MRF: Standalone Results
| Particulars | 1803(3) | 1703(3) | Var.(%) | 1803(12) | 1703(12) | Var.(%) |
| Total Operating Income | 3865.38 | 3338.44 | 16 | 14821.92 | 13252.22 | 12 |
| OPM(%) | 17.7 | 15.7 | 15.3 | 19.6 | ||
| OP | 686.0 | 522.8 | 31 | 2269.9 | 2592.4 | -12 |
| Other Income | 79.37 | 65.39 | 21 | 282.48 | 328.61 | -14 |
| PBIDT | 765.4 | 588.1 | 30 | 2552.4 | 2921.0 | -13 |
| Interest | 64.83 | 61.52 | 5 | 245.17 | 245.52 | 0 |
| PBDT | 700.57 | 526.62 | 33 | 2307.25 | 2675.52 | -14 |
| Depreciation | 186.71 | 162.19 | 15 | 705.34 | 609.15 | 16 |
| PBT Before EO | 513.86 | 364.43 | 41 | 1601.91 | 2066.37 | -22 |
| EO | ||||||
| PBT after EO | 513.86 | 364.43 | 41 | 1601.91 | 2066.37 | -22 |
| Tax provision^ | 168.54 | 77.66 | 117 | 509.6 | 615.3 | -17 |
| PAT | 345.32 | 286.77 | 20 | 1092.28 | 1451.08 | -25 |
| Total comprehensive income | ||||||
| Net Profit | ||||||
| EPS* | 3257.7 | 2705.4 | 2576.1 | 2258.8 | ||
| * EPS Is On Current Equity Capital Of 4.24 Crore Face Value Of Rs 10 # EPS Not Calculated Due To Seasonality Of Business Figures In Rs Crore Source: Capitaline Corporate Databases |
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Tyre major MRF posted 12% decline in its profit at Rs 263.04 crore for the second quarter ended September 2018, on account of higher expenses. The company had reported a profit of Rs 299.92 crore during the same period of the previous fiscal.Total income rose to Rs 3,928.16 crore for the quarter under review, up 9% as compared with Rs 3,591 crore in the same period of the previous year. The company witnessed substantial drop in margins.
Quarterly Performance
Average natural rubber (NR) prices which is the key input cost were almost steady on yoy basis during the quarter ended Sept 2018. Prices hoveredbetween Rs 126/Kg to Rs 130/Kg during 2018 second quarter vis a vis Rs 128/Kg a year ago.
For the quarter ended Sept2018, marginsfell 210 bps to 14.8% vis a vis 16.9%in the previous corresponding quarter.Operating profit fellby 4% to Rs 581crore.
For the quarter, raw material and purchase cost as % of sales net of stock adjustment has increased by200 bps to 62.5%. Other expenses rose 110 bps at 16.5%. Employee expenses fell 50bps to 6.9%.
Following 11% rise in other income to Rs 76.69 crore, PBIDT fell 3% to Rs 657.7 crore. Interest cost rose 7% at Rs 64.26 crore and depreciation rose 15% to Rs 199.77crore. Thereafter, PBT fell 11% at Rs 393.66 crore. After 7% drop in total tax provision to Rs 130.62 crore (120 bps rise in tax rate), PATfell 12% to Rs 263.04crore vis a vis Rs 299.92 crore in previous corresponding quarter.
Half Year Performance
For the first half ended Sept 2018, MRF's topline grew 9% to Rs 7783.91 crore.
For the period H1FY19, margins grew 280 bps to 15.1% vis a vis 12.3% in the previous corresponding half. Operating profit grew 34% to Rs 1176.3crore.
For the first half period, raw material and purchase cost as % of sales net of stock adjustment has decreased by 230 bps to 61.4%. Other expenses rose 33 bps at 16.9%. Employee expenses fell 40 bps to 6.9%.
Following 19% drop in other income to Rs 128.33 crore, PBIDT grew 26% to Rs 1304.7crore. Interest cost rose 4% at Rs 127.34 crore and depreciation rose 13% to Rs 386.51 crore. Thereafter, PBT grew 37% at Rs 790.8 crore. After 58% rise in total tax provision to Rs 267crore (440 bps rise in tax rate), PATrose 29 % to Rs 523.78 crore vis a vis Rs 406.45 crore in previous corresponding half.
Shares of the company closed 1.2% higher at Rs66,313 at BSE on 09 Nov 2018, the following day after earnings were announced.
MRF: Standalone Results
| Particulars | 1809(3) | 1709(3) | Var.(%) | 1809(6) | 1709(6) | Var(%) | 1803(12) | 1703(12) | Var.(%) |
| Total Operating Income | 3928.16 | 3591.11 | 9 | 7783.71 | 7157.72 | 9 | 14821.92 | 13252.22 | 12 |
| OPM(%) | 14.8 | 16.9 | 15.1 | 12.3 | 15.3 | 19.6 | |||
| OP | 581.0 | 605.7 | -4 | 1176.3 | 880.7 | 34 | 2269.9 | 2592.4 | -12 |
| Other Income | 76.69 | 69.11 | 11 | 128.33 | 158.28 | -19 | 282.48 | 328.61 | -14 |
| PBIDT | 657.7 | 674.8 | -3 | 1304.7 | 1039.0 | 26 | 2552.4 | 2921.0 | -13 |
| Interest | 64.26 | 59.95 | 7 | 127.34 | 122.66 | 4 | 245.17 | 245.52 | 0 |
| PBDT | 593.43 | 614.88 | -3 | 1177.31 | 916.35 | 28 | 2307.25 | 2675.52 | -14 |
| Depreciation | 199.77 | 173.96 | 15 | 386.51 | 340.81 | 13 | 705.34 | 609.15 | 16 |
| PBT after EO | 393.66 | 440.92 | -11 | 790.8 | 575.54 | 37 | 1601.91 | 2066.37 | -22 |
| Tax provision^ | 130.62 | 141.00 | -7 | 267.0 | 169.1 | 58 | 509.6 | 615.3 | -17 |
| PAT | 263.04 | 299.92 | -12 | 523.78 | 406.45 | 29 | 1092.28 | 1451.08 | -25 |
| Total comprehensive income | |||||||||
| Net Profit | |||||||||
| EPS* | 2481.5 | 2829.4 | 2470.7 | 1917.2 | 2576.1 | 2258.8 | |||
| * EPS Is On Current Equity Capital Of 4.24 Crore Face Value Of Rs 10 # EPS Not Calculated Due To Seasonality Of Business Figures In Rs Crore Source: Capitaline Corporate Databases |
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