For
the quarter ending March 2024, consolidated Net sales (including other operating income) of MRF has increased 8.69% to Rs 6349.36 crore compared to quarter ended March 2023. Operating profit margin has declined from 14.61% to 14.36%, leading to 6.85% rise in operating profit to Rs 912.03 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 62.71% to 60.97%. Purchase of finished goods cost fell from 0.15% to 0.10%. Employee cost increased from 6.99% to 7.45%. Other expenses rose from 15.61% to 17.31%. Other income rose 34.42% to Rs 93.81 crore. PBIDT rose 8.94% to Rs 1005.84 crore. Provision for interest rose 0.84% to Rs 93.25 crore. Loan funds declined from Rs 3,013.61 crore as of 31 March 2023 to Rs 2,821.50 crore as of 31 March 2024. Inventories rose to Rs 4,468.58 crore as of 31 March 2024 from Rs 4,141.05 crore as of 31 March 2023. Sundry debtors were higher at Rs 2,911.96 crore as of 31 March 2024 compared to Rs 2,503.27 crore as of 31 March 2023. Cash and bank balance rose to Rs 345.38 crore as of 31 March 2024 from Rs 258.49 crore as of 31 March 2023. Investments rose to Rs 3,382.97 crore as of 31 March 2024 from Rs 3,085.11 crore as of 31 March 2023 .
PBDT rose 9.84% to Rs 912.59 crore. Provision for depreciation rose 16.87% to Rs 385.25 crore. Fixed assets increased to Rs 14,405.01 crore as of 31 March 2024 from Rs 13,137.89 crore as of 31 March 2023. Intangible assets declined from Rs 25.94 crore to Rs 25.74 crore.
Profit before tax grew 5.21% to Rs 527.34 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 131.23 crore, compared to Rs 160.58 crore. Effective tax rate was 24.89% compared to 32.04%.
Net profit attributable to owners of the company increased 16.28% to Rs 396.10 crore. Equity capital stood at Rs 4.24 crore as of 31 March 2024 to Rs 4.24 crore as of 31 March 2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 27.78% as of 31 March 2024 ,compared to 27.84% as of 31 March 2023 . Promoters pledged stake was 0.09% as of 31 March 2024 ,compared to 0.09% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of MRF has increased 9.39% to Rs 25169.21 crore. Operating profit margin has jumped from 10.38% to 16.90%, leading to 78.04% rise in operating profit to Rs 4,253.56 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 67.44% to 60.12%. Purchase of finished goods cost fell from 0.15% to 0.09%. Employee cost increased from 6.83% to 7.09%. Other expenses rose from 15.35% to 15.93%. Other income rose 25.40% to Rs 316.84 crore. PBIDT rose 73.01% to Rs 4570.4 crore. Provision for interest rose 10.66% to Rs 353.01 crore. Loan funds declined from Rs 3,013.61 crore as of 31 March 2023 to Rs 2,821.50 crore as of 31 March 2024. Inventories rose to Rs 4,468.58 crore as of 31 March 2024 from Rs 4,141.05 crore as of 31 March 2023. Sundry debtors were higher at Rs 2,911.96 crore as of 31 March 2024 compared to Rs 2,503.27 crore as of 31 March 2023. Cash and bank balance rose to Rs 345.38 crore as of 31 March 2024 from Rs 258.49 crore as of 31 March 2023. Investments rose to Rs 3,382.97 crore as of 31 March 2024 from Rs 3,085.11 crore as of 31 March 2023 .
PBDT rose 81.57% to Rs 4217.39 crore. Provision for depreciation rose 14.12% to Rs 1429.97 crore. Fixed assets increased to Rs 14,405.01 crore as of 31 March 2024 from Rs 13,137.89 crore as of 31 March 2023. Intangible assets declined from Rs 25.94 crore to Rs 25.74 crore.
Profit before tax grew 160.57% to Rs 2,787.42 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 706.19 crore, compared to Rs 300.78 crore. Effective tax rate was 25.33% compared to 28.12%.
Net profit attributable to owners of the company increased 170.66% to Rs 2,081.22 crore.
Equity capital stood at Rs 4.24 crore as of 31 March 2024 to Rs 4.24 crore as of 31 March 2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 27.78% as of 31 March 2024 ,compared to 27.84% as of 31 March 2023 . Promoters pledged stake was 0.09% as of 31 March 2024 ,compared to 0.09% as of 31 March 2023 .
Cash flow from operating activities increased to Rs 3,300.50 crore for year ended March 2024 from Rs 2,755.47 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 2,162.32 crore, compared to Rs 3,291.24 crore during the year ended March 2023.
Other Highlights
The
board recommended a final dividend of Rs 1941 per share
of Rs 10 each. The Company has already declared and paid two interim dividends
of Rs 3 each, per share for the financial year ended 31 March 2024.