Mangalore Refinery And Petrochemicals Ltd

₹ 145 -1.89%

21 Nov 4:00 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 ₹ 25,442 Cr.
Current Price ₹ 145
High / Low ₹ 289 / 112
Stock P/E 27.9
Book Value ₹ 70.2
Dividend Yield 2.07 %
ROCE 25.8 %
ROE 31.9 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company has delivered good profit growth of 60.0% 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 LargeMidcap 250 Nifty 200 BSE Allcap BSE Energy BSE 150 MidCap Index Nifty Total Market BSE SmallCap BSE 250 LargeMidCap Index BSE PSU Nifty 500 Nifty MidSmallcap 400 BSE 500 Nifty Midcap 150 BSE 400 MidSmallCap Index Nifty Midcap 100 Nifty 500 Multicap 50:25:25

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	13,268	20,409	24,815	32,290	24,608	26,557	25,365	21,058	19,353	24,667	25,329	23,247	24,968
	13,281	18,692	21,874	27,576	26,603	26,270	21,875	18,989	17,215	23,508	22,999	22,641	25,442
Operating Profit	-13	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%
	19	46	-3	45	42	53	91	54	67	45	33	52	45
Interest	268	236	394	302	315	338	330	267	311	274	262	214	285
Depreciation	289	290	220	296	297	298	296	294	296	334	333	335	342
Profit before tax	-551	1,237	2,323	4,162	-2,566	-295	2,955	1,561	1,598	596	1,768	108	-1,056
Tax %	-26%	52%	-29%	35%	-31%	-34%	35%	35%	34%	34%	36%	32%	-34%
	-410	589	3,008	2,716	-1,779	-195	1,913	1,015	1,052	392	1,138	73	-697
EPS in Rs	-2.34	3.36	17.17	15.50	-10.15	-1.11	10.92	5.79	6.00	2.24	6.50	0.42	-3.98
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	71,552	57,398	39,730	43,767	49,055	63,446	50,230	31,959	69,758	109,026	90,407	98,211
	70,538	59,565	38,021	38,775	44,526	60,816	53,368	31,252	64,814	102,498	82,562	94,590
Operating Profit	1,015	-2,167	1,709	4,992	4,529	2,630	-3,137	708	4,944	6,528	7,845	3,621
OPM %	1%	-4%	4%	11%	9%	4%	-6%	2%	7%	6%	9%	4%
	432	841	674	2,015	223	130	70	90	67	213	55	175
Interest	323	448	1,083	969	915	1,062	1,251	558	1,212	1,298	1,119	1,035
Depreciation	707	522	1,013	984	966	1,048	1,086	1,158	1,088	1,187	1,257	1,345
Profit before tax	418	-2,295	287	5,054	2,871	651	-5,404	-919	2,711	4,256	5,523	1,416
Tax %	-45%	-19%	-77%	35%	38%	46%	-25%	-17%	-9%	38%	35%
	606	-1,853	506	3,293	1,774	351	-4,043	-765	2,958	2,655	3,597	907
EPS in Rs	3.46	-10.29	4.70	19.81	11.37	1.94	-19.14	-4.36	16.88	15.15	20.52	5.18
Dividend Payout %	0%	0%	0%	30%	26%	52%	0%	0%	0%	0%	15%

Compounded Sales Growth
10 Years:	2%
5 Years:	7%
3 Years:	41%
TTM:	6%

Compounded Profit Growth
10 Years:	22%
5 Years:	60%
3 Years:	90%
TTM:	-76%

Stock Price CAGR
10 Years:	11%
5 Years:	25%
3 Years:	50%
1 Year:	31%

Return on Equity
10 Years:	11%
5 Years:	13%
3 Years:	36%
Last Year:	32%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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
Reserves	5,337	3,478	4,281	7,750	8,481	8,193	4,607	2,495	5,457	8,112	11,530	10,554
	9,840	14,702	14,395	15,477	14,921	15,618	18,482	24,062	21,310	16,939	12,687	13,533
	22,698	21,294	23,650	7,870	6,803	7,203	5,734	6,425	11,561	8,410	9,467	8,772
Total Liabilities	39,628	41,226	44,080	32,849	31,958	32,766	30,576	34,735	40,081	35,214	35,437	34,612
	5,995	21,641	21,747	20,618	20,217	20,002	20,431	19,596	21,384	20,396	20,410	20,251
CWIP	8,552	1,389	198	220	682	995	1,746	2,343	170	475	744	712
Investments	0	0	38	42	31	29	29	25	29	46	48	43
	25,081	18,197	22,097	11,969	11,028	11,740	8,369	12,770	18,499	14,297	14,234	13,605
Total Assets	39,628	41,226	44,080	32,849	31,958	32,766	30,576	34,735	40,081	35,214	35,437	34,612

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	8,597	-731	1,429	-1,108	3,972	1,640	289	-2,818	4,496	6,364	7,045
	-919	-94	303	-265	-981	-1,080	-1,449	-2,101	-595	-673	-1,518
	1,419	-2,672	-1,744	265	-2,796	-996	1,157	4,944	-3,922	-5,690	-5,524
Net Cash Flow	9,097	-3,497	-12	-1,109	194	-436	-3	24	-20	1	3

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	23	14	19	22	19	14	7	28	23	15	16
Inventory Days	44	24	36	44	45	39	30	90	62	25	38
Days Payable	110	116	223	60	41	29	24	50	55	23	33
Cash Conversion Cycle	-43	-78	-168	6	23	24	14	67	29	17	21
Working Capital Days	-47	-94	-168	-14	-16	-1	-7	49	23	14	16
ROCE %		-10%	7%	19%	15%	7%	-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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