MRF Ltd: 1QFY01 net falls 42% - Views on News from Equitymaster

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MRF Ltd: 1QFY01 net falls 42%

Feb 1, 2001

MRF Ltd has reported a decline of 42% YoY in its net profit to Rs 96.4 m for 1QFY01 as compared to Rs 166.2 m for 1QFY00. Its turnover went up marginally by 0.5% to Rs 5,706 m.

(Rs m) 1QFY00 1QFY01 Change
Sales 5,679 5,706 0.5%
Expenditure 5,016 5,197 3.6%
Operating Profit (EBDIT) 663 509 -23.3%
Operating Profit Margin (%) 11.7% 8.9%  
Interest 163 145 -10.5%
Depreciation 250 222 -11.4%
Profit after Tax/(Loss) 166.2 96.4 -42.0%
Net profit margin (%) 2.9% 1.7%  
No. of Shares (eoy) (m) 4.2 4.2  
Diluted number of shares 4.2 4.2  
Diluted Earnings per share* 156.8 90.9  
*(annualised)      

The recession across all sectors in the automobile industry has resulted in low demand from the tyre industry. MRF Ltd, India's largest radial manufacturer as a result too has reported a lower turnover growth. Higher raw material expenses in 1QFY01 at Rs 3,057 m grew by 11.4% YoY as compared to Rs 2,743 m in 1QFY00. As a percentage of sales, raw material expenses have gone up from 48% in 1QFY00 to 54% in 1QFY01. The major components of raw material, rubber and carbon black have seen their prices rise. All these factors have resulted in a decline in the company's net profit for 1QFY01.

On the current price of Rs 1,154 MRF is trading at 7.6x FY00 EPS of Rs 151.


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