March 31, March 31,

Particulars
2024 2023
I) ASSETS
1) NON CURRENT ASSETS
a) Property, plant and equipment 11,193.96 9,414.12
b) Capital work-in-progress 2,362.51 3,045.22
c) Right to use assets 758.14 609.98
d) Goodwill - -
e) Other Intangible assets 25.12 25.95
f) Intangible assets under development - -
g) Investments in subsidaries, joint
- -
ventures
h) Financial assets
(i) Investments 1,141.64 1,130.92
(ii) Loans 4.09 1.19
(iii) Derivative Assets - -
(iv) Other Financial assets 25.40 24.08
h) Non Current tax assets (net) 343.54 263.24
i) Other Assets 358.16 550.41
TOTAL NON CURRENT ASSETS 16,212.56 15,065.11

2) CURRENT ASSETS
a) Inventories 4,360.72 4,042.68
b) Financial assets
(i) Investments 2,261.98 1,974.84
(ii) Trade receivables 2,841.86 2,442.36
(iii) Cash and cash equivalents 235.55 146.31
(iv) Bank balances other than (iii) above 4.79 9.98
(v) Loans 5.80 2.95
(vii) derivative Assets - -
(vi) Other financial assets 187.55 101.15
c) Other current assets 303.78 238.38
TOTAL CURRENT ASSETS 10,202.03 8,958.65
Assets held for sale - -
TOTAL ASSETS 26,414.59 24,023.76

II) EQUITY AND LIABILITIES

1) EQUITY
a) Equity share capital 4.24 4.24
b) Other equity 16,436.41 14,504.63
TOTAL EQUITY 16,440.65 14,508.87

2) LIABILITIES
i) NON-CURRENT LIABILITIES
a) Financial liabilities
(i) Borrowings 724.11 823.58
(ii) Lease liabilities 655.19 508.62
(iii) Other financial Liabilities - -
(iv) Derivative Liabilities - -
b) Provisions 259.45 215.02
c) Retirement benefit obligations - -
d) Deferred net income - -
e) Deferred tax liabilities (net) 457.84 381.67
f) Other liabilities 336.55 234.79
TOTAL NON CURRENT LIABILITIES 2,433.14 2,163.68

ii) CURRENT LIABILITIES

a) Financial liabilities
(i) Borrowings 906.70 1,153.50
(ii) Lease liabilities 91.09 75.49
(iii) Trade payables
Total outstanding dues of micro
32.77 55.95
enterprises and small enterprises
Total outstanding dues of creditors
other than micro enterprises and small 2,911.64 2,701.50
enterprises
(iv) Derivative liabilities - -
(v) Other financial liabilities 507.94 722.61
b) Provisions 445.79 232.94
c) Retirement benefit Obliagtion - -
d) Deferred income - -
e) Current tax liabilities (net) - -
f) Other current liabilities 2,645.07 2,409.21
TOTAL CURRENT ASSETS 7,541.00 7,351.20
TOTAL EQUITY AND LIABILITIES 26,414.79 24,023.75
March 31,
REFORMULATED BALANCE SHEET
2022
March 31,
Particulars
2024
ASSETS
9,445.06 NON CURRENT ASSETS
1,225.81 Tangible assets 14,314.61
- Intangible assets 25.12
- Financial assets 1,171.13
21.21 Other non current assets 701.70
- 16,212.56
CURRENT ASSETS
-
Inventories 4,360.72
1,155.53 Trade receivables 2,841.86
0.82 Cash and cash equivalents 235.55
- Other financial assets 2,460.12
72.94 Other current assets 303.78
241.77 10,202.03
586.05 TOTAL ASSETS 26,414.59
12,749.19 EQUITY AND LIABILITIES
EQUITY
Equity share capital 4.24
4,061.72 Other equity 16,436.41
16,440.65
2,509.69 LIABILITIES
2,283.26 NON-CURRENT LIABILITIES
113.11 Long term Financial liabilities 1,379.30
1.74 Other long term liabilities 1,053.84
3.18 2,433.14
- CURRENT LIABILITIES
757.72 Trade payables 2,944.41
213.79 Other short term financial liabilities 1,505.73
9,944.21 other current liabilities 3,090.86
- 7,541.00
22,693.40 TOTAL EQUITY AND LIABILITIES 26,414.79

4.24
13,773.03
13,777.27

817.21
350.87
106.83
 -
218.67
-
-
393.30
182.54
2,069.42

1,186.51
60.08

58.26

2,716.06

-
399.47
180.04
-
-
-
2,246.29
6,846.71
22,693.40
ALANCE SHEET
March 31,
March 31, 2023
2022

13,069.32 10,670.87
25.95 21.21
1,156.19 1,229.29
813.65 827.82
15,065.11 12,749.19

4,042.68 4,061.72
2,442.36 2,283.26
146.31 113.11
2,088.92 3,272.33
238.38 213.79
8,958.65 9,944.21
24,023.76 22,693.40

4.24 4.24
14,504.63 13,773.03
14,508.87 13,777.27

1,332.20 1,274.91
831.48 794.51
2,163.68 2,069.42

2,757.45 2,774.32
1,951.60 1,646.06
2,642.15 2,426.33
7,351.20 6,846.71
24,023.75 22,693.40
 March 31, March 31, March 31,
Particulars REFORMULATED P&L STATEMENT
2024 2023 2022 March 31, March 31, March 31,
I) INCOME: Particulars
2024 2023 2022
Revenue from operations 24,673.68 22,578.23 18,989.51 I) INCOME:
Other Income 312.46 248.21 314.92 Revenue from operations 24,673.68 22,578.23 18,989.51
Total Income (I) 24,986.14 22,826.44 19,304.43 Cost of materials consumed 15,051.75 15,526.90 13,254.45
II) EXPENSES: Purchase of stock-in-trade 21.22 35.23 17.01
Cost of materials consumed 15,051.75 15,526.90 13,254.45 Changes in inventories of finished goods, work-in-progress and stock-in-trade -182.41 -339.63 -844.92
Purchase of stock-in-trade 21.22 35.23 17.01 Cost of materials sold 14,890.56 15,222.50 12,426.54
Changes in inventories of finished goods, work-in-pr -182.41 -339.63 -844.92 Gross Profit 9,783.12 7,355.73 6,562.97
Employee benefits expenses 1,748.14 1,558.87 1,471.94 Employee benefits expenses 1,748.14 1,558.87 1,471.94
Other expenses 3,867.14 3,459.54 3,078.37 other operating expenses 3,867.14 3,459.54 3,078.37
Total Expenses (II) 20,505.84 20,240.91 16,976.85 Earnings before Interest, tax, depreciation & amortisation (EBITDA) 4,167.84 2,337.32 2,012.66
III) Earnings before interest, tax, depreciation 4,480.30 2,585.53 2,327.58 Depreciation and amortisation expenses 1,425.00 1,248.60 1,201.41
Finance costs 316.34 298.06 247.01 Earnings before Interest & tax (EBIT) 2,742.84 1,088.72 811.25
Depreciation and amortisation expenses 1,425.00 1,248.60 1,201.41 Other Income 312.46 248.21 314.92
IV) Interest, depreciation and amortisation ex 1,741.34 1,546.66 1,448.42 Finance costs 316.34 298.06 247.01
V) Profit before exceptional items and tax (III-I 2,738.96 1,038.87 879.16 Earnings before tax and exceptional item 2,738.96 1,038.87 879.16
VI) Exceptional items - 80.33 - Exceptional items - 80.33 -
VII) Profit before tax (V+VI) 2,738.96 1,119.20 879.16 Earnings before tax 2,738.96 1,119.20 879.16
VIII) Tax expenses: Current tax 624.59 309.10 221.95
1. Current tax [net of provision for earlier years H 0. 624.59 309.10 221.95 Deferred tax 73.42 -6.13 9.87
2. Deferred tax 73.42 -6.13 9.87 Earnings after tax 2,040.95 816.23 647.34
698.01 302.97 231.82 Basic and Diluted EPS (No of share outstanding ) 4,812.26 1,924.56 1,526.34
IX) Profit for the year (VII-VIII) 2,040.95 816.23 647.34
X) Other Comprehensive Income (OCI)
Other comprehensive income not to be reclassified
subsequently to profit or loss:
a) Re-measurement gains on defined benefit plans -37.90 -1.80 10.53
b) Fair value changes on equity instrument through 6.52 -19.46 2.45
Income tax effect - - -
c) Fair value of cahnges of cashflow hedge -3.57 0.25 1.69
Income tax effect - - -
Other Comprehensive Income/(loss) for the yea -34.95 -21.01 14.67
XI) Total Comprehensive Income for the year 2,006.00 795.22 662.01
Earnings per share - Basic and Diluted (Nominal
value H 1 per share (PY H 1 per share))
Basic 4,812.26 1,924.56 1,526.34
Diluted 4,812.26 1,924.56 1,526.34
 REFORMULATED BALANCE SHEET Horizontal analysis (BS) REFORMULATED P&L STATEMENT Horizontal analysis (P&L)
March 31, March 31, March 31, March 31,
Particulars March 31, 2024 March 31, 2023 Particulars
2022 Increase/ Decrease % change 2024 2023 2022 % change
ASSETS 2024 2023 2024 2023 I) INCOME: 2024 2023
NON CURRENT ASSETS Revenue from operations 24,673.68 22,578.23 18,989.51 9.3% 18.9%
Tangible assets 14,314.61 13,069.32 10,670.87 1,245.29 2,398.45 10% 22% Cost of materials consumed 15,051.75 15,526.90 13,254.45 -3.1% 17.1%
Intangible assets 25.12 25.95 21.21 -0.83 4.74 -3% 22% Purchase of stock-in-trade 21.22 35.23 17.01 -39.8% 107.1%
Financial assets 1,171.13 1,156.19 1,229.29 14.94 -73.10 1% -6% Changes in inventories of finished goods, -182.41 -339.63 -844.92 -46.3% -59.8%
Other non current assets 701.70 813.65 827.82 -111.95 -14.17 -14% -2% Cost of materials sold 14,890.56 15,222.50 12,426.54 -2.2% 22.5%
16,212.56 15,065.11 12,749.19 1,147.45 2,315.92 8% 18% Gross Profit 9,783.12 7,355.73 6,562.97 33.0% 12.1%
CURRENT ASSETS Employee benefits expenses 1,748.14 1,558.87 1,471.94 12.1% 5.9%
Inventories 4,360.72 4,042.68 4,061.72 318.04 -19.04 8% 0% other operating expenses 3,867.14 3,459.54 3,078.37 11.8% 12.4%
Trade receivables 2,841.86 2,442.36 2,283.26 399.50 159.10 16% 7% Earnings before Interest, tax, deprec 4,167.84 2,337.32 2,012.66 78.3% 16.1%
Cash and cash equivalents
235.55 146.31 113.11 89.24 33.20 61% 29% Depreciation and amortisation expenses 1,425.00 1,248.60 1,201.41 14.1% 3.9%
Other financial assets 2,460.12 2,088.92 3,272.33 371.20 -1,183.41 18% -36% Earnings before Interest & tax (EBIT) 2,742.84 1,088.72 811.25 151.9% 34.2%
Other current assets 303.78 238.38 213.79 65.40 24.59 27% 12% Other Income 312.46 248.21 314.92 25.9% -21.2%
10,202.03 8,958.65 9,944.21 1,243.38 -985.56 14% -10% Finance costs 316.34 298.06 247.01 6.1% 20.7%
TOTAL ASSETS 26,414.59 24,023.76 22,693.40 2,390.83 1,330.36 10% 6% Earnings before tax and exceptional i 2,738.96 1,038.87 879.16 163.6% 18.2%
EQUITY AND LIABILITIES Exceptional items - 80.33 - -100.0% #DIV/0!
EQUITY Earnings before tax 2,738.96 1,119.20 879.16 144.7% 27.3%
Equity share capital 4.24 4.24 4.24 - - 0% 0% Current tax 624.59 309.10 221.95 102.1% 39.3%
Other equity 16,436.41 14,504.63 13,773.03 1,931.78 731.60 13% 5% Deferred tax 73.42 -6.13 9.87 -1297.7% -162.1%
16,440.65 14,508.87 13,777.27 1,931.78 731.60 13% 5% Earnings after tax 2,040.95 816.23 647.34 150.0% 26.1%
LIABILITIES Basic and Diluted EPS (No of share outstan 3.85 12.68 270.33
NON-CURRENT
LIABILITIES
Long term Financial liabilitie 1,379.30 1,332.20 1,274.91 47.10 57.29 4% 4%
Other long term liabilities 1,053.84 831.48 794.51 222.36 36.97 27% 5%
2,433.14 2,163.68 2,069.42 269.46 94.26 12% 5%
CURRENT LIABILITIES
Trade payables 2,944.41 2,757.45 2,774.32 186.96 -16.87 7% -1%
Other short term financial
liabilities 1,505.73 1,951.60 1,646.06 -445.87 305.54 -23% 19%
other current liabilities 3,090.86 2,642.15 2,426.33 448.71 215.82 17% 9%
7,541.00 7,351.20 6,846.71 189.80 504.49 3% 7%
TOTAL EQUITY AND
26,414.79 24,023.75 22,693.40
LIABILITIES 2,391.04 1,330.35 10% 6%

Common Size Balancesheet Common Size Income Statement

March 31, March 31, March 31, March 31,
Particulars March 31, 2024 March 31, 2023 Particulars
2022 2024 2023 2022
ASSETS I) INCOME:
NON CURRENT ASSETS Revenue from operations 100% 100% 100%
Tangible assets 54% 54% 47% Cost of materials consumed 61% 69% 70%
Intangible assets 0% 0% 0% Purchase of stock-in-trade 0% 0% 0%
Financial assets 4% 5% 5% Changes in inventories of finished goods, -1% -2% -4%
Other non current assets 3% 3% 4% Cost of materials sold 60% 67% 65%
61% 63% 56% Gross Profit 40% 33% 35%
CURRENT ASSETS Employee benefits expenses 7% 7% 8%
Inventories 17% 17% 18% other operating expenses 16% 15% 16%
Trade receivables 11% 10% 10% Earnings before Interest, tax, deprec 17% 10% 11%
Cash and cash equivalents
1% 1% 0% Depreciation and amortisation expenses 6% 6% 6%
Other financial assets 9% 9% 14% Earnings before Interest & tax (EBIT) 11% 5% 4%
Other current assets 1% 1% 1% Other Income 1% 1% 2%
39% 37% 44% Finance costs 1% 1% 1%
TOTAL ASSETS 100% 100% 100% Earnings before tax and exceptional i 11% 5% 5%
EQUITY AND LIABILITIES Exceptional items 0% 0% 0%
EQUITY Earnings before tax 11% 5% 5%
Equity share capital 0% 0% 0% Current tax 3% 1% 1%
Other equity 62% 60% 61% Deferred tax 0% 0% 0%
62% 60% 61% Earnings after tax 8% 4% 3%
LIABILITIES Basic and Diluted EPS (No of share outstan 3.85 12.68 270.33
NON-CURRENT
LIABILITIES
Long term Financial liabilitie 5% 6% 6%
Other long term liabilities 4% 3% 4%
9% 9% 9%
CURRENT LIABILITIES
Trade payables 11% 11% 12%
Other short term financial
liabilities 6% 8% 7%
other current liabilities 12% 11% 11%
29% 31% 30%
TOTAL EQUITY AND
LIABILITIES 100% 100% 100%
 REFORMULATED BALANCE SHEET Liquidity Ratios Mar-24 Mar-23 Mar-22
Particulars Mar-24 Mar-23 Mar-22 Current Ratio 1.35 1.22 1.45
ASSETS Quick Ratio 0.77 0.67 0.86
NON CURRENT ASSETS
Tangible assets 14,314.61 13,069.32 10,670.87 Solvency Ratios Mar-24 Mar-23 Mar-22
Intangible assets 25.12 25.95 21.21 Debt to Equity ratio 0.18 0.23 0.21
Financial assets 1,171.13 1,156.19 1,229.29 Interest coverage ratio 8.67 3.65 3.28
Other non current assets 701.70 813.65 827.82
16,212.56 15,065.11 12,749.19
CURRENT ASSETS Operating Ratios Mar-24 Mar-23 Mar-22
Opening inventory
Inventories
4,360.72 4,042.68 4,061.72 Inventory Turnover (times) 3.54 3.76 3.58 for 2022 2880.33
Trade receivables 2,841.86 2,442.36 2,283.26 DSI - Days sales in inventory (days) 102.99 97.16 101.95
Opening
Cash and cash equivalents receivables for
235.55 146.31 113.11 Accounts Receivable Turnover (times) 9.34 9.56 5.42 2022 4725.83
Other financial assets 2,460.12 2,088.92 3,272.33 DSO - Days Sales Outstanding (days) 39.08 38.20 67.36
opening tarde
Other current assets 303.78 238.38 213.79 Accounts Payable Turnover (times) 5.22 5.50 3.61 paybales 4109.56
10,202.03 8,958.65 9,944.21 DPO - Days Payable Outstanding (days) 69.88 66.32 101.10
TOTAL ASSETS 26,414.59 24,023.76 22,693.40 Operating Cycle (days) 142.08 135.36 169.31
EQUITY AND LIABILITIES Cash Conversion Cycle (days) 72.20 69.04 68.22
EQUITY
Equity share capital 4.24 4.24 4.24
Other equity 16,436.41 14,504.63 13,773.03
16,440.65 14,508.87 13,777.27 Profitability Ratios Mar-24 Mar-23 Mar-22
LIABILITIES Gross profit Ratio, GPR (percentage) 40% 33% 35%
NON-CURRENT LIABILITIES Net Profit Ratio, NPR (percentage) 8% 4% 3%
Long term Financial liabilities 1,379.30 1,332.20 1,274.91 Return on Assets, ROA (percentage) 11% 5% 4% opening assets 22259.58
Opening debt (eqity
+ non current
Other long term liabilities 1,053.84 831.48 794.51 Return on Capital Employed, ROCE (Percentage), NOPAT, ROIC 13% 6% 5% laibilities) 13178.86 7182.36
2,433.14 2,163.68 2,069.42 Return on Equity, ROE (percentage) 13% 6% 5% opening equity 13178.86
CURRENT LIABILITIES
Trade payables 2,944.41 2,757.45 2,774.32 Valuation Ratios Mar-24 Mar-23 Mar 202
Other short term financial liabilities 1,505.73 1,951.60 1,646.06 Price to earnings per share(P/E ratio) 28.75 EPS 4812.16
other current liabilities 3,090.86 2,642.15 2,426.33 Price to Book value per share (P/B ratio) 3.62
7,541.00 7,351.20 6,846.71 PEG Ratio 0.19
TOTAL EQUITY AND LIABILITIES 26,414.79 24,023.75 22,693.40
Impression Undervalued
Recommendation Purchase
REFORMULATED P&L STATEMENT
March 31, March 31,
Particulars March 31, 2023 Debt to Asset Ratio
2024 2022 0.15 0.17 0.16
I) INCOME:
Revenue from operations 24,673.68 22,578.23 18,989.51
Cost of materials consumed 15,051.75 15,526.90 13,254.45
Purchase of stock-in-trade 21.22 35.23 17.01
Changes in inventories of finished goods, w -182.41 -339.63 -844.92
Cost of materials sold 14,890.56 15,222.50 12,426.54
Gross Profit 9,783.12 7,355.73 6,562.97
Employee benefits expenses 1,748.14 1,558.87 1,471.94
other operating expenses 3,867.14 3,459.54 3,078.37
Earnings before Interest, tax, depreci 4,167.84 2,337.32 2,012.66
Depreciation and amortisation expenses 1,425.00 1,248.60 1,201.41
Earnings before Interest & tax (EBIT) 2,742.84 1,088.72 811.25
Other Income 312.46 248.21 314.92
Finance costs 316.34 298.06 247.01
Earnings before tax and exceptional i 2,738.96 1,038.87 879.16
Exceptional items - 80.33 -
Earnings before tax 2,738.96 1,119.20 879.16
Current tax 624.59 309.10 221.95
Deferred tax 73.42 -6.13 9.87
Earnings after tax 2,040.95 816.23 647.34
Current market price 138360
Weighted average No of equity share
outstanding(in Cr) 0.43
Book value per share 38,234.07
EPS growth rate (calculated on EBT
because of exceptional item) 150%
EPS 4812 1924
 Balance Sheet of MRF Ltd Percentage
March 31, March 31, March 31, March
Particulars
2024 2023 2022 31, 2024
ASSETS
NON CURRENT ASSETS
Tangible assets 14,314.61 13,069.32 10,670.87 54%
Intangible assets 25.12 25.95 21.21 0%
Financial assets 1,171.13 1,156.19 1,229.29 4%
Other non current assets 701.70 813.65 827.82 3%
16,212.56 15,065.11 12,749.19 61%
CURRENT ASSETS
Inventories 4,360.72 4,042.68 4,061.72 17%
Trade receivables 2,841.86 2,442.36 2,283.26 11%
Cash and cash equivalents
235.55 146.31 113.11 1%
Other financial assets 2,460.12 2,088.92 3,272.33 9%
Other current assets 303.78 238.38 213.79 1%
10,202.03 8,958.65 9,944.21 39%
TOTAL ASSETS 26,414.59 24,023.76 22,693.40 100%
EQUITY AND LIABILITIES
EQUITY
Equity share capital 4.24 4.24 4.24 0%
Other equity 16,436.41 14,504.63 13,773.03 62%
16,440.65 14,508.87 13,777.27 62%
LIABILITIES
NON-CURRENT
LIABILITIES
Long term Financial liabilitie 1,379.30 1,332.20 1,274.91 5%
Other long term liabilities 1,053.84 831.48 794.51 4%
2,433.14 2,163.68 2,069.42 9%
CURRENT LIABILITIES
Trade payables 2,944.41 2,757.45 2,774.32 11%
Other short term financial
liabilities 1,505.73 1,951.60 1,646.06 6%
other current liabilities 3,090.86 2,642.15 2,426.33 12%
7,541.00 7,351.20 6,846.71 29%
TOTAL EQUITY AND
26,414.79 24,023.75 22,693.40
LIABILITIES 100%
Percentage
March March
31, 2023 31, 2022

54% 47%
0% 0%
5% 5%
3% 4%
63% 56%

17% 18%
10% 10%

1% 0%
9% 14%
1% 1%
37% 44%
100% 100%

0% 0%
60% 61%
60% 61%

6% 6%
3% 4%
9% 9%

11% 12%

8% 7%
11% 11%
31% 30%

100% 100%
 March 31, March 31,
Particulars
2024 2023
I) ASSETS
1) NON CURRENT ASSETS
a) Property, plant and equipment 10,784.14 11,301.20
b) Capital work-in-progress 174.70 115.92
c) Right to use assets 449.19 466.51
d) Goodwill - -
e) Other Intangible assets 63.11 46.21
f) Intangible assets under development 15.18 18.57
g) Investments in subsidaries, joint
- -
ventures
h) Financial assets
(i) Investments 2,426.01 2,421.36
(ii) Loans - -
(iii) Derivative Assets - -
(iv) Other Financial assets 378.00 401.99
h) Non Current tax assets (net) - -
i) Other Assets 64.15 57.78
TOTAL NON CURRENT ASSETS 14,354.48 14,829.54

2) CURRENT ASSETS
a) Inventories 2,322.73 2,276.87
b) Financial assets
(i) Investments 493.46 401.69
(ii) Trade receivables 1,859.43 1,588.39
(iii) Cash and cash equivalents 494.19 500.44
(iv) Bank balances other than (iii) above 10.57 10.22
(v) Loans - -
(vii) derivative Assets - -
(vi) Other financial assets 258.90 236.54
c) Other current assets 250.14 270.95
TOTAL CURRENT ASSETS 5,689.42 5,285.10
Assets held for sale - -
TOTAL ASSETS 20,043.90 20,114.64

II) EQUITY AND LIABILITIES

1) EQUITY
a) Equity share capital 63.51 63.51
b) Other equity 10,375.91 9,836.39
TOTAL EQUITY 10,439.42 9,899.90

2) LIABILITIES
i) NON-CURRENT LIABILITIES
a) Financial liabilities
(i) Borrowings 2,448.57 3,174.81
(ii) Lease liabilities 383.58 400.63
(iii) Other financial Liabilities - -
(iv) Derivative Liabilities - -
b) Provisions 43.48 49.30
c) Retirement benefit obligations - -
d) Deferred net income - -
e) Deferred tax liabilities (net) 1,454.15 795.54
f) Other liabilities 257.62 260.97
TOTAL NON CURRENT LIABILITIES 4,587.40 4,681.25

ii) CURRENT LIABILITIES

a) Financial liabilities
(i) Borrowings 733.35 900.65
(ii) Lease liabilities 97.46 93.10
(iii) Trade payables
Total outstanding dues of micro
40.46 30.63
enterprises and small enterprises
Total outstanding dues of creditors
other than micro enterprises and small 2,097.41 2,398.48
enterprises
(iv) Derivative liabilities - -
(v) Other financial liabilities 279.94 400.65
b) Provisions 231.43 207.23
c) Retirement benefit Obliagtion - -
d) Deferred income - -
e) Current tax liabilities (net) 19.12 20.82
f) Other current liabilities 1,517.91 1,481.93
TOTAL CURRENT ASSETS 5,017.08 5,533.49
TOTAL EQUITY AND LIABILITIES 20,043.90 20,114.64
March 31,
REFORMULATED BALANCE SHEET
2022
March 31,
Particulars
2024
ASSETS
11,263.09 NON CURRENT ASSETS
548.04 Tangible assets 11,408.03
522.34 Intangible assets 78.29
- Financial assets 2,804.01
43.90 Other non current assets 64.15
- 14,354.48
CURRENT ASSETS
-
Inventories 2,322.73
2,423.99 Trade receivables 1,859.43
- Cash and cash equivalents 494.19
- Other financial assets 762.93
394.04 Other current assets 250.14
- 5,689.42
33.61 TOTAL ASSETS 20,043.90
15,229.01 EQUITY AND LIABILITIES
EQUITY
Equity share capital 63.51
2,463.89 Other equity 10,375.91
10,439.42
450.61 LIABILITIES
995.98 NON-CURRENT LIABILITIES
315.41 Long term Financial liabilities 2,832.15
210.02 Other long term liabilities 1,755.25
- 4,587.40
- CURRENT LIABILITIES
128.01 Trade payables 2,137.87
229.60 Other short term financial liabilities 1,110.75
4,793.52 other current liabilities 1,768.46
- 5,017.08
20,022.53 TOTAL EQUITY AND LIABILITIES 20,043.90

63.51
9,454.96
9,518.47

3,531.01
466.70
-
 -
49.04
-
-
705.33
605.74
5,357.82

855.28
84.93

71.37

2,712.94

-
964.57
194.78
-
-
44.39
217.98
5,146.24
20,022.53
ALANCE SHEET
March 31,
March 31, 2023
2022

11,883.63 12,333.47
64.78 43.90
2,823.35 2,818.03
57.78 33.61
14,829.54 15,229.01

2,276.87 2,463.89
1,588.39 995.98
500.44 315.41
648.45 788.64
270.95 229.60
5,285.10 4,793.52
20,114.64 20,022.53

63.51 63.51
9,836.39 9,454.96
9,899.90 9,518.47

3,575.44 3,997.71
1,105.81 1,360.11
4,681.25 5,357.82

2,429.11 2,784.31
1,394.40 1,904.78
1,709.98 457.15
5,533.49 5,146.24
20,114.64 20,022.53
 March 31, March 31,
Particulars
2024 2023
I) INCOME:
Revenue from operations 17,539.33 17,301.02
Other Income 135.79 75.13
Total Income (I) 17,675.12 17,376.15
II) EXPENSES:
Cost of materials consumed 9,520.83 10,693.77
Purchase of stock-in-trade 947.37 962.82
Changes in inventories of finished goods, work-in-pr 22.94 45.55
Employee benefits expenses 1,108.72 1,025.92
Other expenses 2,842.87 2,462.04
Total Expenses (II) 14,442.73 15,190.10
III) Earnings before interest, tax, depreciation 3,232.39 2,186.05
Finance costs 403.49 467.23
Depreciation and amortisation expenses 916.50 907.05
IV) Interest, depreciation and amortisation ex 1,319.99 1,374.28
V) Profit before exceptional items and tax (III-I 1,912.40 811.77
VI) Exceptional items -75.79 -
VII) Profit before tax (V+VI) 1,836.61 811.77
VIII) Tax expenses:
1. Current tax [net of provision for earlier years H 0. 307.92 147.72
2. Deferred tax 374.67 85.31
682.59 233.03
IX) Profit for the year (VII-VIII) 1,154.02 578.74
X) Other Comprehensive Income (OCI)
Other comprehensive income not to be reclassified
subsequently to profit or loss:
a) Re-measurement gains on defined benefit plans -39.61 7.64
b) Fair value changes on equity instrument through - -
Income tax effect 13.84 -2.67
c) Fair value of cahnges of cashflow hedge -5.16 6.35
Income tax effect 1.80 -2.22
Other Comprehensive Income/(loss) for the yea -29.13 9.10
XI) Total Comprehensive Income for the year 1,124.89 587.84
Earnings per share - Basic and Diluted (Nominal
value H 1 per share (PY H 1 per share))
Basic 18.17 8.19
Diluted 18.17 8.19
March 31,
2022
14,649.40
126.90
14,776.30

9,493.77
846.59
-348.45
1,024.02
2,202.68
13,218.61
1,557.69
382.17
823.91
1,206.08
351.61
-1.27
350.34

61.16
28.13
89.29
261.05

-4.17
-
1.46
15.14
-5.29
7.14
268.19

4.11
4.11
 REFORMULATED P&L STATEMENT
Particulars
I) INCOME:
Revenue from operations
Cost of materials consumed
Purchase of stock-in-trade
Changes in inventories of finished goods, work-in-progress and stock-in-trade
Cost of materials sold
Gross Profit
Employee benefits expenses
other operating expenses
Earnings before Interest, tax, depreciation & amortisation (EBITDA)
Depreciation and amortisation expenses
Earnings before Interest & tax (EBIT)
Other Income
Finance costs
Earnings before tax and exceptional item
Exceptional items
Earnings before tax
Current tax
Deferred tax
Earnings after tax
Basic and Diluted EPS (No of share outstanding )
STATEMENT
March 31, March 31, March 31,
2024 2023 2022
17,539.33 17,301.02 14,649.40
9,520.83 10,693.77 9,493.77
947.37 962.82 846.59
22.94 45.55 -348.45
10,491.14 11,702.14 9,991.91
7,048.19 5,598.88 4,657.49
1,108.72 1,025.92 1,024.02
2,842.87 2,462.04 2,202.68
3,096.60 2,110.92 1,430.79
916.50 907.05 823.91
2,180.10 1,203.87 606.88
135.79 75.13 126.90
403.49 467.23 382.17
1,912.40 811.77 351.61
-75.79 - -1.27
1,836.61 811.77 350.34
307.92 147.72 61.16
374.67 85.31 28.13
1,154.02 578.74 261.05
18.17 8.19 4.11
 REFORMULATED BALANCE SHEET Horizontal analysis (BS) REFORMULATED P&L STATEMENT Horizontal analysis (P&L)
March 31, March 31, March 31, March 31,
Particulars March 31, 2024 March 31, 2023 Particulars
2022 Increase/ Decrease % change 2024 2023 2022 % change
ASSETS 2024 2023 2024 2023 I) INCOME: 2024 2023
NON CURRENT ASSETS Revenue from operations 17,539.33 17,301.02 14,649.40 1.4% 18.1%
Tangible assets 11,408.03 11,883.63 12,333.47 -475.60 -449.84 -4% -4% Cost of materials consumed 9,520.83 10,693.77 9,493.77 -11.0% 12.6%
Intangible assets 78.29 64.78 43.90 13.51 20.88 21% 48% Purchase of stock-in-trade 947.37 962.82 846.59 -1.6% 13.7%
Financial assets 2,804.01 2,823.35 2,818.03 -19.34 5.32 -1% 0% Changes in inventories of finished goods, 22.94 45.55 -348.45 -49.6% -113.1%
Other non current assets 64.15 57.78 33.61 6.37 24.17 11% 72% Cost of materials sold 10,491.14 11,702.14 9,991.91 -10.3% 17.1%
14,354.48 14,829.54 15,229.01 -475.06 -399.47 -3% -3% Gross Profit 7,048.19 5,598.88 4,657.49 25.9% 20.2%
CURRENT ASSETS Employee benefits expenses 1,108.72 1,025.92 1,024.02 8.1% 0.2%
Inventories 2,322.73 2,276.87 2,463.89 45.86 -187.02 2% -8% other operating expenses 2,842.87 2,462.04 2,202.68 15.5% 11.8%
Trade receivables 1,859.43 1,588.39 995.98 271.04 592.41 17% 59% Earnings before Interest, tax, deprec 3,096.60 2,110.92 1,430.79 46.7% 47.5%
Cash and cash equivalents
494.19 500.44 315.41 -6.25 185.03 -1% 59% Depreciation and amortisation expenses 916.50 907.05 823.91 1.0% 10.1%
Other financial assets 762.93 648.45 788.64 114.48 -140.19 18% -18% Earnings before Interest & tax (EBIT) 2,180.10 1,203.87 606.88 81.1% 98.4%
Other current assets 250.14 270.95 229.60 -20.81 41.35 -8% 18% Other Income 135.79 75.13 126.90 80.7% -40.8%
5,689.42 5,285.10 4,793.52 404.32 491.58 8% 10% Finance costs 403.49 467.23 382.17 -13.6% 22.3%
TOTAL ASSETS 20,043.90 20,114.64 20,022.53 -70.74 92.11 0% 0% Earnings before tax and exceptional i 1,912.40 811.77 351.61 135.6% 130.9%
EQUITY AND LIABILITIES Exceptional items -75.79 - -1.27 #DIV/0! -100.0%
EQUITY Earnings before tax 1,836.61 811.77 350.34 126.2% 131.7%
Equity share capital 63.51 63.51 63.51 - - 0% 0% Current tax 307.92 147.72 61.16 108.4% 141.5%
Other equity 10,375.91 9,836.39 9,454.96 539.52 381.43 5% 4% Deferred tax 374.67 85.31 28.13 339.2% 203.3%
10,439.42 9,899.90 9,518.47 539.52 381.43 5% 4% Earnings after tax 1,154.02 578.74 261.05 99.4% 121.7%
LIABILITIES Basic and Diluted EPS (No of share outstan 18.17 8.19 4.11
NON-CURRENT
LIABILITIES
Long term Financial liabilitie 2,832.15 3,575.44 3,997.71 -743.29 -422.27 -21% -11%
Other long term liabilities 1,755.25 1,105.81 1,360.11 649.44 -254.30 59% -19%
4,587.40 4,681.25 5,357.82 -93.85 -676.57 -2% -13%
CURRENT LIABILITIES
Trade payables 2,137.87 2,429.11 2,784.31 -291.24 -355.20 -12% -13%
Other short term financial
liabilities 1,110.75 1,394.40 1,904.78 -283.65 -510.38 -20% -27%
other current liabilities 1,768.46 1,709.98 457.15 58.48 1,252.83 3% 274%
5,017.08 5,533.49 5,146.24 -516.41 387.25 -9% 8%
TOTAL EQUITY AND
20,043.90 20,114.64 20,022.53
LIABILITIES -70.74 92.11 0% 0%

Common Size Balancesheet Common Size Income Statement

March 31, March 31, March 31, March 31,
Particulars March 31, 2024 March 31, 2023 Particulars
2022 2024 2023 2022
ASSETS I) INCOME:
NON CURRENT ASSETS Revenue from operations 100% 100% 100%
Tangible assets 57% 59% 62% Cost of materials consumed 54% 62% 65%
Intangible assets 0% 0% 0% Purchase of stock-in-trade 5% 6% 6%
Financial assets 14% 14% 14% Changes in inventories of finished goods, 0% 0% -2%
Other non current assets 0% 0% 0% Cost of materials sold 60% 68% 68%
72% 74% 76% Gross Profit 40% 32% 32%
CURRENT ASSETS Employee benefits expenses 6% 6% 7%
Inventories 12% 11% 12% other operating expenses 16% 14% 15%
Trade receivables 9% 8% 5% Earnings before Interest, tax, deprec 18% 12% 10%
Cash and cash equivalents
2% 2% 2% Depreciation and amortisation expenses 5% 5% 6%
Other financial assets 4% 3% 4% Earnings before Interest & tax (EBIT) 12% 7% 4%
Other current assets 1% 1% 1% Other Income 1% 0% 1%
28% 26% 24% Finance costs 2% 3% 3%
TOTAL ASSETS 100% 100% 100% Earnings before tax and exceptional i 11% 5% 2%
EQUITY AND LIABILITIES Exceptional items 0% 0% 0%
EQUITY Earnings before tax 10% 5% 2%
Equity share capital 0% 0% 0% Current tax 2% 1% 0%
Other equity 52% 49% 47% Deferred tax 2% 0% 0%
52% 49% 48% Earnings after tax 7% 3% 2%
LIABILITIES Basic and Diluted EPS (No of share outstan 18.17 8.19 4.11
NON-CURRENT
LIABILITIES
Long term Financial liabilitie 14% 18% 20%
Other long term liabilities 9% 5% 7%
23% 23% 27%
CURRENT LIABILITIES
Trade payables 11% 12% 14%
Other short term financial
liabilities 6% 7% 10%
other current liabilities 9% 9% 2%
25% 28% 26%
TOTAL EQUITY AND
LIABILITIES 100% 100% 100%
 Balance Sheet of MRF Ltd
March 31, March 31, March 31,
Particulars
2024 2023 2022
ASSETS
NON CURRENT ASSETS
Tangible assets 11,408.03 11,883.63 12,333.47
Intangible assets 78.29 64.78 43.90
Financial assets 2,804.01 2,823.35 2,818.03
Other non current assets 64.15 57.78 33.61
14,354.48 14,829.54 15,229.01
CURRENT ASSETS
Inventories 2,322.73 2,276.87 2,463.89
Trade receivables 1,859.43 1,588.39 995.98
Cash and cash equivalents 494.19 500.44 315.41
Other financial assets 762.93 648.45 788.64
Other current assets 250.14 270.95 229.60
5,689.42 5,285.10 4,793.52
TOTAL ASSETS 20,043.90 20,114.64 20,022.53
EQUITY AND LIABILITIES
EQUITY
Equity share capital 63.51 63.51 63.51
Other equity 10,375.91 9,836.39 9,454.96
10,439.42 9,899.90 9,518.47
LIABILITIES
NON-CURRENT LIABILITIES
Long term Financial liabilities 2,832.15 3,575.44 3,997.71
Other long term liabilities 1,755.25 1,105.81 1,360.11
4,587.40 4,681.25 5,357.82
CURRENT LIABILITIES
Trade payables 2,137.87 2,429.11 2,784.31
Other short term financial liabilities 1,110.75 1,394.40 1,904.78
other current liabilities 1,768.46 1,709.98 457.15
5,017.08 5,533.49 5,146.24
TOTAL EQUITY AND LIABILITIES 20,043.90 20,114.64 20,022.53
 Percentage
March March March
31, 2024 31, 2023 31, 2022

57% 59% 62%

0% 0% 0%
14% 14% 14%
0% 0% 0%
72% 74% 76%

12% 11% 12%

9% 8% 5%
2% 2% 2%
4% 3% 4%
1% 1% 1%
28% 26% 24%
100% 100% 100%

0% 0% 0%
52% 49% 47%
52% 49% 48%

14% 18% 20%

9% 5% 7%
23% 23% 27%

11% 12% 14%

6% 7% 10%
9% 9% 2%
25% 28% 26%
100% 100% 100%
 REFORMULATED BALANCE SHEET Liquidity Ratios Mar-24 Mar-23 Mar-22
Particulars Mar-24 Mar-23 Mar-22 Current Ratio 1.13 0.96 0.93
ASSETS Quick Ratio 0.67 0.54 0.45
NON CURRENT ASSETS
Tangible assets 11,408.03 11,883.63 12,333.47 Solvency Ratios Mar-24 Mar-23 Mar-22
Intangible assets 78.29 64.78 43.90 Debt to Equity ratio 0.38 0.50 0.62
Financial assets 2,804.01 2,823.35 2,818.03 Interest coverage ratio 5.40 2.58 1.59
Other non current assets 64.15 57.78 33.61
14,354.48 14,829.54 15,229.01
CURRENT ASSETS Operating Ratios Mar-24 Mar-23 Mar-22
Inventories 2,322.73 2,276.87 2,463.89 Inventory Turnover (times) 4.56 4.94 4.40 Opening inventory 2076.6
Trade receivables 1,859.43 1,588.39 995.98 DSI - Days sales in inventory (days) 80.01 73.93 82.93
Cash and cash equivalents 494.19 500.44 315.41 Accounts Receivable Turnover (times) 10.17 13.39 16.96 Openin g receivebles 732.04
Other financial assets 762.93 648.45 788.64 DSO - Days Sales Outstanding (days) 35.88 27.26 21.53
opening tarde
Other current assets 250.14 270.95 229.60 Accounts Payable Turnover (times) 4.59 4.49 4.24 paybales 1929.26
5,689.42 5,285.10 4,793.52 DPO - Days Payable Outstanding (days) 79.45 81.31 86.09
TOTAL ASSETS 20,043.90 20,114.64 20,022.53 Operating Cycle (days) 115.89 101.20 104.46
EQUITY AND LIABILITIES Cash Conversion Cycle (days) 36.44 19.89 18.37
EQUITY
Equity share capital 63.51 63.51 63.51
Other equity 10,375.91 9,836.39 9,454.96
10,439.42 9,899.90 9,518.47 Profitability Ratios Mar-24 Mar-23 Mar-22
LIABILITIES Gross profit Ratio, GPR (percentage) 40% 32% 32%
NON-CURRENT LIABILITIES Net Profit Ratio, NPR (percentage) 7% 3% 2%
Long term Financial liabilities 2,832.15 3,575.44 3,997.71 Return on Assets, ROA (percentage) 11% 6% 3% opening assets 19163.45
Other long term liabilities 1,755.25 1,105.81 1,360.11 Return on Capital Employed, ROCE (Percentage), NOPAT, ROIC 10% 6% 4% Opening equity and non 9472.56 5361.99
4,587.40 4,681.25 5,357.82 Return on Equity, ROE (percentage) 11% 6% 3%
CURRENT LIABILITIES
Trade payables 2,137.87 2,429.11 2,784.31 Valuation Ratios Mar-24 Mar-23 Mar-22
Other short term financial liabilities 1,110.75 1,394.40 1,904.78 Price to earnings per share(P/E ratio) 29.55 EPS 18.17
other current liabilities 1,768.46 1,709.98 457.15 Price to Book value per share (P/B ratio) 3.27
5,017.08 5,533.49 5,146.24 PEG Ratio 0.24
TOTAL EQUITY AND LIABILITIES 20,043.90 20,114.64 20,022.53
Impression Undervalued
Recommendation Purchase
REFORMULATED P&L STATEMENT
March 31, March 31,
Particulars March 31, 2023 Debt to Asset Ratio
2024 2022 0.28 0.30 0.36
I) INCOME:
Revenue from operations 17,539.33 17,301.02 14,649.40
Cost of materials consumed 9,520.83 10,693.77 9,493.77
Purchase of stock-in-trade 947.37 962.82 846.59
Changes in inventories of finished goods, w 22.94 45.55 -348.45
Cost of materials sold 10,491.14 11,702.14 9,991.91
Gross Profit 7,048.19 5,598.88 4,657.49
Employee benefits expenses 1,108.72 1,025.92 1,024.02
other operating expenses 2,842.87 2,462.04 2,202.68
Earnings before Interest, tax, depreci 3,096.60 2,110.92 1,430.79
Depreciation and amortisation expenses 916.50 907.05 823.91
Earnings before Interest & tax (EBIT) 2,180.10 1,203.87 606.88
Other Income 135.79 75.13 126.90
Finance costs 403.49 467.23 382.17
Earnings before tax and exceptional i 1,912.40 811.77 351.61
Exceptional items -75.79 - -1.27
Earnings before tax 1,836.61 811.77 350.34
Current tax 307.92 147.72 61.16
Deferred tax 374.67 85.31 28.13
Earnings after tax 1,154.02 578.74 261.05
Current market price 537
Weighted average No of equity share
outstanding(in Cr) 63.51
Book value per share 164.37
EPS growth rate (calculated on EBT
because of exceptional item) 122%
EPS 18.17 8.19