MRF LTD. Announces Quarterly Results (1QFY21); Net Profit Down 93.7%

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MRF LTD. Announces Quarterly Results (1QFY21); Net Profit Down 93.7%
Thu, 10 Sep

MRF LTD. has announced its results for the quarter ended June 2020. Here is a detailed performance review of the same:

MRF LTD. Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-19*
3
Mar-20*
3
Jun-20*
QoQ ChangeYoY Change
Net SalesRs m44,09536,25224,306-33.0%-44.9%
Other incomeRs m1,049575430-25.1%-59.0%
TurnoverRs m45,14436,82724,736-32.8%-45.2%
ExpensesRs m38,06730,55320,991-31.3%-44.9%
Gross profitRs m6,0285,6993,315-41.8%-45.0%
DepreciationRs m2,2802,6652,7302.4%19.7%
InterestRs m6826927376.6%8.1%
Profit before taxRs m4,1152,918279-90.4%-93.2%
TaxRs m1,430-3,777109-92.4%
Profit after taxRs m2,6856,695171-97.5%-93.7%
Gross profit margin%13.715.713.6
Effective tax rate%34.7-129.438.9
Net profit margin%5.918.20.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter fell 44.9% on a year-on-year (YoY) basis. The expenses were down by 44.9% YoY during the same period.
  • The company's operating profit declined by 45.0% YoY during the quarter. Consequently, operating profit margins remained same and stood at 13.6% in 1QFY21.
  • Depreciation charges increased by 19.7% and finance costs increased by 8.1% YoY, respectively.
  • Other income declined by 59.0% YoY during the quarter.
  • Net profit for the quarter declined by 93.7% YoY. Net profit margins during the quarter declined from 5.9% in 1QFY20 to 0.7% in 1QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 33.0% on a quarter-on-quarter (QoQ) basis. The expenses were down by 31.3% QoQ during the same period.
  • The company's operating profit declined by 41.8% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 13.6% in 1QFY21 as against 15.7% in 4QFY20.
  • Net profit for the quarter declined by 97.5% QoQ, while net profit margins declined from 18.2% in 4QFY20 to 0.7% in 1QFY21.

To see how MRF LTD. has performed over the last eight quarters,please visit here.

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MRF LTD. Share Price Performance

Over the last one year,MRF LTD. share price has moved up from Rs 58,830.9 to Rs 59,231.1, registering a Gain of Rs 400.2 or around 0.7%.

Overall, the S&P BSE SENSEX is up 3.5% over the year.

Current Valuations

At the current price of Rs 59,231.1, the price to earnings (P/E) ratio of MRF LTD. stands at 22.0 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.3 times.

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