Mangalore Refinery And Petrochemicals Ltd

₹ 146 -1.95%

26 Dec 4:01 p.m.

About

Mangalore Refinery & Petrochemicals Limited (MRPL) was set up as a joint venture (JV) between the AV Birla Group and Hindustan Petroleum Corporation Limited (HPCL). It is now a subsidiary of Oil & Natural Gas Corporation(ONGC). The company is mainly engaged in the business of refining crude oil, petrochemical business, trading of aviation fuels and distribution of petroleum products through retail outlets and transport terminals. ^[1]^[2]

Key Points

Business Segments
1.Retail: The company entered the Retail fuel service stations business under the brand ‘HiQ’. As of FY24, it has a network of 101 retail outlets across Karnataka and Kerala. ^[1] ^[2]

In FY24, the total retail sales volume in the domestic market was 2.6 MMT with a sales value of Rs. ~15,400 Cr vs 1.9 MMT with a sales value of Rs. ~11,000 Cr in FY22. ^[2] ^[3]

Website BSE NSE

Market Cap ₹ 25,558 Cr.
Current Price ₹ 146
High / Low ₹ 289 / 128
Stock P/E 28.0
Book Value ₹ 70.1
Dividend Yield 2.06 %
ROCE 25.8 %
ROE 32.0 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company has delivered good profit growth of 60.6% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 36.2%

Cons

Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Refineries Industry: Refineries

Part of Nifty Total Market Nifty LargeMidcap 250 BSE 250 LargeMidCap Index BSE PSU BSE Energy BSE SmallCap Nifty 500 Multicap 50:25:25 Nifty Midcap 150 BSE 500 BSE Allcap Nifty 500 Nifty Midcap 100 BSE 150 MidCap Index BSE 400 MidSmallCap Index Nifty MidSmallcap 400 Nifty 200

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	13,243	20,419	24,815	32,290	24,608	26,557	25,365	21,173	19,353	24,667	25,329	23,247	24,968
	13,264	18,702	21,874	27,576	26,603	26,270	21,875	19,105	17,215	23,508	22,999	22,641	25,442
Operating Profit	-21	1,717	2,941	4,714	-1,995	287	3,490	2,068	2,138	1,159	2,330	606	-474
OPM %	-0%	8%	12%	15%	-8%	1%	14%	10%	11%	5%	9%	3%	-2%
	23	43	-4	37	32	60	86	52	74	40	31	45	60
Interest	179	236	394	302	315	338	330	267	311	274	262	214	285
Depreciation	212	290	220	296	297	298	296	294	296	334	333	335	342
Profit before tax	-390	1,235	2,323	4,153	-2,576	-288	2,950	1,559	1,606	591	1,766	101	-1,041
Tax %	-38%	53%	-30%	35%	-31%	-35%	35%	35%	34%	35%	36%	35%	-34%
	-243	586	3,008	2,708	-1,789	-188	1,908	1,013	1,059	387	1,137	66	-682
EPS in Rs	-1.38	3.35	17.16	15.45	-10.21	-1.07	10.89	5.78	6.04	2.21	6.49	0.37	-3.89
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	65,696	71,815	57,463	39,647	43,208	48,451	62,062	51,002	31,959	69,758	109,026	90,407	98,211
	65,393	70,808	59,551	37,859	38,493	44,139	60,382	53,524	31,251	64,814	102,498	82,562	94,590
Operating Profit	303	1,007	-2,088	1,789	4,714	4,311	1,681	-2,522	708	4,944	6,528	7,845	3,621
OPM %	0%	1%	-4%	5%	11%	9%	3%	-5%	2%	7%	6%	9%	4%
	153	430	838	674	2,015	154	131	97	93	64	196	53	175
Interest	329	321	407	594	520	443	475	749	558	1,212	1,298	1,119	1,035
Depreciation	604	706	499	710	678	671	757	783	1,158	1,088	1,187	1,257	1,345
Profit before tax	-477	410	-2,156	1,158	5,531	3,351	581	-3,958	-915	2,708	4,239	5,521	1,417
Tax %	59%	-47%	-21%	1%	34%	34%	43%	-31%	-17%	-9%	38%	35%
	-757	601	-1,712	1,147	3,644	2,224	332	-2,740	-761	2,955	2,638	3,596	907
EPS in Rs	-4.32	3.43	-9.77	6.54	20.79	12.69	1.89	-15.64	-4.34	16.86	15.05	20.52	5.18
Dividend Payout %	0%	0%	0%	0%	29%	24%	53%	0%	0%	0%	0%	15%

Compounded Sales Growth
10 Years:	2%
5 Years:	8%
3 Years:	41%
TTM:	6%

Compounded Profit Growth
10 Years:	22%
5 Years:	61%
3 Years:	90%
TTM:	-76%

Stock Price CAGR
10 Years:	12%
5 Years:	28%
3 Years:	52%
1 Year:	11%

Return on Equity
10 Years:	13%
5 Years:	14%
3 Years:	36%
Last Year:	32%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	1,753	1,753	1,753	1,753	1,753	1,753	1,753	1,753	1,753	1,753	1,753	1,753	1,753
Reserves	4,715	5,316	3,552	4,679	8,318	9,280	8,974	6,014	2,485	5,444	8,082	11,499	10,530
	7,558	9,793	9,032	8,075	8,541	7,950	9,131	11,896	24,062	21,310	16,939	12,687	13,533
	12,676	22,665	20,007	22,787	7,802	7,238	7,333	6,145	6,425	11,561	8,410	9,467	8,772
Total Liabilities	26,701	39,527	34,345	37,293	26,414	26,221	27,191	25,808	34,725	40,068	35,184	35,406	34,588
	5,781	5,991	14,109	14,881	14,161	14,038	13,996	14,239	19,596	21,384	20,396	20,410	20,251
CWIP	7,554	8,552	1,378	188	220	668	982	1,730	2,343	170	475	744	712
Investments	15	15	1,350	1,350	1,350	1,350	1,503	2,178	16	16	16	17	19
	13,351	24,969	17,508	20,874	10,684	10,166	10,710	7,661	12,770	18,499	14,297	14,234	13,605
Total Assets	26,701	39,527	34,345	37,293	26,414	26,221	27,191	25,808	34,725	40,068	35,184	35,406	34,588

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	882	8,602	-576	1,376	-852	3,507	569	183	-2,818	4,496	6,364	7,045
	-2,209	-921	-1,408	359	-337	-966	-952	-1,563	-2,101	-595	-673	-1,518
	698	1,387	-1,503	-1,748	67	-2,334	-55	1,379	4,944	-3,922	-5,690	-5,524
Net Cash Flow	-629	9,068	-3,487	-13	-1,121	207	-438	-1	24	-20	1	3

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	22	23	15	22	22	20	14	7	28	23	15	16
Inventory Days	38	44	22	33	40	41	36	28	90	62	25	38
Days Payable	62	109	116	221	59	40	29	23	50	55	23	33
Cash Conversion Cycle	-2	-43	-79	-166	3	20	21	12	67	29	17	21
Working Capital Days	-7	-47	-92	-164	-16	-13	10	-3	49	23	14	16
ROCE %	-1%	4%	-11%	13%	27%	20%	6%	-16%	-1%	14%	20%	26%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	88.58%	88.58%	88.58%	88.58%	88.58%	88.58%	88.58%	88.58%	88.58%	88.58%	88.58%	88.58%
	0.74%	0.77%	1.60%	1.57%	1.05%	1.07%	1.08%	1.54%	2.55%	2.68%	2.26%	1.69%
	2.34%	2.06%	1.55%	0.34%	0.28%	0.28%	0.70%	1.10%	1.57%	1.50%	1.50%	1.48%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%
	8.34%	8.59%	8.26%	9.51%	10.08%	10.06%	9.62%	8.76%	7.30%	7.23%	7.64%	8.23%
No. of Shareholders	3,55,715	3,57,011	3,77,311	3,99,820	4,04,632	4,02,051	3,93,179	3,85,945	3,69,761	4,40,569	4,67,875	5,14,267

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	88.58%	88.58%	88.58%	88.58%	88.58%	88.58%	88.58%	88.58%	88.58%
	1.80%	1.54%	1.75%	0.69%	0.74%	0.77%	1.07%	2.68%	1.69%
	3.12%	3.03%	3.13%	4.29%	2.73%	2.06%	0.28%	1.50%	1.48%
	0.00%	0.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	6.50%	6.27%	6.54%	6.44%	7.95%	8.59%	10.06%	7.23%	8.23%
No. of Shareholders	4,26,732	3,60,999	3,32,947	3,10,887	3,33,582	3,57,011	4,02,051	4,40,569	5,14,267

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Mangalore Refinery And Petrochemicals Ltd

Mangalore Refinery And Petrochemicals Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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