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MRF LTD. Announces Quarterly Results (3QFY19); Net Profit Down 18.0%

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MRF LTD. Announces Quarterly Results (3QFY19); Net Profit Down 18.0%
Tue, 12 Feb

MRF LTD. has announced its results for the quarter ended December 2018. Here is a detailed performance review of the same:

MRF LTD. Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Net SalesRs m37,98839,28240,3382.7%6.2%
Other incomeRs m4487671,25864.0%180.5%
TurnoverRs m38,43740,04941,5953.9%8.2%
ExpensesRs m30,95633,47234,8194.0%12.5%
Gross profitRs m7,0325,8105,519-5.0%-21.5%
DepreciationRs m1,7781,9982,0522.7%15.4%
InterestRs m577643631-1.7%9.5%
Profit before taxRs m5,1253,9374,0934.0%-20.1%
TaxRs m1,7201,3061,300-0.5%-24.4%
Profit after taxRs m3,4052,6302,7936.2%-18.0%
Gross profit margin%18.514.813.7
Effective tax rate%33.633.231.8
Net profit margin%8.96.66.7
* 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 grew 6.2% on a year-on-year (YoY) basis. The expenses were up by 12.5% YoY during the same period.
  • The company's operating profit declined by 21.5% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 13.7% in 3QFY19 as against 18.5% in 3QFY18.
  • Depreciation charges increased by 15.4% and finance costs increased by 9.5% YoY, respectively.
  • Other income increased by 180.5% YoY during the quarter.
  • Net profit for the quarter declined by 18.0% YoY. Net profit margins during the quarter declined from 8.9% in 3QFY18 to 6.7% in 3QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 2.7% on a quarter-on-quarter (QoQ) basis. The expenses were up by 4.0% QoQ during the same period.
  • The company's operating profit declined by 5.0% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 13.7% in 3QFY19 as against 14.8% in 2QFY18.
  • Net profit for the quarter increased by 6.2% QoQ, while net profit margins increased from 6.6% in 2QFY18 to 6.7% in 3QFY19.

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

MRF LTD. Share Price Performance

Over the last one year, MRF LTD. share price has moved up from Rs 71,525.1 to Rs 55,244.3, registering a Loss of Rs 16,280.8 or around 22.8%.

Overall, the S&P BSE SENSEX is up 6.1% over the year.

Current Valuations

At the current price of Rs 55,244.3, the price to earnings (P/E) ratio of MRF LTD. stands at 20.4 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.4 times.

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