60%	61%	61%	61%	61%	59%	60%
Employee Cost %	8%	7%	8%	7%	7%	7%	7%	7%	7%	7%	8%	8%
Operating Profit	523	275	606	703	656	576	546	552	571	603	541	610
OPM %	16%	8%	17%	19%	17%	15%	14%	14%	14%	14%	14%	15%
Other Income	65	89	69	45	109	71	111	126	109	105	95	73
Interest	62	63	60	58	65	63	64	63	57	68	66	70
Depreciation	162	167	174	178	187	187	200	205	215	228	237	249
Profit before tax	364	135	441	513	514	397	394	409	409	412	332	364
Tax %	21%	21%	32%	34%	33%	34%	33%	32%	28%	35%	34%	35%
Net Profit	287	107	300	341	345	261	263	279	294	269	220	237
EPS in Rs	676.18	251.19	707.18	802.88	814.21	614.80	620.21	658.47	692.83	633.14	519.59	557.95
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

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 2007	Sep 2008	Sep 2009	Sep 2010	Sep 2011	Sep 2012	Sep 2013	Sep 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	TTM
Sales -	4,389	5,045	5,662	7,453	9,743	11,867	12,131	13,197	19,887	13,252	14,775	15,836	16,439
Sales Growth %	18.17%	14.94%	12.24%	31.62%	30.73%	21.80%	2.23%	8.79%	50.69%	-33.36%	11.49%	7.18%
Expenses -	3,955	4,638	4,980	6,623	8,934	10,606	10,364	11,269	15,515	10,652	12,547	13,586	14,114
Material Cost %	68%	69%	66%	67%	73%	70%	65%	63%	56%	57%	61%	61%
Manufacturing Cost %	8%	10%	9%	9%	8%	9%	9%	9%	9%	9%	9%	10%
Employee Cost %	5%	5%	6%	5%	5%	4%	5%	6%	6%	7%	7%	7%
Other Cost %	9%	8%	8%	7%	6%	6%	7%	7%	7%	7%	7%	8%
Operating Profit	434	406	682	829	809	1,261	1,767	1,928	4,371	2,600	2,228	2,250	2,325
OPM %	10%	8%	12%	11%	8%	11%	15%	15%	22%	20%	15%	14%	14%
Other Income	29	41	34	29	430	32	29	65	321	325	328	417	382
Interest	49	66	69	63	98	159	196	232	352	250	250	253	262
Depreciation	153	170	249	261	248	301	373	423	735	609	705	806	929
Profit before tax	261	211	398	535	894	833	1,227	1,339	3,606	2,066	1,602	1,609	1,516
Tax %	34%	32%	36%	34%	31%	31%	35%	33%	31%	30%	32%	32%
Net Profit	172	145	253	354	619	572	802	898	2,474	1,451	1,092	1,097	1,019
EPS in Rs	401.75	337.55	592.53	826.57	1,456.83	1,345.84	1,886.95	2,107.80	3,889.82	3,402.06	2,576.16	2,586.99	2,403.51
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:: 5.39%

Compounded Profit Growth

10 Years:: 21.37%
5 Years:: 3.69%
3 Years:: -26.57%
TTM:: -11.24%

Return on Equity

10 Years:: 23.30%
5 Years:: 11.21%
3 Years:: -4.43%
1 Year:: 6.96%

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 2007	Sep 2008	Sep 2009	Sep 2010	Sep 2011	Sep 2012	Sep 2013	Sep 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Sep 2019
Share Capital -	4	4	4	4	4	4	4	4	4	4	4	4	4
Equity Capital	4.24	4.24	4.24	4.24	4.24	4.24	4.24	4.24	4.24	4.24	4.24	4.24
Reserves	982	1,117	1,357	1,686	2,294	2,854	3,641	4,513	7,157	8,540	9,600	10,649	11,101
Borrowings	835	1,249	672	1,354	1,600	1,708	1,599	1,903	2,067	2,072	1,701	1,868	1,199
Other Liabilities -	706	1,006	734	964	2,438	2,647	3,013	3,377	3,942	4,309	4,997	5,707	6,839
Trade Payables	415	629	489	663	582	615	701	1,140	1,529	1,677	1,999	2,328	2,659
Advance from Customers	0	0	0	0	15	26	28	37	30	35	0	0
Other liability items	292	376	245	300	1,841	2,006	2,284	2,200	2,383	2,597	2,998	3,379	4,180
Total Liabilities	2,528	3,376	2,768	4,009	6,336	7,212	8,257	9,797	13,170	14,925	16,302	18,228	19,142
Fixed Assets -	657	867	934	1,329	1,971	2,914	2,970	3,429	4,594	5,488	6,075	6,768	6,714
Gross Block	2,047	2,423	2,734	3,368	3,832	5,063	5,475	6,328	5,248	6,713	7,949	9,373
Accumulated Depreciation	1,390	1,556	1,801	2,039	1,860	2,149	2,505	2,899	654	1,226	1,874	2,605
CWIP	243	444	285	498	1,042	415	359	627	1,058	847	1,079	1,403	2,677
Investments	72	69	149	73	73	425	906	1,088	3,147	3,394	4,146	3,848	3,410
Other Assets -	1,556	1,997	1,401	2,110	3,250	3,459	4,023	4,654	4,370	5,196	5,001	6,209	6,342
Inventories	693	984	650	1,111	1,526	1,646	1,795	1,800	1,880	2,393	2,172	2,951	2,971
Trade receivables	552	610	580	811	1,309	1,454	1,556	1,708	1,832	1,960	2,136	2,362	2,274
Cash Equivalents	73	102	60	45	56	61	331	708	80	274	139	60	69
Loans n Advances	244	307	110	142	201	228	193	197	370	346	293	242	31
Other asset items	-7	-7	0	0	157	71	147	241	208	222	261	594	998
Total Assets	2,528	3,376	2,768	4,009	6,336	7,212	8,257	9,797	13,170	14,925	16,302	18,228	19,142

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 2007	Sep 2008	Sep 2009	Sep 2010	Sep 2011	Sep 2012	Sep 2013	Sep 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019
Cash from Operating Activity -	306	269	847	158	634	1,023	1,476	1,687	3,407	1,790	2,529	1,380
Profit from operations	457	450	709	846	824	1,280	1,780	1,943	4,399	2,617	2,319	2,378
Receivables	10	-38	22	-262	-560	-82	-107	-174	-129	-130	-170	-230
Inventory	-128	-291	334	-460	-415	-120	-150	-4	-80	-513	221	-779
Payables	47	241	-117	254	934	50	121	212	402	176	354	343
Loans Advances	0	0	0	0	0	0	0	16	3	0	0	0
Direct taxes	-80	-94	-101	-220	-149	-239	-303	-408	-1,161	-400	-465	-405
Other operating items	0	0	0	0	0	132	135	102	-27	41	270	73
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	-338	-584	-162	-870	-1,126	-616	-429	-1,242	-2,303	-1,365	-1,530	-1,960
Fixed assets sold	0	4	1	3	13	1	2	0	3	1	3	0
Investments purchased	0	0	-73	0	0	-352	-472	-654	-2,342	0	-2,997	-2,116
Investments sold	1	12	0	79	0	0	0	492	727	30	2,477	2,718
Investment income	0	0	0	0	0	0	0	0	0	0	0	0
Interest received	1	1	2	1	1	1	6	33	65	25	22	9
Dividends received	0	0	0	0	0	0	0	0	0	0	0	0
Invest in subsidiaries	0	0	0	0	0	0	0	-6	-6	0	0	0
Other investing items	0	0	0	0	0	0	-44	-407	450	-86	56	39
Cash from Financing Activity -	49	326	-657	614	486	-51	-313	67	-179	-295	-639	-112
Proceeds from debentures	0	0	0	0	700	0	0	0	0	0	0	0
Redemption of debentures	0	0	0	0	0	0	0	-65	-135	0	0	0
Proceeds from borrowings	77	348	0	631	128	119	0	0	0	0	0	0
Repayment of borrowings	-4	-8	-668	0	-253	0	-52	0	0	0	0	0
Proceeds from deposits	38	60	92	63	0	0	0	0	0	0	0	0
Interest paid fin	-50	-63	-71	-61	-58	-148	-191	-222	-315	-242	-241	-246
Dividends paid	-10	-10	-10	-12	-24	-12	-12	-15	-27	-51	-31	-31
Financial liabilities	0	0	0	-5	-6	0	0	0	0	0	0	0
Other financing items	-2	0	0	0	0	-10	-57	369	298	-3	-367	165
Net Cash Flow	20	29	-42	-15	9	5	226	-31	-178	101	-80	-41

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Ratios

	Sep 2007	Sep 2008	Sep 2009	Sep 2010	Sep 2011	Sep 2012	Sep 2013	Sep 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019
ROCE %	18%	13%	21%	23%	17%	23%	29%	27%	50%	23%	17%	14%
Debtor Days	46	44	37	40	49	45	47	47	34	54	53	54
Inventory Turnover	6.97	6.01	6.93	8.46	7.39	7.48	7.05	7.34	10.81	6.20	6.47	6.18

Announcements & News

Recent Announcements

Credit Ratings

MRF Limited: Rating reaffirmed 25 Oct 2019 from icra
MRF Ltd 4 Oct 2019 from care
MRF Limited: Rating reaffirmed at [ICRA]AAA(Stable) 27 Sep 2018 from icra
MRF Ltd 7 Sep 2018 from care
MRF Limited 4 Oct 2017 from care
ICRA reaffirms rating of [ICRA]AAA for Non-convertible debenture programme of MRF Limited 21 Aug 2017 from icra

Annual Reports

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Disclaimer:
All efforts have been made to ensure the information provided here is accurate as per time to time filling by company to exchanges. However, no guarantees are made regarding correctness of data. Investors are advised to validate/check information with exchanges or companies website before making any investment decisions.

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AMFI Registration No. 112358 | CIN: U74999MH2016PTC282153

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