MRF LTD. Announces Quarterly Results (2QFY20); Net Profit Down 16.2%

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MRF LTD. Announces Quarterly Results (2QFY20); Net Profit Down 16.2%
Tue, 12 Nov

MRF LTD. has announced its results for the quarter ended September 2019. Here is a detailed performance review of the same:

MRF LTD. Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-18*
3
Jun-19*
3
Sep-19*
QoQ ChangeYoY Change
Net SalesRs m39,28244,09539,476-10.5%0.5%
Other incomeRs m7671,049948-9.6%23.6%
TurnoverRs m40,04945,14440,424-10.5%0.9%
ExpensesRs m33,47238,06734,068-10.5%1.8%
Gross profitRs m5,8106,0285,408-10.3%-6.9%
DepreciationRs m1,9982,2802,3724.0%18.7%
InterestRs m643682665-2.5%3.5%
Profit before taxRs m3,9374,1153,319-19.4%-15.7%
TaxRs m1,3061,4301,115-22.0%-14.6%
Profit after taxRs m2,6302,6852,204-17.9%-16.2%
Gross profit margin%14.813.713.7
Effective tax rate%33.234.733.6
Net profit margin%6.65.95.5
* 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 grew 0.5% on a year-on-year (YoY) basis. The expenses were up by 1.8% YoY during the same period.
  • The company's operating profit declined by 6.9% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 13.7% in 2QFY20 as against 14.8% in 2QFY19.
  • Depreciation charges increased by 18.7% and finance costs increased by 3.5% YoY, respectively.
  • Other income increased by 23.6% YoY during the quarter.
  • Net profit for the quarter declined by 16.2% YoY. Net profit margins during the quarter declined from 6.6% in 2QFY19 to 5.5% in 2QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 10.5% on a quarter-on-quarter (QoQ) basis. The expenses were down by 10.5% QoQ during the same period.
  • The company's operating profit declined by 10.3% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 13.7% in 2QFY20 as against 13.7% in 1QFY19.
  • Net profit for the quarter declined by 17.9% QoQ, while net profit margins declined from 5.9% in 1QFY19 to 5.5% in 2QFY20.

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 down from Rs 65,093.2 to Rs 63,046.9, registering a Loss of Rs 2,046.3 or around 3.1%.

Overall, the S&P BSE SENSEX is up 15.9% over the year.

Current Valuations

At the current price of Rs 63,046.9, the price to earnings (P/E) ratio of MRF LTD. stands at 25.2 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.5 times.

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