MRPL 2024-25 Annual Report Analysis

Wed, 30 Jul

MRPL has announced its results for the year ended March 2025. Let us have a look at the detailed performance review of the company during FY24-25.

MRPL Income Statement Analysis

• Operating income during the year rose 5.9% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 69.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 2.9% in FY25 as against 10.2% in FY24.
• Depreciation charges increased by 7.1% and finance costs decreased by 9.3% YoY, respectively.
• Other income declined by 18.7% YoY.
• Net profit for the year declined by 98.4% YoY.
• Net profit margins during the year declined from 4.8% in FY24 to 0.1% in FY25.

MRPL Income Statement 2024-25

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*	% Change
Net Sales	Rs m	755,901	800,858	5.9%
Other income	Rs m	1,884	1,532	-18.7%
Total Revenues	Rs m	757,785	802,390	5.9%
Gross profit	Rs m	77,107	23,284	-69.8%
Depreciation	Rs m	12,573	13,470	7.1%
Interest	Rs m	11,193	10,157	-9.3%
Profit before tax	Rs m	55,225	1,189	-97.8%
Tax	Rs m	19,255	627	-96.7%
Profit after tax	Rs m	35,971	562	-98.4%
Gross profit margin	%	10.2	2.9
Effective tax rate	%	34.9	52.7
Net profit margin	%	4.8	0.1

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MRPL Balance Sheet Analysis

• The company's current liabilities during FY25 down at Rs 122 billion as compared to Rs 132 billion in FY24, thereby witnessing an decrease of -7.5%.
• Long-term debt down at Rs 82 billion as compared to Rs 89 billion during FY24, a fall of 7.8%.
• Current assets fell 12% and stood at Rs 120 billion, while fixed assets rose 3% and stood at Rs 254 billion in FY25.
• Overall, the total assets and liabilities for FY25 stood at Rs 374 billion as against Rs 382 billion during FY24, thereby witnessing a fall of 2%.

MRPL Balance Sheet as on March 2025

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*	% Change
Networth	Rs m	132,825	129,696	-2.4
Current Liabilities	Rs m	132,390	122,398	-7.5
Long-term Debt	Rs m	89,211	82,290	-7.8
Total Liabilities	Rs m	382,462	373,762	-2.3
Current assets	Rs m	136,175	119,655	-12.1
Fixed Assets	Rs m	246,189	254,106	3.2
Total Assets	Rs m	382,462	373,762	-2.3

MRPL Cash Flow Statement Analysis

• MRPL's cash flow from operating activities (CFO) during FY25 stood at Rs 19 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY25 stood at Rs -9 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY25 stood at Rs -9 billion, an improvement of 83% on a YoY basis.
• Overall, net cash flows for the company during FY25 stood at Rs 4 million from the Rs 29 million net cash flows seen during FY24.

MRPL Cash Flow Statement 2024-25

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-24	Mar-25
Cash Flow from Operating Activities	Rs m	70,508	18,779	-73.4%
Cash Flow from Investing Activities	Rs m	-15,236	-9,396	-
Cash Flow from Financing Activities	Rs m	-55,242	-9,379	-
Net Cash Flow	Rs m	29	4	-87.3%

Current Valuations for MRPL

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.3, an decline from the EPS of Rs 20.5 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 130.2, stands at -73.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.8 times, while the price to sales ratio stands at 0.3 times.
• The company's price to cash flow (P/CF) ratio stood at 22.4 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*
Sales per share (Unadj.)	Rs	431.3	457.0
TTM Earnings per share	Rs	20.5	0.3
Diluted earnings per share	Rs	20.5	0.3
Price to Cash Flow	x	7.9	22.4
TTM P/E ratio	x	10.7	-73.7
Price / Book Value ratio	x	2.3	2.4
Market Cap	Rs m	299,747	314,548
Dividends per share (Unadj.)	Rs	3.0	0.0

Ratio Analysis for MRPL

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.0x during FY25, from 1.0x during FY24. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 1.1x during FY25, from 5.9x during FY24. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company declined and down at 0.4% during FY25, from 27.1% during FY25. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company declined and down at 5.4% during FY25, from 29.9% during FY24. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company declined and down at 2.9% during FY25, from 12.3% during FY24. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*
Current ratio	x	1.0	1.0
Debtors’ Days	Days	19	16
Interest coverage	x	5.9	1.1
Debt to equity ratio	x	0.7	0.6
Return on assets	%	12.3	2.9
Return on equity	%	27.1	0.4
Return on capital employed	%	29.9	5.4

To see how MRPL has performed over the last 5 years, please visit here.

MRPL Share Price Performance

Over the last one year, MRPL share price has moved down from Rs 219.4 to Rs 130.2, registering a loss of Rs 89.2 or around 40.7%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 26,996.8 (down 0.8%). Over the last one year it has moved down from 32,469.4 to 26,996.8, a loss of 5,473 points (down 16.9%).

Overall, the S&P BSE SENSEX is down 0.0% over the year.

(To know more, check out historical annual results for MRPL and quarterly results for MRPL)