MRF Ltd : higher rubber prices result in fall in net - Views on News from Equitymaster

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  • Jul 29, 2000 - MRF Ltd : higher rubber prices result in fall in net

MRF Ltd : higher rubber prices result in fall in net

Jul 29, 2000

The company's sales have gone up by 5% YoY to Rs 6.1 bn in the 3QFY01, however due to a sharp rise in operating expenses the company's operating margins fell from 14.4% in 3QFY00 to 10.2% in 3QFY01. The expense which went up was of raw material as rubber prices have been on the rise. These took its toll on the company's margins.

(Rs m) 3QFY00 3QFY01 Change
Sales 5,774 6,070 5.1%
Expenditure 4,942 5,452 10.3%
Operating Profit (EBDIT) 832 618 -25.8%
Operating Profit Margin (%) 14.4% 10.2%  
Interest 182 166 -9.0%
Depreciation 290 274 -5.7%
Profit before Tax 355 184 -48.1%
Other Adjustments - -  
Tax 135 65 -52.2%
Profit after Tax/(Loss) 220.3 119.8 -45.6%
Net profit margin (%) 3.8% 2.0%  
No. of Shares (eoy) (m) 4.2 4.2  
Diluted number of shares 4.2 4.2  
Diluted Earnings per share* 207.8 113.0  
*(annualised)      

Inspite of lower depreciation and interest costs, the company's profit before tax fell by 48.8% YoY in the 3QFY01 due to fall in margins. The company's net margins fell from 3.8% YoY in 3QFY00 to 2% in 3QFY01.

On the current price of Rs 1106 it is trading on 4.7x FY2000 EPS of Rs 233.

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