MRF · Automobile and Auto Components
MRF Ltd. reported revenue of ₹7,196 cr for April to June 2024, +11.7% on the year and +13.3% on the quarter.
Operating profit (EBITDA) was ₹1,160 cr, a margin of 16.1%, −143 bps on the year and +176 bps on the quarter. Operating costs grew +13.7%, faster than revenue at +11.7%, so operating profit grew less than sales.
Net profit was ₹571 cr, −3.1% on the year and +44.2% on the quarter, with earnings per share of ₹1,346.40. Profit before other income, one-offs and tax fell 4.6%, so the profit growth came from the business itself. The tax rate of 25% is in line with its recent average.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹4,865.46 over the last four quarters, the stock at ₹125,105.00 trades at 25.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹6,217 cr | ₹6,162 cr | ₹6,349 cr | ₹7,196 cr | ₹6,881 cr | ₹7,001 cr | ₹7,075 cr | ₹7,676 cr | ₹7,379 cr | ₹8,050 cr | ₹8,044 cr | ₹8,416 cr |
| YoY | — | — | — | +12% | +11% | +14% | +11% | +7% | +7% | +15% | +14% | +10% |
| EBITDA margin | 18.6% | 17.1% | 14.4% | 16.1% | 14.7% | 11.9% | 15.2% | 13.9% | 15.3% | 17.4% | 16.2% | 11.8% |
| Other income, % of PBT | 9% | 11% | 18% | 11% | 18% | 23% | 17% | 19% | 15% | 5% | 16% | 30% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 25% | 25% | 25% | 25% | 26% | 23% | 25% | 25% | 25% | 24% | 24% |
| Net profit | ₹587 cr | ₹510 cr | ₹396 cr | ₹571 cr | ₹471 cr | ₹315 cr | ₹510 cr | ₹502 cr | ₹526 cr | ₹695 cr | ₹702 cr | ₹495 cr |
| YoY | — | — | — | −3% | −20% | −38% | +29% | −12% | +12% | +121% | +38% | −1% |
| Core profit YoY | — | — | — | −5% | −28% | −46% | +26% | −20% | +14% | +167% | +43% | −16% |
| EPS | ₹1,383.27 | ₹1,201.83 | ₹933.96 | ₹1,346.40 | ₹1,109.85 | ₹743.79 | ₹1,203.70 | ₹1,183.23 | ₹1,239.40 | ₹1,637.78 | ₹1,655.82 | ₹1,167.98 |
| Flags | · | · | · | ✓ | 1 | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
MRF Ltd. reported revenue of ₹7,196 cr (+11.7% on the year) and net profit of ₹571 cr (−3.1% on the year) for April to June 2024.
Profit before other income, exceptional items and tax moved −4.6% on the year, against −3.1% for reported profit.
None of the 7 checks that could run raised a question.
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