MRF Ltd.

Particulars
SOURCES OF FUNDS
+ Share Capital
   Equity - Authorised
   Equity - Issued
   Equity - Subscribed
   Equity - Called Up
   Equity - Paid Up
+ Total Reserve
   Securities Premium
   Profit & Loss Account Balance
   General Reserves
   Debenture Redemption Reserve
    Hedging Reserve
   Other Reserves
  Reserve excluding Revaluation Reserve
Shareholder's Funds
+ Secured Loans
   Non Convertible Debentures
   Commercial Borrowings
+ Unsecured Loans
   Fixed Deposits - Public
   Long Term Loan in Foreign Currency
   Loans - Banks
   Deferred Tax Loan
   Other Unsecured Loan
Total Debts
Total Liabilities
APPLICATION OF FUNDS :
+ Fixed Assets
   Goodwill
   Freehold Land
   Buildings
   Plant& Machinery
   Furniture & Fixtures & Office Appliances
   Vehicles
   Aircrafts & Helicopters
   Leasehold Land
   Computer Software
   Factory Equipments
   Other Fixed Assets
+ Less: Accumulated Depreciation
       Buildings / Premises
        Plant& Machinery
       Furniture & Fixtures & Office Appliances
       Vehicles
       Aircrafts & Helicopters
       Leasehold Land
       Factory Equipments
Land Improvement
       Other Fixed Assets
+ Net Block
      Freehold Land
       Buildings / Premises
       Plant& Machinery
       Furniture & Fixtures & Office Appliances
       Vehicles
       Aircrafts & Helicopters
       Leasehold Land
       Computer Software
Land Improvement
       Factory Equipments
Land Improvement
       Other Fixed Assets

Capital Work in Progress

+ Investments
Long Term Investment
Quoted
Quoted Equity Shares
Quoted Debentures / Bonds
Unquoted
Mutual Funds Units
Unquoted Equity Shares
Subsidiary Companies
Equity
Other Long Term Unquoted Investments
Currents Investments
Unquoted
Mutual Funds Units

+ Inventories
   Raw Materials
   Work-in Progress
   Finished Goods
   Stores and Spare
   Goods in trade
+ Sundry Debtors
    Debtors more than Six months
    Considered doubtful
   Debtors Others
    Considered good
   Less : Provisions for Doubtful Debts
+ Cash and Bank
   Cash in hand
   Balances at Bank
   With Scheduled Banks
   Stamps,Cheques, Demand Drafts in hand
+ Other Current Assets
   Interest accrued on Investments
   Export Incentives receivables
   Prepaid Expenses
   Others
+ Loans and Advances

   Advances recoverable in cash or in kind or for value to be received

    To Employees
    To Others
   Loans
    To Employees
   Balances with customs and excise authorities
   Securities Deposits
  Total Current Assets
  Less : Current Liabilities and Provisions
+ Current Liabilities
   Sundry Creditors
    For Purchases
   Acceptances
   Unclaimed Dividend
   Unearned revenue / Advances received from customers
   Interest Accrued But Not Due
   Due to Subsidiaries
   Trade and Other deposits
   Statutory Liability
   Other Liabilities
+ Provisions
   Proposed Equity Dividend
   Provision for Corporate Dividend Tax
   Provision for Tax
   Provision for Gratuity
   Provision for post retirement bebefits / Pension
   Provision for leave encashment
   Provisions for contingencies
    Other Provisions
Total Current Liabilities
Net Current Assets
+ Deferred Tax Assets / Liabilities
   Deferred Tax Assets
    Provisions for expenses
    Unabsorbed depreciation
    Accrued expenses deductible on payment
    Other Deffered Assets
   Deferred Tax Liability
    Depreciation
    Other Deffered Liabilities
Total Assets
+ Contingent Liabilities
    Claims against the company not acknowledged as debts
    Liabilities under Guarantees
    Liabilities on Bills receivables discounted but not matured
Note :  
 (Indian Rupee .in Crores)

Mar 2021 Mar 2020

4.24 4.24
9 9
4.24 4.24
4.24 4.24
4.24 4.24
4.24 4.24
13,174.62 12,000.11
9.42 9.42
0 0
13,243.13 12,036.48
0 0
1.59 11.35
-79.52 -57.14
13,174.62 12,000.11
13,178.86 12,004.35
63.13 241.5
63.13 241.5
0 0
1,456.73 1,304.81
0 0
294.76 382.97
450 150
0 0
711.97 771.84
1,519.86 1,546.31
14,698.72 13,550.66

14,017.06 12,398.10
0 0
577.26 570.58
3,451.37 3,075.12
8,396.45 7,299.84
71.72 60.18
78.31 64.23
83.98 83.98
97.84 97.58
61.25 55.29
705 636.25
440.55 409.55
4,625.92 3,548.92
469.44 323.18
3,388.51 2,625.28
42.82 33.91
45.17 32.6
16.23 10.31
4.46 3.4
365.63 295.43

221.97 173.21
9,391.14 8,849.18
577.26 570.58
2,981.93 2,751.94
5,007.94 4,674.56
28.9 26.27
33.14 31.63
67.75 73.67
93.38 94.18
24.31 28.46

339.37 340.82

218.58 236.34
9372.56
1,001.03 1,734.56
6,441.42 2,126.21
1,715.59 612.56
1,128.62 4.81
8.43 4.81
1,120.19
21.72 21.72

21.65 21.65
21.65 21.65
565.32 586.1
4,725.83 1,513.65
4,725.83 1,513.65
4,725.83 1,513.65
6,441.42
2,880.33 2,852.69
1,402.32 1,008.60
325.05 232.7
785.78 1,238.79
331.03 337.75
36.15 34.85
2,220.50 2,257.03
 2.45 2.31
2.45 2.31
2,220.50 2,257.03
2,220.50 2,257.03
2.45 2.31
105.34 1,106.85
0.78 0.81
79.49 1,105.82
79.49 1,105.82
25.07 0.22
91.73 85.78
40.52 2.88
14.12 7.25
37.09 35.93
0 39.72
128.09 141.81

121.32 138.92
29.87 17.67
91.45 121.25
6.77 2.89
6.77 2.89
0 0
0 0
5,425.99 6,444.16

6,982.63 5,022.54
1,760.73 1,409.91
1,760.73 1,409.91
1,598.81 438.81
2.54 2.62
31.41 83.68
26.34 42.92
885.32 491.42
1,702.98 1,481.25
278.35 70.52
429.04 657.33
199.73 153.08
0 0
0 0
0 0
0 0
50.48 53.13
0 0
149.25 99.95
 0 0
7,182.36 5,175.62
-1,756.37 1,268.54
-378.5 -427.83
83.54 68.23
33.21 27.95
14.28 10.68
26.93 26.04
9.12 3.56
462.04 496.06
445.69 438.41
16.35 57.65
14,698.72 13,550.66
628.63 539.5
568.33 401.41
60.3 138.09
0 0
  Please Use ' + ' Symbol For Grouping and ' - ' For Ungrouping
Mar 2019 Mar 2018 Mar 2017 Mar 2016 Sep 2014

4.24 4.24 4.24 4.24 4.24

9 9 9 9 9
4.24 4.24 4.24 4.24 4.24
4.24 4.24 4.24 4.24 4.24
4.24 4.24 4.24 4.24 4.24
4.24 4.24 4.24 4.24 4.24
10,649.06 9,599.96 8,540.18 7,156.97 4,513.40
9.42 9.42 9.42 9.42 9.42
0 0 0 384.14 0
10,577.21 9,523.13 8,476.24 6,706.83 4,422.21
115.53 103.4 88.62 73.84 81.77
-16.03 -5.26 -6.17 -0.9 0
-37.07 -30.73 -27.93 -16.36 0
10,649.06 9,599.96 8,540.18 7,156.97 4,513.40
10,653.30 9,604.20 8,544.42 7,161.21 4,517.64
340 500 500 569.58 774.62
340 500 500 500 635
0 0 0 69.58 204.62
958.82 1,030.15 903.32 1,078.24 1,660.82
0 0 3.57 5.23 35.42
559.55 804.82 701.3 721.54 184.93
150 0 0 0 0
0 8.79 27.25 43.72 61.84
249.27 216.54 171.2 307.75 1,378.63
1,298.82 1,530.15 1,403.32 1,647.82 2,435.44
11,952.12 11,134.35 9,947.74 8,809.03 6,953.08

9,372.69 7,949.04 6,713.13 5,248.16 6,327.76

0 0 0 0 0
526.09 526.09 524.22 490.02 345.57
1,918.98 1,769.89 1,433.92 1,087.64 976.15
5,726.08 4,741.42 3,995.95 3,231.19 4,269.79
53.55 44.05 36.05 26.39 50.64
42.39 28.41 25.27 21.17 30.68
82.99 0 0 0 0
97.58 84.53 84.53 2.69 4.33
35.46 30.9 20.97 12.67 25.04
500.28 400.18 325.45 226.38 426.05
353.88 291.38 237.19 129.71 155.77
2,605.17 1,873.73 1,225.55 654.36 2,899.07
193.19 133.95 83.08 43.23 160.74
1,983.75 1,432.00 944.39 511.92 2,286.82
28.71 22.16 15.02 9.07 35.33
17.14 11.43 7.44 5.93 16.89
4.4
2.34 1.29 0.37 0.14 1.64
210.74 149.61 97.08 42.51 286.31

129.7 92.71 55.91 29.38 62.72

6,767.52 6,075.31 5,487.58 4,593.80 3,428.69
526.09 526.09 524.22 490.02 345.57
1,725.79 1,635.94 1,350.84 1,044.41 815.41
3,742.33 3,309.42 3,051.56 2,719.27 1,982.97
24.84 21.89 21.03 17.32 15.31
25.25 16.98 17.83 15.24 13.79
78.59 0
95.24 83.24 84.16 2.55 2.69
16.2 17.47 13.23 9.06 7.04

289.54 250.57 228.37 183.87 139.74

0
224.18 198.67 181.28 100.33 93.05

1,403.19 1,078.84 846.96 1,058.40 626.67

4,506.86 4,505.08 3,716.88 3,395.66 1,354.29
1,736.47 1,451.06 1,403.10 1,292.91 418.14
6 4.46 4.19 3.48 0.09
6 4.46 4.19 3.48 0.09

1,072.00 1,087.96 1,076.38 1,041.16 151.67

1,050.28 1,066.24 1,054.66 1,019.44 131
0.07 0.07 0.07 0.07 5.08
21.65 21.65 21.65 21.65 15.59
21.65 21.65 21.65 21.65 15.59
658.47 358.64 322.53 248.27 266.38
2,770.39 3,054.02 2,313.78 2,102.75 936.15
2,770.39 3,054.02 2,313.78 2,102.75 936.15
2,770.39 3,054.02 2,313.78 2,102.75 936.15

2,950.93 2,172.07 2,392.92 1,879.74 1,799.70

1,098.67 950.15 1,013.44 739.24 761.42
271.48 210.14 221.86 148.2 179.41
1,218.45 670.53 857.49 717.88 651.11
321.04 299.3 271.77 256.71 192.91
41.29 41.95 28.36 17.71 14.85
2,361.62 2,135.92 1,959.95 1,831.72 1,708.47
 2.17 2.27 2.71 2.26 3.55
2.17 2.27 2.71 2.26 2.26
2,361.62 2,135.92 1,959.95 1,831.72 1,707.18
2,361.62 2,135.92 1,959.95 1,831.72 1,707.18
2.17 2.27 2.71 2.26 2.26
60.07 138.63 274.42 80.45 707.67
0.89 1.09 0.85 0.83 0.05
11.04 87.3 228.66 31.94 662.11
11.04 87.3 228.66 31.94 662.11
48.14 50.24 44.91 47.68 45.51
42.07 19.48 25.55 24.39 34.62
2.61 3.02 4.09 3.24 4.37
20.17 0 0 0 0
19.09 16.46 21.46 21.1 17.19
0.2 0 0 0.05 13.06
135.42 176.47 220.86 305.59 136.85

116.81 163.44 154.1 227.04 106.1

11.13 45.4 37.84 30.89 14.48
105.68 118.04 116.26 196.15 91.62
0.61 1.9 3.98 0 3.27
0.61 1.9 3.98 0 0
0 11.13 62.78 78.55 27.38
18 0 0 0 0
5,550.11 4,642.57 4,873.70 4,121.89 4,387.31

5,279.28 4,397.35 4,292.89 3,915.37 2,295.26

1,343.65 1,216.37 1,043.84 863.48 799.56
1,343.65 1,216.37 1,043.84 863.48 799.56
325.2 307.6 345.32 251.24 340.06
2.55 2.49 2.49 1.71 1.63
37.98 24.14 34.77 29.71 36.58
62.9 65.76 68.51 71.27 46.18
658.79 474.99 287.92 414.1 0.1
1,410.71 1,323.52 1,237.26 1,188.48 0
260.07 210.48 189.26 220.59 182.47
773.51 619.79 823.04 782.81 865.89
157.08 151.09 183.32 93.56 313.31
0 0 0 0 19.93
0 0 0 0 3.95
7.85 8.26 62.44 3.91 127.26
0 0 0 0 36.84
48.33 43.14 43.32 11.01 1.2
0 0 0 0 2.02
100.9 99.69 77.56 78.64 0
 0 0 0 0 122.11
5,436.36 4,548.44 4,476.21 4,008.93 2,608.57
113.75 94.13 397.49 112.96 1,778.74
-839.2 -619.01 -501.17 -351.79 -235.31
64.04 97.35 100.08 40.19 25.64
0 0 0 0 0
0 0 0 0 0
35.77 78.27 81.55 31.06 25.64
28.27 19.08 18.53 9.13 0
903.24 716.36 601.25 391.98 260.95
613.61 531.75 461.38 329.92 260.95
289.63 184.61 139.87 62.06 0
11,952.12 11,134.35 9,947.74 8,809.03 6,953.08
921.87 410.57 394.55 264.19 933.81
420.32 275.32 205.14 130.96 99.59
501.55 135.25 189.41 133.23 812.08
0 0 0 0 22.14
MRF Ltd.

Particulars
No of Months
+ Gross Sales
    Sales
    Prcessing Charges / Service Income
    Export Benefits
    Sales - Scrap
    Subsidy / Grants / Incentives
    Others operational income
Manufacturing Sales
Services Sales
Less: Excise
    Net Sales
EXPENDITURE :
+ Increase/Decrease in Stock
    Work In Progress
    Finished Goods
    Other
Less :
    Less: Closing - Work In Progress
    Less: Closing - Finished Goods
    Less: Other Closing Balances
Excise Duty on Finished Goods
+ Raw Materials Consumed
    Opening Raw Materials
    Purchases Raw Materials
    Closing Raw Materials
    Other Direct Purchases / Brought in cost
+ Power & Fuel Cost
    Elecricity & Power
+ Employee Cost
    Salaries, Wages & Bonus
    Contributions to Employers Provident Fund & Pension Funds
    Workmen and Staff Welfare Expenses
+ Other Manufacturing Expenses
    Sub-contracted / Outsourced services
    Processing Charges
    Repairs & Maintenance
    Building & Premises
    Plant & Machinery
    Others
    Stores, spare parts and tools consumed
+ General and Administration Expenses
    Rent,Rates & Taxes
    Rent
     Rates & Taxes
    Insurance
    Printing, stationery and computer consumables
    Travelling and conveyance
    Payment to Auditors
    Audit Work
    Taxation work
    Reimbursement of Expenses
    Other Audit Exp
    Telephones,Postage and Communications
    Directors' remuneration
+ Selling and Distribution Expenses
    Advertisement & Sales Promotion
    Sales Commissions & Incentives
    Freight and Forwarding
    Sales tax
    Other Selling Expenses
+ Miscellaneous Expenses
    Bad debts/advances written off
    Provision for doubtful debts
    Loss on disposal of fixed assets (net)
    Loss on foreign exchange fluctuations
    Provisions & write off
    Other Miscellaneous Expenses
Total Expenditure
Operating Profit (Excl OI)
+ Other Income
    Interest
    Dividend
    Export Incentives
    Profits on sale of FA
    Profits on sale of Investments
    Income from other investments
    Grants from Government
    Provision Written back
    Claim Received
    Other
Operating Profit
+ Interest
    Interest on Debenture / Bonds
    Interest on Term Loan
    Bank Charges etc
    Others
PBDT
Depreciation
Profit Before Taxation & Exceptional Items
Profit Before Tax
+ Provision for Tax
    Current Income Tax
    Deferred Tax
    Others
Profits After Tax
Extra items
Profit Balance B/F
+ Appropriations
General Reserve
    Interim Dividend - Equity
    Proposed Equity Dividend
    Corporate Dividend Tax
    Other Appropriation
    Profit & Loss Balance C/F
Equity Dividend %
Earnings Per Share
Adjusted EPS

Note :  
 (Indian Rupee .in Crores)

Mar 2021 Mar 2020 Mar 2019 Mar 2018

12 12 12 12
15,921.35 15,991.14 15,837.00 15,181.05
15,818.39 15,887.43 15,734.50 15,103.31
16.74 26.82 34.5 30.91
0 0 0 0
86.22 76.89 68 45.11
0 0 0 0
0 0 0 1.72
15,904.61 15,964.32 15,802.50 15,148.42
16.74 26.82 34.5 32.63
0 0 0 405.15
15,921.35 15,991.14 15,837.00 14,775.90

359.36 24.88 -608.6 76.04

232.7 271.48 210.14 221.86
1,238.79 1,218.45 670.53 857.49
34.85 41.29 41.95 28.36

325.05 232.7 271.48 210.14

785.78 1,238.79 1,218.45 670.53
36.15 34.85 41.29 41.95
0 0 0 109.05
8,869.41 9,484.03 10,250.26 8,991.82
1,008.60 1,098.67 950.15 1,013.44
9,247.35 9,371.66 10,368.92 8,883.64
1,402.32 1,008.60 1,098.67 950.15
15.78 22.3 29.86 44.89
654.24 720.79 762.93 637.65
654.24 720.79 762.93 637.65
1,387.87 1,320.51 1,144.28 1,074.65
1,151.54 1,099.78 945.3 884.44
105.69 101.63 90.03 87.38
130.64 119.1 108.95 102.83
716.58 831.37 821.46 691.69
0 0 0 0
236.83 224.85 235.48 190.83
215.09 234.28 228.64 188.56
21.21 22.79 23.91 22.73
123.57 134.33 143.16 114.34
70.31 77.16 61.57 51.49
264.66 372.24 357.34 312.3
111.6 151.16 175.26 159.37
20.75 28.94 85.67 74.75
9.67 16.7 72.05 63.71
 11.08 12.24 13.62 11.04
54.67 51.58 20.68 19.02
9.73 9.48 8.55 7.52
16.13 47.5 47.31 45.26
0.98 0.87 0.77 0.77
0.77 0.69 0.6 0.53
0.12 0.1 0.09 0.08
0.03 0.01 0.01 0.05
0.06 0.07 0.07 0.11
5.21 6 5.65 6.46
4.13 6.79 6.63 5.59
701.15 858.84 849.94 771.75
104.53 300.35 303.95 259.79
1.96 4.12 3.14 2.51
530.93 540.59 533.31 476.15
0.69 1.87 0.6 0.49
63.04 11.91 8.94 32.81
220.47 269.15 191.03 144.61
0.16 0.02 0.25 0.15
0 0 0 0
4.91 0 5.9 1.03
49.9 29.01 40.45 24.81
0.14 0.14 0 0
165.36 239.98 144.43 118.62
13,020.68 13,660.73 13,586.56 12,547.58
2,900.67 2,330.41 2,250.44 2,228.32
207.23 330.5 417.47 328.5
125.43 15.27 10.39 25.82
0.1 0.12 0.13 0.32
21.43 44.09 77.75 28.08
0 0.54 0 0
0 0 0 0
29.44 252.71 303.99 231.19
14.38 7.03 2.93 17.54
0 0 0.1 0.44
0 0 13.19 0
16.45 10.74 8.99 25.11
3,107.90 2,660.91 2,667.91 2,556.82
270.71 280.97 252.75 249.57
20.64 36.78 50.45 50.45
201.31 201.05 193.37 187.09
10.92 9.53 8.23 11.27
37.84 33.61 0.7 0.76
2,837.19 2,379.94 2,415.16 2,307.25
1,136.92 980.62 806.27 705.34
1,700.27 1,399.32 1,608.89 1,601.91
1,700.27 1,399.32 1,608.89 1,601.91
 451.21 4.34 512.02 509.63
489.72 401.8 330 373.93
-38.51 -397.46 182.02 118.86
0 0 0 16.84
1,249.06 1,394.98 1,096.87 1,092.28
0 0 0 0
0 0 0 0
1,249.06 1,394.98 1,096.87 1,092.28
1,206.65 1,364.32 1,054.08 1,046.89
2.54 2.54 2.54 2.54
0 0 0 0
0 0 0 0.2
39.87 28.12 40.25 42.65
0 0 0 0
1,000.00 1,000.00 600 600
2,945.90 3,290.05 2,586.96 2,576.13
2,945.90 3,290.05 2,586.96 2,576.13

  Please Use ' + ' Symbol For Grouping and ' - ' For Ungrouping
Mar 2017 Mar 2016 Sep 2014
12 11 12
14,749.40 14,774.69 14,649.33
14,651.24 14,687.27 14,640.94
32.42 24.01 0
20.67 11.39 7.85
38.46 46.09 0
6.41 0 0
0.2 5.93 0.54
14,689.70 14,733.36 14,640.94
59.7 41.33 8.39
1,497.18 1,516.53 1,451.21
13,252.22 13,258.16 13,198.12

-222.08 -9.97 19.18

148.2 119.61 223.59
717.88 434.07 593.25
17.71 9.9 37.98

221.86 98.8 179.41

857.49 478.59 651.11
28.36 11.81 14.85
1.84 23.47 -9.73
7,721.57 7,467.87 8,360.12
739.24 507.61 791.68
7,953.39 7,427.15 8,268.64
1,013.44 492.83 761.42
42.38 25.93 61.22
580.32 561.37 664.67
580.32 561.37 664.67
983.14 839.27 732.69
807.79 695.06 582.87
79.1 57.86 71.62
96.25 86.35 78.2
634.62 597.42 519.13
0 0 0
180.53 160.39 134.38
152.58 131.15 109.81
18.47 18.09 16.29
89.33 78.71 67.94
44.78 34.35 25.58
301.51 305.89 274.94
147.6 126.01 111.23
69.3 57.49 45.65
55.5 46.33 36.47
 13.8 11.16 9.18
16.46 11.09 10.85
6.77 5.95 4.81
43.1 39.65 39.06
1.02 0.69 0.69
0.47 0.31 0.39
0.07 0.09 0.06
0.17 0.17 0.11
0.31 0.11 0.13
6.64 7.32 7.04
4.31 3.81 3.13
693.27 645.07 772.25
256.82 238.11 148.85
3.1 5.8 237.13
430.79 380.05 356.01
0.1 0.36 0.85
2.46 20.75 29.41
117.03 116.85 90.37
0.08 0 0.2
0 0 0.15
3.5 4.36 2.52
16.86 35.87 46.79
0.45 15.95 0
96.14 60.67 40.71
10,655.47 10,343.88 11,269.64
2,596.75 -2,257.66 1,928.48
328.61 214.11 65.08
31.02 45.43 34.07
0.22 0.15 0.16
0 0 0
0 0 0
0 0 13.45
277.32 165.27 0
0 0 0
0 0 0
0 0 0
20.05 3.26 17.4
2,925.36 3,128.39 1,993.56
249.84 234.59 231.58
50.45 57.09 64.37
185.97 167.46 157.9
12.61 9.06 7.49
0.81 0.97 1.82
2,675.52 2,893.81 1,761.98
609.15 489.84 423.09
2,066.37 2,403.97 1,338.89
2,066.37 2,403.97 1,338.89
 615.29 754.7 441
457 679.33 428
158.29 75.37 13
0 0 0
1,451.08 1,649.27 897.89
0 0 0
384.14 141.57 0
1,835.22 1,790.84 897.89
1,769.41 1,523.08 865.99
2.54 1.69 2.54
39.87 12.44 18.66
8.62 2.82 4.19
14.78 -5.29 6.51
0 256.09 0
600 666.67 500
3,422.36 3,889.78 2,117.67
3,422.36 3,889.78 2,117.67
MRF Ltd.

Particulars
No of Months
Profit Before Tax
+ Adjustment
    Depreciation
    Interest Expeses
    Profit/Loss on sale of Fixed Assets
    Profit/Loss on sale of Investments
    Dividend Received
    Interest Income
    Effect of Exchange Rate Change
    Provision & Written Off
    Excess of cost over fair value of investments
    Baddebts irrecoverables written off
    Provision for doubtful debts & advances
    Other Adjustments
+ Changes In working Capital
    Trade & Other receivables
    Inventories
    Loans & Advances
    Trade & Other payables
    Decrease / (Increase) in LT loans & Advances
    Increase / (Decrease) in Other non current Liabilities
+    Cash Flow after changes in Working Capital
    Tax Paid
    Cash From Operating Activities
+ Cash Flow from Investing Activities
   Purchase of Fixed Assets
   Sale of Fixed Assets
   Purchase of Investment
   Sale of Investments
   Investment in Subsidiaries
   Dividend Income
   Interest Income
   Increase/ Decrease in Loans
+ Cash from Financing Activites
   Increase / (Decrease) in Loan Funds
   Proceeds from Long Term Borrowings
   Repayment of Long Term Borrowings
   Repayment of Debenture / Bonds
   Equity Dividend Paid
   Interest Paid
   Changes in working capital borrowings
   Income tax on dividend paid
   Other Financial Activities
    Net Cash Inflow / Outflow
   Opening Cash & Cash Equivalents
   Effect of Foreign Exchange Fluctuations
   Closing Cash & Cash Equivalent

Note :  
 (Indian Rupee .in Crores)

Mar 2021 Mar 2020 Mar 2019 Mar 2018

12   12   12   12  
1,700.27 1,399.32 1,608.89 1,601.91
1,274.86 1,037.50 789.17 717.14
1,136.92 980.62 806.27 705.34
264.72 274.26 247.79 245.17
4.91 -0.54 5.9 1.03
-0.71 -13.28 -9.13 -4.7
-0.1 -0.12 -0.13 -0.32
-125.43 -15.27 -10.39 -25.82
6.34 -8.5 1.61 -2.92
0.14 0.14 -0.1 -0.44
-10.46 -179.81 -252.9 -197.64
0.16 0.02 0.25 0.15
0 0 0 0
-1.63 -0.02 0 -2.71
2,221.86 75.42 -613.14 675.33
26 118.64 -230.46 -169.81
-27.64 98.24 -778.86 220.85
47.72 -56.36 13.28 72.81
2,175.78 -85.1 382.9 551.48
0 0 0 0
0 0 0 0
5,196.99 2,512.24 1,784.92 2,994.38
-509.72 -434.43 -404.7 -465.41
4,687.27 2,077.81 1,380.22 2,528.97
-5,062.86 -168.31 -1,309.83 -1,969.64
-842.95 -2,732.29 -1,960.32 -1,529.80
1.15 2.39 0.42 2.65
-6,194.95 -2,064.74 -2,116.46 -2,997.46
1,879.61 4,626.44 2,756.89 2,530.71
0 0 0 0
0.1 0.12 0.13 0.32
85.43 12.65 8.62 22.21
8.75 -12.88 0.89 1.73
-625.28 -864.02 -111.66 -638.89
118.47 -162.19 -13.26 -21.81
0 0 0 0
0 0 0 0
-160 -160 0 0
-42.41 -25.45 -25.45 -25.45
-244.64 -259.14 -246.42 -241.08
-200.56 -166.47 178.68 -344.96
0 -5.21 -5.21 -5.16
-96.14 -85.56 0 -0.43
 -1,000.87 1,045.48 -41.27 -79.56
1,104.23 57.52 98.79 178.35
-0.56 1.23 0 0
102.8 1,104.23 57.52 98.79

  Please Use ' + ' Symbol For Grouping and ' - ' For Ungrouping
Mar 2017 Mar 2016 Sep 2014
12   18   12  
2,066.37 3,605.95 1,338.89
550.52 792.75 604.58
609.15 734.76 423.09
245.52 273.05 225.68
3.5 6.54 2.52
-0.01 -74.25 -13.45
-0.22 -0.22 -0.16
-31.02 0 -34.07
0.59 2.6 0.82
-1.17 23.93 0
-275.12 -173.66 0
0 0 0
0 0 0.15
-0.7 0 0
-427.08 169.59 151.32
-130.18 -314.99 -173.6
-513.18 -80.04 -4.41
78.69 3.37 12.39
137.59 561.25 211.79
0 0 3.54
0 0 101.61
2,189.81 4,568.29 2,094.79
-399.62 -1,161.06 -407.95
1,790.19 3,407.23 1,686.84
-1,393.89 -3,406.22 -1,784.71
-1,364.76 -2,303.15 -1,242.26
1.18 3.33 0.26
-90.9 -2,342.14 -1,061.45
30.35 1,176.83 491.78
0 -6.06 -6.08
0.22 0.22 0.32
25.48 64.75 32.72
4.54 0 0
-295.31 -178.74 67.19
-87.65 437.91 -17.99
0 0 330.13
0 0 -83.38
0 -135 -65
-42.41 -22.47 -14.89
-241.54 -314.63 -221.7
84.91 -127.82 140.02
-8.62 -4.23 0
0 -12.5 0
100.99 -177.73 -30.68
77.36 255.09 285.77
0 0 0
178.35 77.36 255.09
 Balance Sheet of MRF Ltd. As of March, 2021

Particulars Mar 2021 Mar 2020

EQUITIES & LIABILITIES
Shareholders' Funds
Share Capital 4.24 4.24
Total Reserve 13,174.62 12,000.11
13,178.86 12,004.35
Non-Current Liabilities
Secured Loans 63.13 241.5
Unsecured Loans 1456.73 1304.81
1519.86 1546.31
Current Liabilities and Provisions
Sundry Creditors 1,760.73 1,409.91
Acceptances 1,598.81 438.81
Unclaimed Dividend 2.54 2.62
Unearned revenue / Advances received from customers 31.41 83.68
Interest Accrued But Not Due 26.34 42.92
Due to Subsidiaries 885.32 491.42
Trade and Other deposits 1,702.98 1,481.25
Statutory Liability 278.35 70.52
Other Liabilities 429.04 657.33
Contingent Liabilities 264.88 381
Provisions 199.73 153.08
7,180.13 5,212.54

Total Liabilities and Equities 21,878.85 18,763.20

ASSETS
Non-Current Assets
Net Fixed Assets
Freehold Land 577.26 570.58
Buildings / Premises 2981.93 2751.94
Plant& Machinery 5007.94 4674.56
Furniture & Fixtures & Office Appliances 28.90 26.27
Vehicles 33.14 31.63
Aircrafts & Helicopters 67.75 73.67
Leasehold Land 93.38 94.18
Computer Software 24.31 28.46
Factory Equipments 339.37 340.82
Other Fixed Assets 218.58 236.34
Capital Work in Progress 1,001.03 1,734.56
10373.59 10563.01
Long Term Investment in quoted Unquoted Mf's Equity and Bonds 1,715.59 612.56
12089.18 11175.57

Current Assets
Currents Investments (Including Unquoted MFs) 4,725.83 1,513.65
Inventories 2880.33 2852.69
Sundry Debtors 2220.5 2257.03
Cash and Bank 105.34 1106.85
Other Current Assets 91.73 85.78
Loans and Advances 128.09 141.81
Balances with customs and excise authorities 0 0
Securities Deposits 0 0
10,151.82 7,957.81

Deferred Tax Assets 83.54 68.23

Deferred Tax Liability -462.04 -496.06
Other Deffered Liabilities 16.35 57.65

Total Assets 21,878.85 18,763.20

Balance Check Assets-Liabilities 0.00 0.00

Net Worth 13,178.86 12,004.35
. As of March, 2021
(₹ in Crore)
Mar 2019 Mar 2018 Mar 2017 Mar 2016 Sep 2014

4.24 4.24 4.24 4.24 4.24

10,649.06 9,599.96 8,540.18 7,156.97 4,513.40
10,653.30 9,604.20 8,544.42 7,161.21 4,517.64

340 500 500 569.58 774.62

958.82 1030.15 903.32 1078.24 1660.82
1298.82 1530.15 1403.32 1647.82 2435.44

1,343.65 1,216.37 1,043.84 863.48 799.56

325.2 307.6 345.32 251.24 340.06
2.55 2.49 2.49 1.71 1.63
37.98 24.14 34.77 29.71 36.58
62.9 65.76 68.51 71.27 46.18
658.79 474.99 287.92 414.1 0.1
1,410.71 1,323.52 1,237.26 1,188.48 0
260.07 210.48 189.26 220.59 182.47
773.51 619.79 823.04 782.81 865.89
692.08 332.91 448.07 220.86 37.05
157.08 151.09 183.32 93.56 313.31
5,724.52 4,729.14 4,663.80 4,137.81 2,622.83

17,676.64 15,863.49 14,611.54 12,946.84 9,575.91

526.09 526.09 524.22 490.02 345.57

1725.79 1635.94 1350.84 1044.41 815.41
3742.33 3309.42 3051.56 2719.27 1982.97
24.84 21.89 21.03 17.32 15.31
25.25 16.98 17.83 15.24 13.79
78.59 0.00
95.24 83.24 84.16 2.55 2.69
16.20 17.47 13.23 9.06 7.04
289.54 250.57 228.37 183.87 139.74
224.18 198.67 181.28 100.33 93.05
1,403.19 1,078.84 846.96 1,058.40 626.67
8151.24 7139.11 6319.48 5640.47 4042.24
1,736.47 1,451.06 1,403.10 1,292.91 418.14
9887.71 8590.17 7722.58 6933.38 4460.38

2,770.39 3,054.02 2,313.78 2,102.75 936.15

 2950.93 2172.07 2392.92 1879.74 1799.7
2361.62 2135.92 1959.95 1831.72 1708.47
60.07 138.63 274.42 80.45 707.67
42.07 19.48 25.55 24.39 34.62
135.42 176.47 220.86 305.59 136.85
0 11.13 62.78 78.55 27.38
18 0 0 0 0
8,338.50 7,707.72 7,250.26 6,303.19 5,350.84

64.04 97.35 100.08 40.19 25.64

-903.24 -716.36 -601.25 -391.98 -260.95
289.63 184.61 139.87 62.06 0

17,676.64 15,863.49 14,611.54 12,946.84 9,575.91

0.00 0.00 0.00 0.00 0.00

10,653.30 9,604.20 8,544.42 7,161.21 4,517.64
 Profit & Loss Statement of MRF Ltd. As of March, 2021
(₹ in Crore
Particulars Mar 2021 Mar 2020 Mar 2019 Mar 2018 Mar 2017
Gross Sales 15,921.35 15,991.14 15,837.00 15,181.05 14,749.40
Increase/Decrease in Stock 359.36 24.88 -608.6 76.04 -222.08
Raw Materials Consumed 8,869.41 9,484.03 10,250.26 8,991.82 7,721.57
Power & Fuel Cost 654.24 720.79 762.93 637.65 580.32
Employee Cost 1,387.87 1,320.51 1,144.28 1,074.65 983.14
Other Manufacturing Expenses 716.58 831.37 821.46 691.69 634.62
General and Administration Expenses 111.6 151.16 175.26 159.37 147.6
Selling and Distribution Expenses 701.15 858.84 849.94 771.75 693.27
Miscellaneous Expenses 220.47 269.15 191.03 144.61 117.03
Total Expenditure 13020.68 13660.73 13586.56 12547.58 10655.47
Operating Profit (Excl OI) 2,900.67 2,330.41 2,250.44 2,633.47 4,093.93
Other Income 207.23 330.5 417.47 328.5 328.61
Operating Profit 3,107.90 2,660.91 2,667.91 2,961.97 4,422.54
Interest Expenses 270.71 280.97 252.75 249.57 249.84
PBDT 2,837.19 2,379.94 2,415.16 2,712.40 4,172.70
Depreciation 1,136.92 980.62 806.27 705.34 609.15
Profit Before Taxation & Exceptional Items 1700.27 1399.32 1608.89 1601.91 2066.37
Profit Before Tax 1700.27 1399.32 1608.89 1601.91 2066.37
Provision for Tax 451.21 4.34 512.02 509.63 615.29
Profits After Tax 1249.06 1394.98 1096.87 1092.28 1451.08
Equity Dividend % 1000 1000 600 600 600
Earnings Per Share 2945.9 3290.05 2586.96 2576.13 3422.36
Adjusted EPS 2945.9 3290.05 2586.96 2576.13 3422.36
 Cash Flow Statement of MRF Ltd. As of Mar
(₹ in Crore)
Mar 2016 Sep 2014 Particulars Mar 2021
14,774.69 14,649.33
-9.97 19.18 Profit Before Tax 1,700.27
7,467.87 8,360.12 Adjustment 1274.86
561.37 664.67
839.27 732.69 Trade & Other receivables 26
597.42 519.13 Inventories -27.64
126.01 111.23 Loans & Advances 47.72
645.07 772.25 Trade & Other payables 2175.78
116.85 90.37 Changes In working Capital 2221.86
10343.89 11269.64 Cash Flow after changes in Working Capital 5,196.99
4,430.80 3,379.69 Tax Paid -509.72
214.11 65.08 Cash From Operating Activities 4,687.27
4,644.91 3,444.77
234.59 231.58 Purchase of Fixed Assets -842.95
4,410.32 3,213.19 Sale of Fixed Assets 1.15
489.84 423.09 Purchase of Investment -6194.95
2403.97 1338.89 Sale of Investments 1879.61
2403.97 1338.89 Investment in Subsidiaries 0
754.70 441.00 Dividend Income 0.1
1649.27 897.89 Interest Income 85.43
666.67 500 Increase/ Decrease in Loans 8.75
3889.78 2117.67 Cash Flow from Investing Activities -5062.86
3889.78 2117.67
Increase / (Decrease) in Loan Funds 118.47
Proceeds from Long Term Borrowings 0
Repayment of Long Term Borrowings 0
Repayment of Debenture / Bonds -160
Equity Dividend Paid -42.41
Interest Paid -244.64
Changes in working capital borrowings -200.56
Income tax on dividend paid 0
Other Financial Activities -96.14
Cash from Financing Activites -625.28
Net Cash Inflow / Outflow -1,000.87

Opening Cash & Cash Equivalents 1104.23

Effect of Foreign Exchange Fluctuations -0.56
Closing Cash & Cash Equivalent 102.80
Statement of MRF Ltd. As of March, 2021
(₹ in Crore)
Mar 2020 Mar 2019 Mar 2018 Mar 2017 Mar 2016 Sep 2014

1,399.32 1,608.89 1,601.91 2,066.37 3,605.95 1,338.89

1037.5 789.17 717.14 550.52 792.75 604.58

118.64 -230.46 -169.81 -130.18 -314.99 -173.6

98.24 -778.86 220.85 -513.18 -80.04 -4.41
-56.36 13.28 72.81 78.69 3.37 12.39
-85.1 382.9 551.48 137.59 561.25 211.79
75.42 -613.14 675.33 -427.08 169.59 151.32
2,512.24 1,784.92 2,994.38 2,189.81 4,568.29 2,094.79
-434.43 -404.7 -465.41 -399.62 -1,161.06 -407.95
2,077.81 1,380.22 2,528.97 1,790.19 3,407.23 1,686.84
46.17
-2732.29 -1960.32 -1529.8 -1364.76 -2303.15 -1242.26
2.39 0.42 2.65 1.18 3.33 0.26
-2064.74 -2116.46 -2997.46 -90.9 -2342.14 -1061.45
4626.44 2756.89 2530.71 30.35 1176.83 491.78
0 0 0 0 -6.06 -6.08
0.12 0.13 0.32 0.22 0.22 0.32
12.65 8.62 22.21 25.48 64.75 32.72
-12.88 0.89 1.73 4.54 0 0
-168.31 -1309.83 -1969.64 -1393.89 -3406.22 -1784.71

-162.19 -13.26 -21.81 -87.65 437.91 -17.99

0 0 0 0 0 330.13
0 0 0 0 0 -83.38
-160 0 0 0 -135 -65
-25.45 -25.45 -25.45 -42.41 -22.47 -14.89
-259.14 -246.42 -241.08 -241.54 -314.63 -221.7
-166.47 178.68 -344.96 84.91 -127.82 140.02
-5.21 -5.21 -5.16 -8.62 -4.23 0
-85.56 0 -0.43 0 -12.5 0
-864.02 -111.66 -638.89 -295.31 -178.74 67.19
1,045.48 -41.27 -79.56 100.99 -177.73 -30.68

57.52 98.79 178.35 77.36 255.09 285.77

1.23 0 0 0 0 0
1,104.23 57.52 98.79 178.35 77.36 255.09
 Balance Sheet of MRF Ltd. As of March, 2021
(₹
Particulars Mar 2021 Mar 2020 Mar 2019 Mar 2018
EQUITIES & LIABILITIES
Shareholders' Funds
Share Capital 4.24 4.24 4.24 4.24
Total Reserve 13,174.62 12,000.11 10,649.06 9,599.96
13,178.86 12,004.35 10,653.30 9,604.20
Non-Current Liabilities
Secured Loans 63.13 241.5 340 500
Unsecured Loans 1456.73 1304.81 958.82 1030.15
1519.86 1546.31 1298.82 1530.15
Current Liabilities and Provisions
Sundry Creditors 1,760.73 1,409.91 1,343.65 1,216.37
Acceptances 1,598.81 438.81 325.2 307.6
Unclaimed Dividend 2.54 2.62 2.55 2.49
Unearned revenue / Advances received from customers 31.41 83.68 37.98 24.14
Interest Accrued But Not Due 26.34 42.92 62.9 65.76
Due to Subsidiaries 885.32 491.42 658.79 474.99
Trade and Other deposits 1,702.98 1,481.25 1,410.71 1,323.52
Statutory Liability 278.35 70.52 260.07 210.48
Other Liabilities 429.04 657.33 773.51 619.79
Contingent Liabilities 264.88 381 692.08 332.91
Provisions 199.73 153.08 157.08 151.09
7,180.13 5,212.54 5,724.52 4,729.14

Total Liabilities and Equities 21,878.85 18,763.20 17,676.64 15,863.49

ASSETS
Non-Current Assets
Net Fixed Assets
Freehold Land 577.26 570.58 526.09 526.09
Buildings / Premises 2981.93 2751.94 1725.79 1635.94
Plant& Machinery 5007.94 4674.56 3742.33 3309.42
Furniture & Fixtures & Office Appliances 28.90 26.27 24.84 21.89
Vehicles 33.14 31.63 25.25 16.98
Aircrafts & Helicopters 67.75 73.67 78.59 0.00
Leasehold Land 93.38 94.18 95.24 83.24
Computer Software 24.31 28.46 16.20 17.47
Factory Equipments 339.37 340.82 289.54 250.57
Other Fixed Assets 218.58 236.34 224.18 198.67
Capital Work in Progress 1,001.03 1,734.56 1,403.19 1,078.84
10373.59 10563.01 8151.24 7139.11
Long Term Investment in quoted Unquoted Mf's Equity and Bonds 1,715.59 612.56 1,736.47 1,451.06
12089.18 11175.57 9887.71 8590.17

Current Assets
Currents Investments (Including Unquoted MFs) 4,725.83 1,513.65 2,770.39 3,054.02
Inventories 2880.33 2852.69 2950.93 2172.07
Sundry Debtors 2220.5 2257.03 2361.62 2135.92
Cash and Bank 105.34 1106.85 60.07 138.63
Other Current Assets 91.73 85.78 42.07 19.48
Loans and Advances 128.09 141.81 135.42 176.47
Balances with customs and excise authorities 0 0 0 11.13
Securities Deposits 0 0 18 0
10,151.82 7,957.81 8,338.50 7,707.72

Deferred Tax Assets 83.54 68.23 64.04 97.35

Deferred Tax Liability -462.04 -496.06 -903.24 -716.36
Other Deffered Liabilities 16.35 57.65 289.63 184.61

Total Assets 21,878.85 18,763.20 17,676.64 15,863.49

Profit & Loss Statement of MRF Ltd. As of March, 2021

(₹
Particulars Mar 2021 Mar 2020 Mar 2019 Mar 2018
Gross Sales 15,921.35 15,991.14 15,837.00 15,181.05
Increase/Decrease in Stock 359.36 24.88 -608.6 76.04
Raw Materials Consumed 8,869.41 9,484.03 10,250.26 8,991.82
Power & Fuel Cost 654.24 720.79 762.93 637.65
Employee Cost 1,387.87 1,320.51 1,144.28 1,074.65
Other Manufacturing Expenses 716.58 831.37 821.46 691.69
General and Administration Expenses 111.6 151.16 175.26 159.37
Selling and Distribution Expenses 701.15 858.84 849.94 771.75
Miscellaneous Expenses 220.47 269.15 191.03 144.61
Total Expenditure 13020.68 13660.73 13586.56 12547.58
Operating Profit (Excl OI) 2,900.67 2,330.41 2,250.44 2,633.47
Other Income 207.23 330.5 417.47 328.5
Operating Profit 3,107.90 2,660.91 2,667.91 2,961.97
Interest Expenses 270.71 280.97 252.75 249.57
PBDT 2,837.19 2,379.94 2,415.16 2,712.40
Depreciation 1,136.92 980.62 806.27 705.34
Profit Before Taxation & Exceptional Items 1700.27 1399.32 1608.89 1601.91
Profit Before Tax 1700.27 1399.32 1608.89 1601.91
Provision for Tax 451.21 4.34 512.02 509.63
Profits After Tax 1249.06 1394.98 1096.87 1092.28
Equity Dividend % 1000 1000 600 600
Earnings Per Share 2945.9 3290.05 2586.96 2576.13
Adjusted EPS 2945.9 3290.05 2586.96 2576.13

Cash Flow Statement of MRF Ltd. As of March, 2021

(₹
Particulars Mar 2021 Mar 2020 Mar 2019 Mar 2018
Profit Before Tax 1,700.27 1,399.32 1,608.89 1,601.91
Adjustment 1274.86 1037.5 789.17 717.14

Trade & Other receivables 26 118.64 -230.46 -169.81

Inventories -27.64 98.24 -778.86 220.85
Loans & Advances 47.72 -56.36 13.28 72.81
Trade & Other payables 2175.78 -85.1 382.9 551.48
Changes In working Capital 2221.86 75.42 -613.14 675.33
Cash Flow after changes in Working Capital 5,196.99 2,512.24 1,784.92 2,994.38
Tax Paid -509.72 -434.43 -404.7 -465.41
Cash From Operating Activities 4,687.27 2,077.81 1,380.22 2,528.97

Purchase of Fixed Assets -842.95 -2732.29 -1960.32 -1529.8

Sale of Fixed Assets 1.15 2.39 0.42 2.65
Purchase of Investment -6194.95 -2064.74 -2116.46 -2997.46
Sale of Investments 1879.61 4626.44 2756.89 2530.71
Investment in Subsidiaries 0 0 0 0
Dividend Income 0.1 0.12 0.13 0.32
Interest Income 85.43 12.65 8.62 22.21
Increase/ Decrease in Loans 8.75 -12.88 0.89 1.73
Cash Flow from Investing Activities -5062.86 -168.31 -1309.83 -1969.64

Increase / (Decrease) in Loan Funds 118.47 -162.19 -13.26 -21.81

Proceeds from Long Term Borrowings 0 0 0 0
Repayment of Long Term Borrowings 0 0 0 0
Repayment of Debenture / Bonds -160 -160 0 0
Equity Dividend Paid -42.41 -25.45 -25.45 -25.45
Interest Paid -244.64 -259.14 -246.42 -241.08
Changes in working capital borrowings -200.56 -166.47 178.68 -344.96
Income tax on dividend paid 0 -5.21 -5.21 -5.16
Other Financial Activities -96.14 -85.56 0 -0.43
Cash from Financing Activites -625.28 -864.02 -111.66 -638.89
Net Cash Inflow / Outflow -1,000.87 1,045.48 -41.27 -79.56

Opening Cash & Cash Equivalents 1104.23 57.52 98.79 178.35

Effect of Foreign Exchange Fluctuations -0.56 1.23 0 0
Closing Cash & Cash Equivalent 102.80 1,104.23 57.52 98.79
 Increase/Decrease Increase/Decrease Increase/Decrease Increase/Decrease
(₹ in Crore) over 2020 over 2019 over 2018 over 2017
Mar 2017 Mar 2016 ₹ in Crore %age ₹ in Crore %age ₹ in Crore %age ₹ in Crore

4.24 4.24 0.00 0.00% 0.00 0.00% 0.00 0.00% 0.00

8,540.18 7,156.97 1174.51 9.79% 1351.05 12.69% 1049.10 10.93% 1059.78
8,544.42 7,161.21 1174.51 9.78% 1351.05 12.68% 1049.10 10.92% 1059.78

500 569.58 -178.37 -73.86% -98.50 -28.97% -160.00 -32.00% 0.00

903.32 1078.24 151.92 11.64% 345.99 36.08% -71.33 -6.92% 126.83
1403.32 1647.82 -26.45 -1.71% 247.49 19.05% -231.33 -15.12% 126.83

1,043.84 863.48 350.82 24.88% 66.26 4.93% 127.28 10.46% 172.53

345.32 251.24 1160.00 264.35% 113.61 34.94% 17.60 5.72% -37.72
2.49 1.71 -0.08 -3.05% 0.07 2.75% 0.06 2.41% 0.00
34.77 29.71 -52.27 -62.46% 45.70 120.33% 13.84 57.33% -10.63
68.51 71.27 -16.58 -38.63% -19.98 -31.76% -2.86 -4.35% -2.75
287.92 414.1 393.90 80.16% -167.37 -25.41% 183.80 38.70% 187.07
1,237.26 1,188.48 221.73 14.97% 70.54 5.00% 87.19 6.59% 86.26
189.26 220.59 207.83 294.71% -189.55 -72.88% 49.59 23.56% 21.22
823.04 782.81 -228.29 -34.73% -116.18 -15.02% 153.72 24.80% -203.25
448.07 220.86 -116.12 -30.48% -311.08 -44.95% 359.17 107.89% -115.16
183.32 93.56 46.65 30.47% -4.00 -2.55% 5.99 3.96% -32.23
4,663.80 4,137.81 1967.59 37.75% -511.98 -8.94% 995.38 21.05% 65.34

14,611.54 12,946.84 3115.65 16.61% 1086.56 6.15% 1813.15 11.43% 1251.95

524.22 490.02 6.68 1.17% 44.49 8.46% 0.00 0.00% 1.87

1350.84 1044.41 229.99 8.36% 1026.15 59.46% 89.85 5.49% 285.10
3051.56 2719.27 333.38 7.13% 932.23 24.91% 432.91 13.08% 257.86
21.03 17.32 2.63 10.01% 1.43 5.76% 2.95 13.48% 0.86
17.83 15.24 1.51 4.77% 6.38 25.27% 8.27 48.70% -0.85
-5.92 -8.04% -4.92 -6.26% 78.59 N/A 0.00
84.16 2.55 -0.80 -0.85% -1.06 -1.11% 12.00 14.42% -0.92
13.23 9.06 -4.15 -14.58% 12.26 75.68% -1.27 -7.27% 4.24
228.37 183.87 -1.45 -0.43% 51.28 17.71% 38.97 15.55% 22.20
181.28 100.33 -17.76 -7.51% 12.16 5.42% 25.51 12.84% 17.39
846.96 1,058.40 -733.53 -42.29% 331.37 23.62% 324.35 30.06% 231.88
6319.48 5640.47 -189.42 -1.79% 2411.77 29.59% 1012.13 14.18% 819.63
1,403.10 1,292.91 1103.03 180.07% -1123.91 -64.72% 285.41 19.67% 47.96
7722.58 6933.38 913.61 8.18% 1287.86 13.02% 1297.54 15.10% 867.59

2,313.78 2,102.75 3212.18 212.21% -1256.74 -45.36% -283.63 -9.29% 740.24

2392.92 1879.74 27.64 0.97% -98.24 -3.33% 778.86 35.86% -220.85
 1959.95 1831.72 -36.53 -1.62% -104.59 -4.43% 225.70 10.57% 175.97
274.42 80.45 -1001.51 -90.48% 1046.78 1742.60% -78.56 -56.67% -135.79
25.55 24.39 5.95 6.94% 43.71 103.90% 22.59 115.97% -6.07
220.86 305.59 -13.72 -9.67% 6.39 4.72% -41.05 -23.26% -44.39
62.78 78.55 0.00 N/A 0.00 N/A -11.13 -100.00% -51.65
0 0 0.00 N/A -18.00 -100.00% 18.00 N/A 0.00
7,250.26 6,303.19 2194.01 27.57% -380.69 -4.57% 630.78 8.18% 457.46

100.08 40.19 15.31 22.44% 4.19 6.54% -33.31 -34.22% -2.73

-601.25 -391.98 34.02 -6.86% 407.18 -45.08% -186.88 26.09% -115.11
139.87 62.06 -41.30 -71.64% -231.98 -80.10% 105.02 56.89% 44.74

14,611.54 12,946.84 3115.65 16.61% 1086.56 6.15% 1813.15 11.43% 1251.95

Increase/Decrease Increase/Decrease Increase/Decrease Increase/Decrease

(₹ in Crore) over 2020 over 2019 over 2018 over 2017
Mar 2017 Mar 2016 ₹ in Crore %age ₹ in Crore %age ₹ in Crore %age ₹ in Crore
14,749.40 14,774.69 -69.79 -0.44% 154.14 1.0% 655.95 4.32% 431.65
-222.08 -9.97 334.48 1344.37% 633.48 -104.1% -684.64 -900.37% 298.12
7,721.57 7,467.87 -614.62 -6.48% -766.23 -7.5% 1258.44 14.00% 1270.25
580.32 561.37 -66.55 -9.23% -42.14 -5.5% 125.28 19.65% 57.33
983.14 839.27 67.36 5.10% 176.23 15.4% 69.63 6.48% 91.51
634.62 597.42 -114.79 -13.81% 9.91 1.2% 129.77 18.76% 57.07
147.6 126.01 -39.56 -26.17% -24.10 -13.8% 15.89 9.97% 11.77
693.27 645.07 -157.69 -18.36% 8.90 1.0% 78.19 10.13% 78.48
117.03 116.85 -48.68 -18.09% 78.12 40.9% 46.42 32.10% 27.58
10655.47 10343.89 -640.05 -4.69% 74.17 0.5% 1038.98 8.28% 1892.11
4,093.93 4,430.80 570.26 24.47% 79.97 3.6% -383.03 -14.54% -1460.46
328.61 214.11 -123.27 -37.30% -86.97 -20.8% 88.97 27.08% -0.11
4,422.54 4,644.91 446.99 16.80% -7.00 -0.3% -294.06 -9.93% -1460.57
249.84 234.59 -10.26 -3.65% 28.22 11.2% 3.18 1.27% -0.27
4,172.70 4,410.32 457.25 19.21% -35.22 -1.5% -297.24 -10.96% -1460.30
609.15 489.84 156.30 15.94% 174.35 21.6% 100.93 14.31% 96.19
2066.37 2403.97 300.95 21.51% -209.57 -13.0% 6.98 0.44% -464.46
2066.37 2403.97 300.95 21.51% -209.57 -13.0% 6.98 0.44% -464.46
615.29 754.70 446.87 10296.54% -507.68 -99.2% 2.39 0.47% -105.66
1451.08 1649.27 -145.92 -10.46% 298.11 27.2% 4.59 0.42% -358.80
600 666.67 0.00 0.00% 400.00 66.7% 0.00 0.00% 0.00
3422.36 3889.78 -344.15 -10.46% 703.09 27.2% 10.83 0.42% -846.23
3422.36 3889.78 -344.15 -10.46% 703.09 27.2% 10.83 0.42% -846.23

Increase/Decrease Increase/Decrease Increase/Decrease Increase/Decrease

(₹ in Crore) over 2020 over 2019 over 2018 over 2017
Mar 2017 Mar 2016 ₹ in Crore %age ₹ in Crore %age ₹ in Crore %age ₹ in Crore
2,066.37 3,605.95 300.95 21.51% -209.57 -13.03% 6.98 0.44% -464.46
550.52 792.75 237.36 22.88% 248.33 31.47% 72.03 10.04% 166.62

-130.18 -314.99 -92.64 -78.08% 349.10 -151.48% -60.65 35.72% -39.63

-513.18 -80.04 -125.88 -128.14% 877.10 -112.61% -999.71 -452.66% 734.03
78.69 3.37 104.08 -184.67% -69.64 -524.40% -59.53 -81.76% -5.88
137.59 561.25 2260.88 -2656.73% -468.00 -122.23% -168.58 -30.57% 413.89
-427.08 169.59 2146.44 2845.98% 688.56 -112.30% -1288.47 -190.79% 1102.41
2,189.81 4,568.29 2684.75 106.87% 727.32 40.75% -1209.46 -40.39% 804.57
-399.62 -1,161.06 -75.29 17.33% -29.73 7.35% 60.71 -13.04% -65.79
1,790.19 3,407.23 2609.46 125.59% 697.59 50.54% -1148.75 -45.42% 738.78

-1364.76 -2303.15 1889.34 -69.15% -771.97 39.38% -430.52 28.14% -165.04

1.18 3.33 -1.24 -51.88% 1.97 469.05% -2.23 -84.15% 1.47
-90.9 -2342.14 -4130.21 200.04% 51.72 -2.44% 881.00 -29.39% -2906.56
30.35 1176.83 -2746.83 -59.37% 1869.55 67.81% 226.18 8.94% 2500.36
0 -6.06 0.00 N/A 0.00 N/A 0.00 N/A 0.00
0.22 0.22 -0.02 -16.67% -0.01 -7.69% -0.19 -59.38% 0.10
25.48 64.75 72.78 575.34% 4.03 46.75% -13.59 -61.19% -3.27
4.54 0 21.63 -167.93% -13.77 -1547.19% -0.84 -48.55% -2.81
-1393.89 -3406.22 -4894.55 2908.06% 1141.52 -87.15% 659.81 -33.50% -575.75

-87.65 437.91 280.66 -173.04% -148.93 1123.15% 8.55 -39.20% 65.84

0 0 0.00 N/A 0.00 N/A 0.00 N/A 0.00
0 0 0.00 N/A 0.00 N/A 0.00 N/A 0.00
0 -135 0.00 0.00% -160.00 N/A 0.00 N/A 0.00
-42.41 -22.47 -16.96 66.64% 0.00 0.00% 0.00 0.00% 16.96
-241.54 -314.63 14.50 -5.60% -12.72 5.16% -5.34 2.22% 0.46
84.91 -127.82 -34.09 20.48% -345.15 -193.17% 523.64 -151.80% -429.87
-8.62 -4.23 5.21 -100.00% 0.00 0.00% -0.05 0.97% 3.46
0 -12.5 -10.58 12.37% -85.56 N/A 0.43 -100.00% -0.43
-295.31 -178.74 238.74 -27.63% -752.36 673.80% 527.23 -82.52% -343.58
100.99 -177.73 -2046.35 -195.73% 1086.75 -2633.27% 38.29 -48.13% -180.55

77.36 255.09 1046.71 1819.73% -41.27 -41.78% -79.56 -44.61% 100.99

0 0 -1.79 -145.53% 1.23 N/A 0.00 N/A 0.00
178.35 77.36 -1001.43 -90.69% 1046.71 1819.73% -41.27 -41.78% -79.56
Increase/Decrease Increase/Decrease
over 2017 over 2016
%age ₹ in Crore %age

0.00% 0.00 0.00%

12.41% 1383.21 19.33%
12.40% 1383.21 19.32%

0.00% -69.58 -12.22%

14.04% -174.92 -16.22%
9.04% -244.50 -14.84%

16.53% 180.36 20.89%

-10.92% 94.08 37.45%
0.00% 0.78 45.61%
-30.57% 5.06 17.03%
-4.01% -2.76 -3.87%
64.97% -126.18 -30.47%
6.97% 48.78 4.10%
11.21% -31.33 -14.20%
-24.70% 40.23 5.14%
-25.70% 227.21 102.88%
-17.58% 89.76 95.94%
1.40% 525.99 12.71%

8.57% 1664.70 12.86%

0.36% 34.20 6.98%

21.11% 306.43 29.34%
8.45% 332.29 12.22%
4.09% 3.71 21.42%
-4.77% 2.59 16.99%
N/A 0.00 N/A
-1.09% 81.61 3200.39%
32.05% 4.17 46.03%
9.72% 44.50 24.20%
9.59% 80.95 80.68%
27.38% -211.44 -19.98%
12.97% 679.01 12.04%
3.42% 110.19 8.52%
11.23% 789.20 11.38%

31.99% 211.03 10.04%

-9.23% 513.18 27.30%
 8.98% 128.23 7.00%
-49.48% 193.97 241.11%
-23.76% 1.16 4.76%
-20.10% -84.73 -27.73%
-82.27% -15.77 -20.08%
N/A 0.00 N/A
6.31% 947.07 15.03%

-2.73% 59.89 149.02%

19.15% -209.27 53.39%
31.99% 77.81 125.38%

8.57% 1664.70 12.86%

Increase/Decrease Increase/Decrease
over 2017 over 2016
%age ₹ in Crore %age
2.93% -25.29 -0.17%
-134.24% -212.11 2127.48%
16.45% 253.70 3.40%
9.88% 18.95 3.38%
9.31% 143.87 17.14%
8.99% 37.20 6.23%
7.97% 21.59 17.13%
11.32% 48.20 7.47%
23.57% 0.18 0.15%
17.76% 311.58 3.01%
-35.67% -336.87 -7.60%
-0.03% 114.50 53.48%
-33.03% -222.37 -4.79%
-0.11% 15.25 6.50%
-35.00% -237.62 -5.39%
15.79% 119.31 24.36%
-22.48% -337.60 -14.04%
-22.48% -337.60 -14.04%
-17.17% -139.41 -18.47%
-24.73% -198.19 -12.02%
0.00% -66.67 -10.00%
-24.73% -467.42 -12.02%
-24.73% -467.42 -12.02%

Increase/Decrease Increase/Decrease
over 2017 over 2016
%age ₹ in Crore %age
 -22.48% -1539.58 -42.70%
30.27% -242.23 -30.56%

30.44% 184.81 -58.67%

-143.04% -433.14 541.15%
-7.47% 75.32 2235.01%
300.81% -423.66 -75.49%
-258.13% -596.67 -351.83%
36.74% -2378.48 -52.06%
16.46% 761.44 -65.58%
41.27% -1617.04 -47.46%

12.09% 938.39 -40.74%

124.58% -2.15 -64.56%
3197.54% 2251.24 -96.12%
8238.42% -1146.48 -97.42%
N/A 6.06 -100.00%
45.45% 0.00 0.00%
-12.83% -39.27 -60.65%
-61.89% 4.54 #DIV/0!
41.31% 2012.33 -59.08%

-75.12% -525.56 -120.02%

N/A 0.00 N/A
N/A 0.00 N/A
N/A 135.00 -100.00%
-39.99% -19.94 88.74%
-0.19% 73.09 -23.23%
-506.27% 212.73 -166.43%
-40.14% -4.39 103.78%
N/A 12.50 -100.00%
116.35% -116.57 65.22%
-178.78% 278.72 -156.82%

130.55% -177.73 -69.67%

N/A 0.00 N/A
-44.61% 100.99 130.55%
 Balance Sheet of MRF Ltd. As of March, 2021
(₹ in C
Particulars Mar 2021 Mar 2020 Mar 2019 Mar 2018
EQUITIES & LIABILITIES
Shareholders' Funds
Share Capital 4.24 4.24 4.24 4.24
Total Reserve 13,174.62 12,000.11 10,649.06 9,599.96
13,178.86 12,004.35 10,653.30 9,604.20
Non-Current Liabilities
Secured Loans 63.13 241.5 340 500
Unsecured Loans 1456.73 1304.81 958.82 1030.15
1519.86 1546.31 1298.82 1530.15
Current Liabilities and Provisions
Sundry Creditors 1,760.73 1,409.91 1,343.65 1,216.37
Acceptances 1,598.81 438.81 325.2 307.6
Unclaimed Dividend 2.54 2.62 2.55 2.49
Unearned revenue / Advances received from customers 31.41 83.68 37.98 24.14
Interest Accrued But Not Due 26.34 42.92 62.9 65.76
Due to Subsidiaries 885.32 491.42 658.79 474.99
Trade and Other deposits 1,702.98 1,481.25 1,410.71 1,323.52
Statutory Liability 278.35 70.52 260.07 210.48
Other Liabilities 429.04 657.33 773.51 619.79
Contingent Liabilities 264.88 381 692.08 332.91
Provisions 199.73 153.08 157.08 151.09
7,180.13 5,212.54 5,724.52 4,729.14

Total Liabilities and Equities 21,878.85 18,763.20 17,676.64 15,863.49

ASSETS
Non-Current Assets
Net Fixed Assets
Freehold Land 577.26 570.58 526.09 526.09
Buildings / Premises 2981.93 2751.94 1725.79 1635.94
Plant& Machinery 5007.94 4674.56 3742.33 3309.42
Furniture & Fixtures & Office Appliances 28.90 26.27 24.84 21.89
Vehicles 33.14 31.63 25.25 16.98
Aircrafts & Helicopters 67.75 73.67 78.59 0.00
Leasehold Land 93.38 94.18 95.24 83.24
Computer Software 24.31 28.46 16.20 17.47
Factory Equipments 339.37 340.82 289.54 250.57
Other Fixed Assets 218.58 236.34 224.18 198.67
Capital Work in Progress 1,001.03 1,734.56 1,403.19 1,078.84
10373.59 10563.01 8151.24 7139.11
Long Term Investment in quoted Unquoted Mf's Equity and Bonds 1,715.59 612.56 1,736.47 1,451.06
12089.18 11175.57 9887.71 8590.17
Current Assets
Currents Investments (Including Unquoted MFs) 4,725.83 1,513.65 2,770.39 3,054.02
Inventories 2880.33 2852.69 2950.93 2172.07
Sundry Debtors 2220.5 2257.03 2361.62 2135.92
Cash and Bank 105.34 1106.85 60.07 138.63
Other Current Assets 91.73 85.78 42.07 19.48
Loans and Advances 128.09 141.81 135.42 176.47
Balances with customs and excise authorities 0 0 0 11.13
Securities Deposits 0 0 18 0
10,151.82 7,957.81 8,338.50 7,707.72

Deferred Tax Assets 83.54 68.23 64.04 97.35

Deferred Tax Liability -462.04 -496.06 -903.24 -716.36
Other Deffered Liabilities 16.35 57.65 289.63 184.61

Total Assets 21,878.85 18,763.20 17,676.64 15,863.49

Profit & Loss Statement of MRF Ltd. As of March, 2021

(₹ in C
Particulars Mar 2021 Mar 2020 Mar 2019 Mar 2018
Gross Sales 15,921.35 15,991.14 15,837.00 15,181.05
Increase/Decrease in Stock 359.36 24.88 -608.6 76.04
Raw Materials Consumed 8,869.41 9,484.03 10,250.26 8,991.82
Power & Fuel Cost 654.24 720.79 762.93 637.65
Employee Cost 1,387.87 1,320.51 1,144.28 1,074.65
Other Manufacturing Expenses 716.58 831.37 821.46 691.69
General and Administration Expenses 111.6 151.16 175.26 159.37
Selling and Distribution Expenses 701.15 858.84 849.94 771.75
Miscellaneous Expenses 220.47 269.15 191.03 144.61
Total Expenditure 13020.68 13660.73 13586.56 12547.58
Operating Profit (Excl OI) 2,900.67 2,330.41 2,250.44 2,633.47
Other Income 207.23 330.5 417.47 328.5
Operating Profit 3,107.90 2,660.91 2,667.91 2,961.97
Interest Expenses 270.71 280.97 252.75 249.57
PBDT 2,837.19 2,379.94 2,415.16 2,712.40
Depreciation 1,136.92 980.62 806.27 705.34
Profit Before Taxation & Exceptional Items 1700.27 1399.32 1608.89 1601.91
Profit Before Tax 1700.27 1399.32 1608.89 1601.91
Provision for Tax 451.21 4.34 512.02 509.63
Profits After Tax 1249.06 1394.98 1096.87 1092.28
Equity Dividend % 1000 1000 600 600
Earnings Per Share 2945.9 3290.05 2586.96 2576.13
Adjusted EPS 2945.9 3290.05 2586.96 2576.13
 Cash Flow Statement of MRF Ltd. As of March, 2021
(₹ in C
Particulars Mar 2021 Mar 2020 Mar 2019 Mar 2018

Profit Before Tax 1,700.27 1,399.32 1,608.89 1,601.91

Adjustment 1274.86 1037.5 789.17 717.14

Trade & Other receivables 26 118.64 -230.46 -169.81

Inventories -27.64 98.24 -778.86 220.85
Loans & Advances 47.72 -56.36 13.28 72.81
Trade & Other payables 2175.78 -85.1 382.9 551.48
Changes In working Capital 2221.86 75.42 -613.14 675.33
Cash Flow after changes in Working Capital 5,196.99 2,512.24 1,784.92 2,994.38
Tax Paid -509.72 -434.43 -404.7 -465.41
Cash From Operating Activities 4,687.27 2,077.81 1,380.22 2,528.97

Purchase of Fixed Assets -842.95 -2732.29 -1960.32 -1529.8

Sale of Fixed Assets 1.15 2.39 0.42 2.65
Purchase of Investment -6194.95 -2064.74 -2116.46 -2997.46
Sale of Investments 1879.61 4626.44 2756.89 2530.71
Investment in Subsidiaries 0 0 0 0
Dividend Income 0.1 0.12 0.13 0.32
Interest Income 85.43 12.65 8.62 22.21
Increase/ Decrease in Loans 8.75 -12.88 0.89 1.73
Cash Flow from Investing Activities -5062.86 -168.31 -1309.83 -1969.64

Increase / (Decrease) in Loan Funds 118.47 -162.19 -13.26 -21.81

Repayment of Debenture / Bonds -160 -160 0 0
Equity Dividend Paid -42.41 -25.45 -25.45 -25.45
Interest Paid -244.64 -259.14 -246.42 -241.08
Changes in working capital borrowings -200.56 -166.47 178.68 -344.96
Income tax on dividend paid 0 -5.21 -5.21 -5.16
Other Financial Activities -96.14 -85.56 0 -0.43
Cash from Financing Activites -625.28 -864.02 -111.66 -638.89
Net Cash Inflow / Outflow -1,000.87 1,045.48 -41.27 -79.56

Opening Cash & Cash Equivalents 1104.23 57.52 98.79 178.35

Effect of Foreign Exchange Fluctuations -0.56 1.23 0 0
Closing Cash & Cash Equivalent 102.80 1,104.23 57.52 98.79
 (₹ in Crore) Common Sized/ Veticle Analysis
Mar 2017 Mar 2016 Mar 2021 Mar 2020 Mar 2019 Mar 2018 Mar 2017 Mar 2016

4.24 4.24 0.02% 0.02% 0.02% 0.03% 0.03% 0.03%

8,540.18 7,156.97 60.22% 63.96% 60.24% 60.52% 58.45% 55.28%
8,544.42 7,161.21 60.24% 63.98% 60.27% 60.54% 58.48% 55.31%

500 569.58 0.29% 1.29% 1.92% 3.15% 3.42% 4.40%

903.32 1078.24 6.66% 6.95% 5.42% 6.49% 6.18% 8.33%
1403.32 1647.82 6.95% 8.24% 7.35% 9.65% 9.60% 12.73%

1,043.84 863.48 8.05% 7.51% 7.60% 7.67% 7.14% 6.67%

345.32 251.24 7.31% 2.34% 1.84% 1.94% 2.36% 1.94%
2.49 1.71 0.01% 0.01% 0.01% 0.02% 0.02% 0.01%
34.77 29.71 0.14% 0.45% 0.21% 0.15% 0.24% 0.23%
68.51 71.27 0.12% 0.23% 0.36% 0.41% 0.47% 0.55%
287.92 414.1 4.05% 2.62% 3.73% 2.99% 1.97% 3.20%
1,237.26 1,188.48 7.78% 7.89% 7.98% 8.34% 8.47% 9.18%
189.26 220.59 1.27% 0.38% 1.47% 1.33% 1.30% 1.70%
823.04 782.81 1.96% 3.50% 4.38% 3.91% 5.63% 6.05%
448.07 220.86 1.21% 2.03% 3.92% 2.10% 3.07% 1.71%
183.32 93.56 0.91% 0.82% 0.89% 0.95% 1.25% 0.72%
4,663.80 4,137.81 32.82% 27.78% 32.38% 29.81% 31.92% 31.96%

14,611.54 12,946.84 100.00% 100.00% 1000.00% 100.00% 100.00% 100.00%

524.22 490.02 2.64% 3.04% 2.98% 3.32% 3.59% 3.78%

1350.84 1044.41 13.63% 14.67% 9.76% 10.31% 9.25% 8.07%
3051.56 2719.27 22.89% 24.91% 21.17% 20.86% 20.88% 21.00%
21.03 17.32 0.13% 0.14% 0.14% 0.14% 0.14% 0.13%
17.83 15.24 0.15% 0.17% 0.14% 0.11% 0.12% 0.12%
0.31% 0.39% 0.44% 0.00% 0.00% 0.00%
84.16 2.55 0.43% 0.50% 0.54% 0.52% 0.58% 0.02%
13.23 9.06 0.11% 0.15% 0.09% 0.11% 0.09% 0.07%
228.37 183.87 1.55% 1.82% 1.64% 1.58% 1.56% 1.42%
181.28 100.33 1.00% 1.26% 1.27% 1.25% 1.24% 0.77%
846.96 1,058.40 4.58% 9.24% 7.94% 6.80% 5.80% 8.17%
6319.48 5640.47 47.41% 56.30% 46.11% 45.00% 43.25% 43.57%
1,403.10 1,292.91 7.84% 3.26% 9.82% 9.15% 9.60% 9.99%
7722.58 6933.38 55.26% 59.56% 55.94% 54.15% 52.85% 53.55%
 2,313.78 2,102.75 21.60% 8.07% 15.67% 19.25% 15.84% 16.24%
2392.92 1879.74 13.16% 15.20% 16.69% 13.69% 16.38% 14.52%
1959.95 1831.72 10.15% 12.03% 13.36% 13.46% 13.41% 14.15%
274.42 80.45 0.48% 5.90% 0.34% 0.87% 1.88% 0.62%
25.55 24.39 0.42% 0.46% 0.24% 0.12% 0.17% 0.19%
220.86 305.59 0.59% 0.76% 0.77% 1.11% 1.51% 2.36%
62.78 78.55 0.00% 0.00% 0.00% 0.07% 0.43% 0.61%
0 0 0.00% 0.00% 0.10% 0.00% 0.00% 0.00%
7,250.26 6,303.19 46.40% 42.41% 47.17% 48.59% 49.62% 48.69%

100.08 40.19 0.38% 0.36% 0.36% 0.61% 0.68% 0.31%

-601.25 -391.98 -2.11% -2.64% -5.11% -4.52% -4.11% -3.03%
139.87 62.06 0.07% 0.31% 1.64% 1.16% 0.96% 0.48%

14,611.54 12,946.84 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

(₹ in Crore) Common Sized/ Veticle Analysis

Mar 2017 Mar 2016 Mar 2021 Mar 2020 Mar 2019 Mar 2018 Mar 2017 Mar 2016
14,749.40 14,774.69 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
-222.08 -9.97 2.26% 0.16% -3.84% 0.50% -1.51% -0.07%
7,721.57 7,467.87 55.71% 59.31% 64.72% 59.23% 52.35% 50.55%
580.32 561.37 4.11% 4.51% 4.82% 4.20% 3.93% 3.80%
983.14 839.27 8.72% 8.26% 7.23% 7.08% 6.67% 5.68%
634.62 597.42 4.50% 5.20% 5.19% 4.56% 4.30% 4.04%
147.6 126.01 0.70% 0.95% 1.11% 1.05% 1.00% 0.85%
693.27 645.07 4.40% 5.37% 5.37% 5.08% 4.70% 4.37%
117.03 116.85 1.38% 1.68% 1.21% 0.95% 0.79% 0.79%
10655.47 10343.89 81.78% 85.43% 85.79% 82.65% 72.24% 70.01%
4,093.93 4,430.80 18.22% 14.57% 14.21% 17.35% 27.76% 29.99%
328.61 214.11 1.30% 2.07% 2.64% 2.16% 2.23% 1.45%
4,422.54 4,644.91 19.52% 16.64% 16.85% 19.51% 29.98% 31.44%
249.84 234.59 1.70% 1.76% 1.60% 1.64% 1.69% 1.59%
4,172.70 4,410.32 17.82% 14.88% 15.25% 17.87% 28.29% 29.85%
609.15 489.84 7.14% 6.13% 5.09% 4.65% 4.13% 3.32%
2066.37 2403.97 10.68% 8.75% 10.16% 10.55% 14.01% 16.27%
2066.37 2403.97 10.68% 8.75% 10.16% 10.55% 14.01% 16.27%
615.29 754.70 2.83% 0.03% 3.23% 3.36% 4.17% 5.11%
1451.08 1649.27 7.85% 8.72% 6.93% 7.20% 9.84% 11.16%
600 666.67 6.28% 6.25% 3.79% 3.95% 4.07% 4.51%
3422.36 3889.78 18.50% 20.57% 16.33% 16.97% 23.20% 26.33%
3422.36 3889.78 18.50% 20.57% 16.33% 16.97% 23.20% 26.33%
 (₹ in Crore) Common Sized/ Veticle Analysis
Mar 2017 Mar 2016 Mar 2021 Mar 2020 Mar 2019 Mar 2018 Mar 2017 Mar 2016

2,066.37 3,605.95 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

550.52 792.75 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

-130.18 -314.99 0.55% 5.71% -16.70% -6.71% -7.27% -9.24%

-513.18 -80.04 -0.59% 4.73% -56.43% 8.73% -28.67% -2.35%
78.69 3.37 1.02% -2.71% 0.96% 2.88% 4.40% 0.10%
137.59 561.25 46.42% -4.10% 27.74% 21.81% 7.69% 16.47%
-427.08 169.59 47.40% 3.63% -44.42% 26.70% -23.86% 4.98%
2,189.81 4,568.29 110.87% 120.91% 129.32% 118.40% 122.32% 134.08%
-399.62 -1,161.06 -10.87% -20.91% -29.32% -18.40% -22.32% -34.08%
1,790.19 3,407.23 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

-1364.76 -2303.15 16.65% 1623.37% 149.66% 77.67% 97.91% 67.62%

1.18 3.33 -0.02% -1.42% -0.03% -0.13% -0.08% -0.10%
-90.9 -2342.14 122.36% 1226.75% 161.58% 152.18% 6.52% 68.76%
30.35 1176.83 -37.13% -2748.8% -210.48% -128.49% -2.18% -34.55%
0 -6.06 0.00% 0.00% 0.00% 0.00% 0.00% 0.18%
0.22 0.22 0.00% -0.07% -0.01% -0.02% -0.02% -0.01%
25.48 64.75 -1.69% -7.52% -0.66% -1.13% -1.83% -1.90%
4.54 0 -0.17% 7.65% -0.07% -0.09% -0.33% 0.00%
-1393.89 -3406.22 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

-87.65 437.91 -18.95% 18.77% 11.88% 3.41% 29.68% -245.00%

0 -135 25.59% 18.52% 0.00% 0.00% 0.00% 75.53%
-42.41 -22.47 6.78% 2.95% 22.79% 3.98% 14.36% 12.57%
-241.54 -314.63 39.12% 29.99% 220.69% 37.73% 81.79% 176.03%
84.91 -127.82 32.08% 19.27% -160.02% 53.99% -28.75% 71.51%
-8.62 -4.23 0.00% 0.60% 4.67% 0.81% 2.92% 2.37%
0 -12.5 15.38% 9.90% 0.00% 0.07% 0.00% 6.99%
-295.31 -178.74 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
100.99 -177.73 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

77.36 255.09 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

0 0 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
178.35 77.36 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
 Trend Analysis of MRF Ltd. As of March, 2021
Particulars Mar 2021 Mar 2020 Mar 2019 Mar 2018 Mar 2017 Mar 2016
Results for the Year
Operating Profit 3107.9 2660.91 2667.91 2961.97 4422.54 4644.91
Index 0.669098 0.572866 0.574373 0.637681 0.952126 1
Profit before Depriciation and Tax 2837.19 2379.94 2415.16 2712.4 4172.7 4410.32
Index 0.643307 0.53963 0.547616 0.615012 0.946122 1
Profit Before Tax 1700.27 1399.32 1608.89 1601.91 2066.37 2403.97
Index 0.707276 0.582087 0.669264 0.66636 0.859566 1
Profit after Tax 1249.06 1394.98 1096.87 1092.28 1451.08 1649.27
Index 0.757341 0.845817 0.665064 0.662281 0.879832 1
Equity Dividend 1000 1000 600 600 600 666.67
Index 1.499993 1.499993 0.899996 0.899996 0.899996 1
Position at the Year End
Net Block 9391.14 8849.18 6767.52 6075.31 5487.58 4593.8
Index 2.044308 1.926331 1.473186 1.322502 1.194562 1
Net Current Assets -1756.37 1268.54 113.75 94.13 397.49 112.96
Index -15.5486 11.22999 1.006994 0.833304 3.518856 1
Net Worth 13178.86 12004.35 10653.3 9604.2 8544.42 7161.21
Index 1.840312 1.676302 1.48764 1.341142 1.193153 1
Share Capital 4.24 4.24 4.24 4.24 4.24 4.24
Reserves & Surplus 13174.62 12000.11 10649.06 9599.96 8540.18 7156.97

The year 2016 has been taken as the base year and that is the reason Index row of the 2016 year is 1.
 Balance Sheet of MRF Ltd. As of March, 2021

Particulars Mar 2021 Mar 2020 Mar 2019

EQUITIES & LIABILITIES
Shareholders' Funds
Share Capital 4.24 4.24 4.24
Total Reserve 13,174.62 12,000.11 10,649.06
13,178.86 12,004.35 10,653.30
Non-Current Liabilities
Secured Loans 63.13 241.5 340
Unsecured Loans 1456.73 1304.81 958.82
1519.86 1546.31 1298.82
Current Liabilities and Provisions
Sundry Creditors 1,760.73 1,409.91 1,343.65
Acceptances 1,598.81 438.81 325.2
Unclaimed Dividend 2.54 2.62 2.55
Unearned revenue / Advances received from customers 31.41 83.68 37.98
Interest Accrued But Not Due 26.34 42.92 62.9
Due to Subsidiaries 885.32 491.42 658.79
Trade and Other deposits 1,702.98 1,481.25 1,410.71
Statutory Liability 278.35 70.52 260.07
Other Liabilities 429.04 657.33 773.51
Contingent Liabilities 264.88 381 692.08
Provisions 199.73 153.08 157.08
7,180.13 5,212.54 5,724.52

Total Liabilities and Equities 21,878.85 18,763.20 17,676.64

ASSETS
Non-Current Assets
Net Fixed Assets
Freehold Land 577.26 570.58 526.09
Buildings / Premises 2981.93 2751.94 1725.79
Plant& Machinery 5007.94 4674.56 3742.33
Furniture & Fixtures & Office Appliances 28.90 26.27 24.84
Vehicles 33.14 31.63 25.25
Aircrafts & Helicopters 67.75 73.67 78.59
Leasehold Land 93.38 94.18 95.24
Computer Software 24.31 28.46 16.20
Factory Equipments 339.37 340.82 289.54
Other Fixed Assets 218.58 236.34 224.18
Capital Work in Progress 1,001.03 1,734.56 1,403.19
10373.59 10563.01 8151.24
Long Term Investment in quoted Unquoted Mf's Equity and Bonds 1,715.59 612.56 1,736.47
12089.18 11175.57 9887.71

Current Assets
Currents Investments (Including Unquoted MFs) 4,725.83 1,513.65 2,770.39
Inventories 2880.33 2852.69 2950.93
Sundry Debtors 2220.5 2257.03 2361.62
Cash and Bank 105.34 1106.85 60.07
Other Current Assets 91.73 85.78 42.07
Loans and Advances 128.09 141.81 135.42
Balances with customs and excise authorities 0 0 0
Securities Deposits 0 0 18
10,151.82 7,957.81 8,338.50

Deferred Tax Assets 83.54 68.23 64.04

Deferred Tax Liability -462.04 -496.06 -903.24
Other Deffered Liabilities 16.35 57.65 289.63

Total Assets 21,878.85 18,763.20 17,676.64

Profit & Loss Statement of MRF Ltd. As of March, 2

Particulars Mar 2021 Mar 2020 Mar 2019

Gross Sales 15,921.35 15,991.14 15,837.00
Increase/Decrease in Stock 359.36 24.88 -608.6
Raw Materials Consumed 8,869.41 9,484.03 10,250.26
Power & Fuel Cost 654.24 720.79 762.93
Employee Cost 1,387.87 1,320.51 1,144.28
Other Manufacturing Expenses 716.58 831.37 821.46
General and Administration Expenses 111.6 151.16 175.26
Selling and Distribution Expenses 701.15 858.84 849.94
Miscellaneous Expenses 220.47 269.15 191.03
Total Expenditure 13020.68 13660.73 13586.56
Operating Profit (Excl OI) 2,900.67 2,330.41 2,250.44
Other Income 207.23 330.5 417.47
Operating Profit 3,107.90 2,660.91 2,667.91
Interest Expenses 270.71 280.97 252.75
PBDT 2,837.19 2,379.94 2,415.16
Depreciation 1,136.92 980.62 806.27
Profit Before Taxation & Exceptional Items 1700.27 1399.32 1608.89
Profit Before Tax 1700.27 1399.32 1608.89
Provision for Tax 451.21 4.34 512.02
Profits After Tax 1249.06 1394.98 1096.87
Equity Dividend % 1000 1000 600
Earnings Per Share 2945.9 3290.05 2586.96
Adjusted EPS 2945.9 3290.05 2586.96

Cash Flow Statement of MRF Ltd. As of March, 20

Particulars Mar 2021 Mar 2020 Mar 2019

Profit Before Tax 1,700.27 1,399.32 1,608.89
Adjustment 1274.86 1037.5 789.17

Trade & Other receivables 26 118.64 -230.46

Inventories -27.64 98.24 -778.86
Loans & Advances 47.72 -56.36 13.28
Trade & Other payables 2175.78 -85.1 382.9
Decrease / (Increase) in LT loans & Advances 0 0 0
Increase / (Decrease) in Other non current Liabilities 0 0 0
Changes In working Capital 2221.86 75.42 -613.14
Cash Flow after changes in Working Capital 5,196.99 2,512.24 1,784.92
Tax Paid -509.72 -434.43 -404.7
Cash From Operating Activities 4,687.27 2,077.81 1,380.22

Purchase of Fixed Assets -842.95 -2732.29 -1960.32

Sale of Fixed Assets 1.15 2.39 0.42
Purchase of Investment -6194.95 -2064.74 -2116.46
Sale of Investments 1879.61 4626.44 2756.89
Investment in Subsidiaries 0 0 0
Dividend Income 0.1 0.12 0.13
Interest Income 85.43 12.65 8.62
Increase/ Decrease in Loans 8.75 -12.88 0.89
Cash Flow from Investing Activities -5062.86 -168.31 -1309.83

Increase / (Decrease) in Loan Funds 118.47 -162.19 -13.26

Proceeds from Long Term Borrowings 0 0 0
Repayment of Long Term Borrowings 0 0 0
Proceeds from Debenture / Bonds 0 0 0
Repayment of Debenture / Bonds -160 -160 0
Equity Dividend Paid -42.41 -25.45 -25.45
Interest Paid -244.64 -259.14 -246.42
Changes in working capital borrowings -200.56 -166.47 178.68
Income tax on dividend paid 0 -5.21 -5.21
Other Financial Activities -96.14 -85.56 0
Cash from Financing Activites -625.28 -864.02 -111.66
Net Cash Inflow / Outflow -1,000.87 1,045.48 -41.27

Opening Cash & Cash Equivalents 1104.23 57.52 98.79

Effect of Foreign Exchange Fluctuations -0.56 1.23 0
Closing Cash & Cash Equivalent 102.80 1,104.23 57.52
t of MRF Ltd. As of March, 2021
(₹ in Crore)
Mar 2018 Mar 2017 Mar 2016 Sep 2014 Sep 2013 Sep 2012 Sep 2011 CAGR

4.24 4.24 4.24 4.24 4.24 4.24 4.24 0.00%

9,599.96 8,540.18 7,156.97 4,513.40 3,640.90 2,853.56 2,293.53 19.10%
9,604.20 8,544.42 7,161.21 4,517.64 3,645.14 2,857.80 2,297.77 19.09%

500 500 569.58 774.62 839.62 904.62 729.40 -21.71%

1030.15 903.32 1078.24 1,660.82 1,231.31 1,193.41 1,057.47 3.26%
1530.15 1403.32 1647.82 2435.44 2070.93 2098.03 1786.87 -1.61%

1,216.37 1,043.84 863.48 799.56 701.21 614.41 581.82 11.71%

307.6 345.32 251.24 340.06 320.01 324.90 434.01 13.93%
2.49 2.49 1.71 1.63 1.54 1.49 1.44 5.84%
24.14 34.77 29.71 36.58 28.23 25.96 15.41 7.38%
65.76 68.51 71.27 46.18 42.2 43.35 38.11 -3.63%
474.99 287.92 414.1 0.1 0.21 0.12 0 N/A
1,323.52 1,237.26 1,188.48 0 0 0 0 N/A
210.48 189.26 220.59 182.47 177.77 168.57 137.29 7.32%
619.79 823.04 782.81 865.89 673.41 666.86 516.29 -1.83%
332.91 448.07 220.86 37.05 131.04 104.1 287 -0.80%
151.09 183.32 93.56 313.31 269.07 147.24 156.77 2.45%
4,729.14 4,663.80 4,137.81 2,622.83 2,344.69 2,097.00 2,168.14 12.72%

15,863.49 14,611.54 12,946.84 9,575.91 8,060.76 7,052.83 6,252.78 13.34%

526.09 524.22 490.02 345.57 0.12 91.73 0.12 133.46%

1635.94 1350.84 1044.41 815.41 764.63 698.76 422.51 21.58%
3309.42 3051.56 2719.27 1,982.97 1,868.97 1,929.48 1,298.12 14.45%
21.89 21.03 17.32 15.31 13.92 10.29 10.55 10.60%
16.98 17.83 15.24 13.79 9.24 8.39 6.88 17.02%
0.00 0.00 0.00 0.00 0.00 0.00 0.00 N/A
83.24 84.16 2.55 2.69 95.96 2.88 94.56 -0.13%
17.47 13.23 9.06 7.04 5.39 5.99 3.81 20.36%
250.57 228.37 183.87 139.74 125.15 98.89 84.08 14.97%
198.67 181.28 100.33 93.05 77.85 60.16 42.69 17.74%
1,078.84 846.96 1,058.40 626.67 359.12 414.65 1,042.25 -0.40%
7139.11 6319.48 5640.47 4042.24 3320.35 3321.22 3005.57 13.19%
1,451.06 1,403.10 1,292.91 418.14 257.69 159.23 242.86 21.59%
8590.17 7722.58 6933.38 4460.38 3578.04 3480.45 3248.43 14.04%

3,054.02 2,313.78 2,102.75 936.15 821.48 353.17 0 N/A

2172.07 2392.92 1879.74 1,799.70 1,795.29 1,645.59 1,526.02 6.56%
 2135.92 1959.95 1831.72 1,708.47 1,556.14 1,454.09 1,308.86 5.43%
138.63 274.42 80.45 707.67 330.81 61.1 55.98 6.53%
19.48 25.55 24.39 34.62 22.13 7.22 6.52 30.26%
176.47 220.86 305.59 136.85 145.14 203.42 182.03 -3.45%
11.13 62.78 78.55 27.38 34.04 34.51 66.74 -100.00%
0 0 0 0 0 0 0 N/A
7,707.72 7,250.26 6,303.19 5,350.84 4,705.03 3,759.10 3,146.15 12.43%
N/A
97.35 100.08 40.19 25.64 25.69 17.16 12.75 20.68%
-716.36 -601.25 -391.98 -260.95 -248.00 -203.88 -154.55 11.57%
184.61 139.87 62.06 0 0 0 0 N/A
N/A
15,863.49 14,611.54 12,946.84 9,575.91 8,060.76 7,052.83 6,252.78 13.34%

ement of MRF Ltd. As of March, 2021

(₹ in Crore)
Mar 2018 Mar 2017 Mar 2016 Sep 2014 Sep 2013 Sep 2012 Sep 2011 CAGR
15,181.05 14,749.40 14,774.69 14,649.33 13,453.12 13,061.75 10,644.86 4.11%
76.04 -222.08 -9.97 19.18 -26.73 -17.83 -305.11 N/A
8,991.82 7,721.57 7,467.87 8,360.12 7,925.96 8,370.75 7,412.18 1.81%
637.65 580.32 561.37 664.67 600.11 618.51 436.91 4.12%
1,074.65 983.14 839.27 732.69 603.49 513.69 446.75 12.00%
691.69 634.62 597.42 519.13 434.84 394.26 363.45 7.02%
159.37 147.6 126.01 111.23 93.57 81.99 71.15 4.60%
771.75 693.27 645.07 772.25 653.62 578.85 468.47 4.11%
144.61 117.03 116.85 90.37 79.66 68.96 39.96 18.62%
12547.58 10655.47 10343.89 11269.64 10364.52 10609.18 8933.76 3.84%
2,633.47 4,093.93 4,430.80 1,928.48 1,766.64 1,261.00 809.41 13.61%
328.5 328.61 214.11 65.08 29.03 32.01 25.31 23.40%
2,961.97 4,422.54 4,644.91 1,993.56 1,795.67 1,293.01 834.72 14.05%
249.57 249.84 234.59 231.58 195.94 158.78 97.67 10.73%
2,712.40 4,172.70 4,410.32 1,761.98 1,599.73 1,134.23 737.05 14.43%
705.34 609.15 489.84 423.09 372.93 301.11 247.63 16.46%
1601.91 2066.37 2403.97 1,338.89 1,226.80 833.12 489.42 13.26%
1601.91 2066.37 2403.97 1,338.89 1,226.80 833.12 893.65 6.64%
509.63 615.29 754.70 441.00 424.59 260.76 274.23 5.11%
1092.28 1451.08 1649.27 897.89 802.21 572.36 619.42 7.27%
600 600 666.67 500 300 250 250 14.87%
2576.13 3422.36 3889.78 2,117.67 1,892.00 1,349.91 1,460.90 7.27%
2576.13 3422.36 3889.78 2,117.67 1,892.00 1,349.91 1,460.90 7.27%

ment of MRF Ltd. As of March, 2021

(₹ in Crore)
Mar 2018 Mar 2017 Mar 2016 Sep 2014 Sep 2013 Sep 2012 Sep 2011 CAGR
1,601.91 2,066.37 3,605.95 1,338.89 1,226.80 833.12 489.42 13.26%
717.14 550.52 792.75 604.58 553.53 447.03 334.64 14.31%

-169.81 -130.18 -314.99 -173.6 -107.34 -81.81 -559.96 N/A

220.85 -513.18 -80.04 -4.41 -149.7 -119.57 -415.34 -23.74%
72.81 78.69 3.37 12.39 0 0 0 N/A
551.48 137.59 561.25 211.79 121.19 50.33 574.3 14.25%
0 0 0 3.54 0 0 0 N/A
0 0 0 101.61 135.2 132.28 359.37 -100.00%
675.33 -427.08 169.59 151.32 -0.65 -18.77 -41.63 N/A
2,994.38 2,189.81 4,568.29 2,094.79 1,779.68 1,261.38 782.43 20.85%
-465.41 -399.62 -1,161.06 -407.95 -303.33 -238.61 -148.74 13.11%
2,528.97 1,790.19 3,407.23 1,686.84 1,476.35 1,022.77 633.69 22.15%

-1529.8 -1364.76 -2303.15 -1,242.26 -429.4 -616.19 -1,126.04 -2.85%

2.65 1.18 3.33 0.26 2.11 0.63 13.48 -21.82%
-2997.46 -90.9 -2342.14 -1,061.45 -515.66 -352.01 0 N/A
2530.71 30.35 1176.83 491.78 0 0 0.37 134.74%
0 0 -6.06 -6.08 0 0 0 N/A
0.32 0.22 0.22 0.32 0.15 0.05 0.19 -6.22%
22.21 25.48 64.75 32.72 5.73 1.28 1.2 53.19%
1.73 4.54 0 0 0 0 0 N/A
-1969.64 -1393.89 -3406.22 -1784.71 -937.07 -966.24 -1110.8 16.38%

-21.81 -87.65 437.91 -17.99 -57.1 -9.71 -258.56 N/A

0 0 0 330.13 0 0 0 N/A
0 0 0 -83.38 0 0 0 N/A
0 0 0 0 0 0 700 -100.00%
0 0 -135 -65 0 0 0 N/A
-25.45 -42.41 -22.47 -14.89 -12.35 -12.32 -24.41 5.68%
-241.08 -241.54 -314.63 -221.7 -191.19 -148.07 -58.31 15.42%
-344.96 84.91 -127.82 140.02 -52.49 118.65 127.75 N/A
-5.16 -8.62 -4.23 0 0 0 0 N/A
-0.43 0 -12.5 0 0 0 0 N/A
-638.89 -295.31 -178.74 67.19 -313.13 -51.45 486.47 N/A
-79.56 100.99 -177.73 -30.68 226.15 5.08 9.36 N/A

178.35 77.36 255.09 285.77 59.62 54.54 45.18 37.66%

0 0 0 0 0 0 0 N/A
98.79 178.35 77.36 255.09 285.77 59.62 54.54 6.54%
 Profit & Loss Statement of MRF Ltd. As of March, 2021
(₹ in Crore)
Particulars Mar 2021 Mar 2020 Mar 2019 Mar 2018 Mar 2017 Mar 2016
Gross Sales 15,921.35 15,991.14 15,837.00 15,181.05 14,749.40 14,774.69
Increase/Decrease in Stock 359.36 24.88 -608.6 76.04 -222.08 -9.97
Raw Materials Consumed 8,869.41 9,484.03 10,250.26 8,991.82 7,721.57 7,467.87
Power & Fuel Cost 654.24 720.79 762.93 637.65 580.32 561.37
Employee Cost 1,387.87 1,320.51 1,144.28 1,074.65 983.14 839.27
Other Manufacturing Expenses 716.58 831.37 821.46 691.69 634.62 597.42
General and Administration Expenses 111.6 151.16 175.26 159.37 147.6 126.01
Selling and Distribution Expenses 701.15 858.84 849.94 771.75 693.27 645.07
Miscellaneous Expenses 220.47 269.15 191.03 144.61 117.03 116.85
Total Expenditure 13020.68 13660.73 13586.56 12547.58 10655.47 10343.89
Operating Profit (Excl OI) 2,900.67 2,330.41 2,250.44 2,633.47 4,093.93 4,430.80
Other Income 207.23 330.5 417.47 328.5 328.61 214.11
Operating Profit 3,107.90 2,660.91 2,667.91 2,961.97 4,422.54 4,644.91
Interest Expenses 270.71 280.97 252.75 249.57 249.84 234.59
PBDT 2,837.19 2,379.94 2,415.16 2,712.40 4,172.70 4,410.32
Depreciation 1,136.92 980.62 806.27 705.34 609.15 489.84
Profit Before Taxation & Exceptional Items 1700.27 1399.32 1608.89 1601.91 2066.37 2403.97
Profit Before Tax 1700.27 1399.32 1608.89 1601.91 2066.37 2403.97
Provision for Tax 451.21 4.34 512.02 509.63 615.29 754.70
Profits After Tax 1249.06 1394.98 1096.87 1092.28 1451.08 1649.27
Equity Dividend % 1000 1000 600 600 600 666.67
Earnings Per Share 2945.9 3290.05 2586.96 2576.13 3422.36 3889.78
Adjusted EPS 2945.9 3290.05 2586.96 2576.13 3422.36 3889.78

Sales 15818.39 15887.43 15734.5 15103.31 14651.24 14687.27

Tax Rates (As per the Annual Report) 25.168% 25.168% 34.944% 34.608% 34.608% 34.608%
(1-t) 0.74832 0.74832 0.65056 0.65392 0.65392 0.65392
 Profitability Ratios of MRF Ltd. As of March, 2021
(in Percentage)
Particulars Mar 2021 Mar 2020 Mar 2019 Mar 2018 Mar 2017
Gross Margin Ratio 96.218% 95.247% 95.250% 95.405% 95.938%
Selling, General & Admin expenses ratio 5.138% 6.357% 6.516% 6.165% 5.739%
EBIT Margin 19.647% 16.749% 16.956% 19.611% 30.185%
Pre Tax Income Margin 10.749% 8.808% 10.225% 10.606% 14.104%
Net Income Margin 19.647% 16.749% 16.956% 19.611% 30.185%
EBITDA Margin 19.647% 16.749% 16.956% 19.611% 30.185%
NOPAT Margin 14.703% 12.533% 11.031% 12.824% 19.739%
(in Percentage)
Mar 2016
96.203%
5.250%
31.625%
16.368%
31.625%
31.625%
20.680%
 Balance Sheet of MRF Ltd. As of March, 2021
(₹
Particulars Mar 2021 Mar 2020 Mar 2019 Mar 2018
EQUITIES & LIABILITIES
Shareholders' Funds
Share Capital 4.24 4.24 4.24 4.24
Total Reserve 13,174.62 12,000.11 10,649.06 9,599.96
13,178.86 12,004.35 10,653.30 9,604.20
Non-Current Liabilities
Secured Loans 63.13 241.5 340 500
Unsecured Loans 1456.73 1304.81 958.82 1030.15
1519.86 1546.31 1298.82 1530.15
Current Liabilities and Provisions
Sundry Creditors 1,760.73 1,409.91 1,343.65 1,216.37
Acceptances 1,598.81 438.81 325.2 307.6
Unclaimed Dividend 2.54 2.62 2.55 2.49

Unearned revenue / Advances received from customers 31.41 83.68 37.98 24.14
Interest Accrued But Not Due 26.34 42.92 62.9 65.76
Due to Subsidiaries 885.32 491.42 658.79 474.99
Trade and Other deposits 1,702.98 1,481.25 1,410.71 1,323.52
Statutory Liability 278.35 70.52 260.07 210.48
Other Liabilities 429.04 657.33 773.51 619.79
Contingent Liabilities 264.88 381 692.08 332.91
Provisions 199.73 153.08 157.08 151.09
7,180.13 5,212.54 5,724.52 4,729.14

Total Liabilities and Equities 21,878.85 18,763.20 17,676.64 15,863.49

ASSETS
Non-Current Assets
Net Fixed Assets
Freehold Land 577.26 570.58 526.09 526.09
Buildings / Premises 2981.93 2751.94 1725.79 1635.94
Plant& Machinery 5007.94 4674.56 3742.33 3309.42
Furniture & Fixtures & Office Appliances 28.90 26.27 24.84 21.89
Vehicles 33.14 31.63 25.25 16.98
Aircrafts & Helicopters 67.75 73.67 78.59 0.00
Leasehold Land 93.38 94.18 95.24 83.24
Computer Software 24.31 28.46 16.20 17.47
Factory Equipments 339.37 340.82 289.54 250.57
Other Fixed Assets 218.58 236.34 224.18 198.67
Capital Work in Progress 1,001.03 1,734.56 1,403.19 1,078.84
10373.59 10563.01 8151.24 7139.11
Long Term Investment in quoted Unquoted Mf's Equity and Bonds 1,715.59 612.56 1,736.47 1,451.06
12089.18 11175.57 9887.71 8590.17
Current Assets
Currents Investments (Including Unquoted MFs) 4,725.83 1,513.65 2,770.39 3,054.02
Inventories 2880.33 2852.69 2950.93 2172.07
Sundry Debtors 2220.5 2257.03 2361.62 2135.92
Cash and Bank 105.34 1106.85 60.07 138.63
Other Current Assets 91.73 85.78 42.07 19.48
Loans and Advances 128.09 141.81 135.42 176.47
Balances with customs and excise authorities 0 0 0 11.13
Securities Deposits 0 0 18 0
10,151.82 7,957.81 8,338.50 7,707.72

Deferred Tax Assets 83.54 68.23 64.04 97.35

Deferred Tax Liability -462.04 -496.06 -903.24 -716.36
Other Deffered Liabilities 16.35 57.65 289.63 184.61

Total Assets 21,878.85 18,763.20 17,676.64 15,863.49

Profit & Loss Statement of MRF Ltd. As of March, 2021

(₹
Particulars Mar 2021 Mar 2020 Mar 2019 Mar 2018
Gross Sales 15,921.35 15,991.14 15,837.00 15,181.05
Increase/Decrease in Stock 359.36 24.88 -608.6 76.04
Raw Materials Consumed 8,869.41 9,484.03 10,250.26 8,991.82
Power & Fuel Cost 654.24 720.79 762.93 637.65
Employee Cost 1,387.87 1,320.51 1,144.28 1,074.65
Other Manufacturing Expenses 716.58 831.37 821.46 691.69
General and Administration Expenses 111.6 151.16 175.26 159.37
Selling and Distribution Expenses 701.15 858.84 849.94 771.75
Miscellaneous Expenses 220.47 269.15 191.03 144.61
Total Expenditure 13020.68 13660.73 13586.56 12547.58
Operating Profit (Excl OI) 2,900.67 2,330.41 2,250.44 2,633.47
Other Income 207.23 330.5 417.47 328.5
Operating Profit 3,107.90 2,660.91 2,667.91 2,961.97
Interest Expenses 270.71 280.97 252.75 249.57
PBDT 2,837.19 2,379.94 2,415.16 2,712.40
Depreciation 1,136.92 980.62 806.27 705.34
Profit Before Taxation & Exceptional Items 1700.27 1399.32 1608.89 1601.91
Profit Before Tax 1700.27 1399.32 1608.89 1601.91
Provision for Tax 451.21 4.34 512.02 509.63
Profits After Tax 1249.06 1394.98 1096.87 1092.28
Equity Dividend % 1000 1000 600 600
Earnings Per Share 2945.9 3290.05 2586.96 2576.13
Adjusted EPS 2945.9 3290.05 2586.96 2576.13
 Cash Flow Statement of MRF Ltd. As of March, 2021
(₹
Particulars Mar 2021 Mar 2020 Mar 2019 Mar 2018

Profit Before Tax 1,700.27 1,399.32 1,608.89 1,601.91

Adjustment 1274.86 1037.5 789.17 717.14

Trade & Other receivables 26 118.64 -230.46 -169.81

Inventories -27.64 98.24 -778.86 220.85
Loans & Advances 47.72 -56.36 13.28 72.81
Trade & Other payables 2175.78 -85.1 382.9 551.48
Changes In working Capital 2221.86 75.42 -613.14 675.33
Cash Flow after changes in Working Capital 5,196.99 2,512.24 1,784.92 2,994.38
Tax Paid -509.72 -434.43 -404.7 -465.41
Cash From Operating Activities 4,687.27 2,077.81 1,380.22 2,528.97

Purchase of Fixed Assets -842.95 -2732.29 -1960.32 -1529.8

Sale of Fixed Assets 1.15 2.39 0.42 2.65
Purchase of Investment -6194.95 -2064.74 -2116.46 -2997.46
Sale of Investments 1879.61 4626.44 2756.89 2530.71
Investment in Subsidiaries 0 0 0 0
Dividend Income 0.1 0.12 0.13 0.32
Interest Income 85.43 12.65 8.62 22.21
Increase/ Decrease in Loans 8.75 -12.88 0.89 1.73
Cash Flow from Investing Activities -5062.86 -168.31 -1309.83 -1969.64

Increase / (Decrease) in Loan Funds 118.47 -162.19 -13.26 -21.81

Proceeds from Long Term Borrowings 0 0 0 0
Repayment of Long Term Borrowings 0 0 0 0
Repayment of Debenture / Bonds -160 -160 0 0
Equity Dividend Paid -42.41 -25.45 -25.45 -25.45
Interest Paid -244.64 -259.14 -246.42 -241.08
Changes in working capital borrowings -200.56 -166.47 178.68 -344.96
Income tax on dividend paid 0 -5.21 -5.21 -5.16
Other Financial Activities -96.14 -85.56 0 -0.43
Cash from Financing Activites -625.28 -864.02 -111.66 -638.89
Net Cash Inflow / Outflow -1,000.87 1,045.48 -41.27 -79.56

Opening Cash & Cash Equivalents 1104.23 57.52 98.79 178.35

Effect of Foreign Exchange Fluctuations -0.56 1.23 0 0
Closing Cash & Cash Equivalent 102.80 1,104.23 57.52 98.79
 Profitability Ratios of MRF Ltd. As of March, 2021
(₹ in Crore)
Mar 2017 Mar 2016 Particulars Mar 2021 Mar 2020 Mar 2019
Current Ratio 1.454 1.573 1.498
Quick Ratio 0.333 0.665 0.435
4.24 4.24 Cash Ratio 0.015 0.219 0.011
8,540.18 7,156.97 Operating Cash Flow 0.671 0.411 0.248
8,544.42 7,161.21

500 569.58
903.32 1078.24
1403.32 1647.82

1,043.84 863.48
345.32 251.24
2.49 1.71

34.77 29.71
68.51 71.27
287.92 414.1
1,237.26 1,188.48
189.26 220.59
823.04 782.81
448.07 220.86
183.32 93.56
4,663.80 4,137.81

14,611.54 12,946.84

524.22 490.02
1350.84 1044.41
3051.56 2719.27
21.03 17.32
17.83 15.24

84.16 2.55
13.23 9.06
228.37 183.87
181.28 100.33
846.96 1,058.40
6319.48 5640.47
1,403.10 1,292.91
7722.58 6933.38
 2,313.78 2,102.75
2392.92 1879.74
1959.95 1831.72
274.42 80.45
25.55 24.39
220.86 305.59
62.78 78.55
0 0
7,250.26 6,303.19

100.08 40.19
-601.25 -391.98
139.87 62.06

14,611.54 12,946.84

(₹ in Crore)
Mar 2017 Mar 2016
14,749.40 14,774.69
-222.08 -9.97
7,721.57 7,467.87
580.32 561.37
983.14 839.27
634.62 597.42
147.6 126.01
693.27 645.07
117.03 116.85
10655.47 10343.89
4,093.93 4,430.80
328.61 214.11
4,422.54 4,644.91
249.84 234.59
4,172.70 4,410.32
609.15 489.84
2066.37 2403.97
2066.37 2403.97
615.29 754.70
1451.08 1649.27
600 666.67
3422.36 3889.78
3422.36 3889.78
 (₹ in Crore)
Mar 2017 Mar 2016

2,066.37 3,605.95
550.52 792.75

-130.18 -314.99
-513.18 -80.04
78.69 3.37
137.59 561.25
-427.08 169.59
2,189.81 4,568.29
-399.62 -1,161.06
1,790.19 3,407.23

-1364.76 -2303.15
1.18 3.33
-90.9 -2342.14
30.35 1176.83
0 -6.06
0.22 0.22
25.48 64.75
4.54 0
-1393.89 -3406.22

-87.65 437.91
0 0
0 0
0 -135
-42.41 -22.47
-241.54 -314.63
84.91 -127.82
-8.62 -4.23
0 -12.5
-295.31 -178.74
100.99 -177.73

77.36 255.09
0 0
178.35 77.36
of March, 2021

Mar 2018 Mar 2017 Mar 2016

1.684 1.618 1.559
0.497 0.499 0.473
0.030 0.061 0.020
0.552 0.400 0.842
 Balance Sheet of MRF Ltd. As of March, 2021
(₹
Particulars Mar 2021 Mar 2020 Mar 2019 Mar 2018
EQUITIES & LIABILITIES
Shareholders' Funds
Share Capital 4.24 4.24 4.24 4.24
Total Reserve 13,174.62 12,000.11 10,649.06 9,599.96
13,178.86 12,004.35 10,653.30 9,604.20
Non-Current Liabilities
Secured Loans 63.13 241.5 340 500
Unsecured Loans 1456.73 1304.81 958.82 1030.15
1519.86 1546.31 1298.82 1530.15
Current Liabilities and Provisions
Sundry Creditors 1,760.73 1,409.91 1,343.65 1,216.37
Acceptances 1,598.81 438.81 325.2 307.6
Unclaimed Dividend 2.54 2.62 2.55 2.49
Unearned revenue / Advances received from customers 31.41 83.68 37.98 24.14
Interest Accrued But Not Due 26.34 42.92 62.9 65.76
Due to Subsidiaries 885.32 491.42 658.79 474.99
Trade and Other deposits 1,702.98 1,481.25 1,410.71 1,323.52
Statutory Liability 278.35 70.52 260.07 210.48
Other Liabilities 429.04 657.33 773.51 619.79
Contingent Liabilities 264.88 381 692.08 332.91
Provisions 199.73 153.08 157.08 151.09
7,180.13 5,212.54 5,724.52 4,729.14

Total Liabilities and Equities 21,878.85 18,763.20 17,676.64 15,863.49

ASSETS
Non-Current Assets
Net Fixed Assets
Freehold Land 577.26 570.58 526.09 526.09
Buildings / Premises 2981.93 2751.94 1725.79 1635.94
Plant& Machinery 5007.94 4674.56 3742.33 3309.42
Furniture & Fixtures & Office Appliances 28.90 26.27 24.84 21.89
Vehicles 33.14 31.63 25.25 16.98
Aircrafts & Helicopters 67.75 73.67 78.59 0.00
Leasehold Land 93.38 94.18 95.24 83.24
Computer Software 24.31 28.46 16.20 17.47
Factory Equipments 339.37 340.82 289.54 250.57
Other Fixed Assets 218.58 236.34 224.18 198.67
Capital Work in Progress 1,001.03 1,734.56 1,403.19 1,078.84
10373.59 10563.01 8151.24 7139.11
Long Term Investment in quoted Unquoted Mf's Equity and Bonds 1,715.59 612.56 1,736.47 1,451.06
12089.18 11175.57 9887.71 8590.17
Current Assets
Currents Investments (Including Unquoted MFs) 4,725.83 1,513.65 2,770.39 3,054.02
Inventories 2880.33 2852.69 2950.93 2172.07
Sundry Debtors 2220.5 2257.03 2361.62 2135.92
Cash and Bank 105.34 1106.85 60.07 138.63
Other Current Assets 91.73 85.78 42.07 19.48
Loans and Advances 128.09 141.81 135.42 176.47
Balances with customs and excise authorities 0 0 0 11.13
Securities Deposits 0 0 18 0
10,151.82 7,957.81 8,338.50 7,707.72

Deferred Tax Assets 83.54 68.23 64.04 97.35

Deferred Tax Liability -462.04 -496.06 -903.24 -716.36
Other Deffered Liabilities 16.35 57.65 289.63 184.61

Total Assets 21,878.85 18,763.20 17,676.64 15,863.49

Profit & Loss Statement of MRF Ltd. As of March, 2021

(₹
Particulars Mar 2021 Mar 2020 Mar 2019 Mar 2018
Gross Sales 15,921.35 15,991.14 15,837.00 15,181.05
Increase/Decrease in Stock 359.36 24.88 -608.6 76.04
Raw Materials Consumed 8,869.41 9,484.03 10,250.26 8,991.82
Power & Fuel Cost 654.24 720.79 762.93 637.65
Employee Cost 1,387.87 1,320.51 1,144.28 1,074.65
Other Manufacturing Expenses 716.58 831.37 821.46 691.69
General and Administration Expenses 111.6 151.16 175.26 159.37
Selling and Distribution Expenses 701.15 858.84 849.94 771.75
Miscellaneous Expenses 220.47 269.15 191.03 144.61
Total Expenditure 13020.68 13660.73 13586.56 12547.58
Operating Profit (Excl OI) 2,900.67 2,330.41 2,250.44 2,633.47
Other Income 207.23 330.5 417.47 328.5
Operating Profit 3,107.90 2,660.91 2,667.91 2,961.97
Interest Expenses 270.71 280.97 252.75 249.57
PBDT 2,837.19 2,379.94 2,415.16 2,712.40
Depreciation 1,136.92 980.62 806.27 705.34
Profit Before Taxation & Exceptional Items 1700.27 1399.32 1608.89 1601.91
Profit Before Tax 1700.27 1399.32 1608.89 1601.91
Provision for Tax 451.21 4.34 512.02 509.63
Profits After Tax 1249.06 1394.98 1096.87 1092.28
Equity Dividend % 1000 1000 600 600
Earnings Per Share 2945.9 3290.05 2586.96 2576.13
Adjusted EPS 2945.9 3290.05 2586.96 2576.13
Sales 15818.39 15887.43 15734.5 15103.31

Cash Flow Statement of MRF Ltd. As of March, 2021

(₹
Particulars Mar 2021 Mar 2020 Mar 2019 Mar 2018

Profit Before Tax 1,700.27 1,399.32 1,608.89 1,601.91

Adjustment 1274.86 1037.5 789.17 717.14

Trade & Other receivables 26 118.64 -230.46 -169.81

Inventories -27.64 98.24 -778.86 220.85
Loans & Advances 47.72 -56.36 13.28 72.81
Trade & Other payables 2175.78 -85.1 382.9 551.48
Changes In working Capital 2221.86 75.42 -613.14 675.33
Cash Flow after changes in Working Capital 5,196.99 2,512.24 1,784.92 2,994.38
Tax Paid -509.72 -434.43 -404.7 -465.41
Cash From Operating Activities 4,687.27 2,077.81 1,380.22 2,528.97

Purchase of Fixed Assets -842.95 -2732.29 -1960.32 -1529.8

Sale of Fixed Assets 1.15 2.39 0.42 2.65
Purchase of Investment -6194.95 -2064.74 -2116.46 -2997.46
Sale of Investments 1879.61 4626.44 2756.89 2530.71
Investment in Subsidiaries 0 0 0 0
Dividend Income 0.1 0.12 0.13 0.32
Interest Income 85.43 12.65 8.62 22.21
Increase/ Decrease in Loans 8.75 -12.88 0.89 1.73
Cash Flow from Investing Activities -5062.86 -168.31 -1309.83 -1969.64

Increase / (Decrease) in Loan Funds 118.47 -162.19 -13.26 -21.81

Proceeds from Long Term Borrowings 0 0 0 0
Repayment of Long Term Borrowings 0 0 0 0
Repayment of Debenture / Bonds -160 -160 0 0
Equity Dividend Paid -42.41 -25.45 -25.45 -25.45
Interest Paid -244.64 -259.14 -246.42 -241.08
Changes in working capital borrowings -200.56 -166.47 178.68 -344.96
Income tax on dividend paid 0 -5.21 -5.21 -5.16
Other Financial Activities -96.14 -85.56 0 -0.43
Cash from Financing Activites -625.28 -864.02 -111.66 -638.89
Net Cash Inflow / Outflow -1,000.87 1,045.48 -41.27 -79.56

Opening Cash & Cash Equivalents 1104.23 57.52 98.79 178.35

Effect of Foreign Exchange Fluctuations -0.56 1.23 0 0
Closing Cash & Cash Equivalent 102.80 1,104.23 57.52 98.79
 Profitability Ratios of MRF Ltd. As of March, 2021
(₹ in Crore)
Mar 2017 Mar 2016 Particulars Mar 2021 Mar 2020 Mar 2019
Working Capital Turnover 1.218 1.467 1.495
Days Inventory N/A N/A N/A
4.24 4.24 Days Receivables 51.237 51.853 54.784
8,540.18 7,156.97 Days Payable N/A N/A N/A
8,544.42 7,161.21 Cash Conversion Cycle 51.237 51.853 54.784
Inventory Turnover N/A N/A N/A
500 569.58 Receivables Turnover N/A N/A N/A
903.32 1078.24 Paybles Turnover N/A N/A N/A
1403.32 1647.82

1,043.84 863.48 Working Capital 13,073.52 10,897.50 10,593.23

345.32 251.24
2.49 1.71 COGS and Credit sales are not provided in any of the public sources by the MRF
34.77 29.71 thus some of the Ratios are not calculatable.
68.51 71.27
287.92 414.1
Net Sales includes its returns, allowances, and discounts but as those informtio
1,237.26 1,188.48 available in the Public Domain so Gross Sales is taken as Net Sales Considering its
189.26 220.59 allowances, and discounts. as 0.
823.04 782.81
448.07 220.86
183.32 93.56
4,663.80 4,137.81

14,611.54 12,946.84

524.22 490.02
1350.84 1044.41
3051.56 2719.27
21.03 17.32
17.83 15.24

84.16 2.55
13.23 9.06
228.37 183.87
181.28 100.33
846.96 1,058.40
6319.48 5640.47
1,403.10 1,292.91
7722.58 6933.38
 2,313.78 2,102.75
2392.92 1879.74
1959.95 1831.72
274.42 80.45
25.55 24.39
220.86 305.59
62.78 78.55
0 0
7,250.26 6,303.19

100.08 40.19
-601.25 -391.98
139.87 62.06

14,611.54 12,946.84

(₹ in Crore)
Mar 2017 Mar 2016
14,749.40 14,774.69
-222.08 -9.97
7,721.57 7,467.87
580.32 561.37
983.14 839.27
634.62 597.42
147.6 126.01
693.27 645.07
117.03 116.85
10655.47 10343.89
4,093.93 4,430.80
328.61 214.11
4,422.54 4,644.91
249.84 234.59
4,172.70 4,410.32
609.15 489.84
2066.37 2403.97
2066.37 2403.97
615.29 754.70
1451.08 1649.27
600 666.67
3422.36 3889.78
3422.36 3889.78
 14651.24 14687.27

(₹ in Crore)
Mar 2017 Mar 2016

2,066.37 3,605.95
550.52 792.75

-130.18 -314.99
-513.18 -80.04
78.69 3.37
137.59 561.25
-427.08 169.59
2,189.81 4,568.29
-399.62 -1,161.06
1,790.19 3,407.23

-1364.76 -2303.15
1.18 3.33
-90.9 -2342.14
30.35 1176.83
0 -6.06
0.22 0.22
25.48 64.75
4.54 0
-1393.89 -3406.22

-87.65 437.91
0 0
0 0
0 -135
-42.41 -22.47
-241.54 -314.63
84.91 -127.82
-8.62 -4.23
0 -12.5
-295.31 -178.74
100.99 -177.73

77.36 255.09
0 0
178.35 77.36
Ltd. As of March, 2021

Mar 2018 Mar 2017 Mar 2016

1.604 1.783 2.087
N/A N/A N/A
51.619 48.827 45.521
N/A N/A N/A
51.619 48.827 45.521
N/A N/A N/A
N/A N/A N/A
N/A N/A N/A

9,465.57 8,270.00 7,080.76

of the public sources by the MRF Ltd. And

are not calculatable.

d discounts but as those informtion is not

taken as Net Sales Considering its returns,
iscounts. as 0.
 Balance Sheet of MRF Ltd. As of March, 2021
(₹
Particulars Mar 2021 Mar 2020 Mar 2019 Mar 2018
EQUITIES & LIABILITIES
Shareholders' Funds
Share Capital 4.24 4.24 4.24 4.24
Total Reserve 13,174.62 12,000.11 10,649.06 9,599.96
13,178.86 12,004.35 10,653.30 9,604.20
Non-Current Liabilities
Secured Loans 63.13 241.5 340 500
Unsecured Loans 1456.73 1304.81 958.82 1030.15
1519.86 1546.31 1298.82 1530.15
Current Liabilities and Provisions
Sundry Creditors 1,760.73 1,409.91 1,343.65 1,216.37
Acceptances 1,598.81 438.81 325.2 307.6
Unclaimed Dividend 2.54 2.62 2.55 2.49
Unearned revenue / Advances received from customers 31.41 83.68 37.98 24.14
Interest Accrued But Not Due 26.34 42.92 62.9 65.76
Due to Subsidiaries 885.32 491.42 658.79 474.99
Trade and Other deposits 1,702.98 1,481.25 1,410.71 1,323.52
Statutory Liability 278.35 70.52 260.07 210.48
Other Liabilities 429.04 657.33 773.51 619.79
Contingent Liabilities 264.88 381 692.08 332.91
Provisions 199.73 153.08 157.08 151.09
7,180.13 5,212.54 5,724.52 4,729.14

Total Liabilities and Equities 21,878.85 18,763.20 17,676.64 15,863.49

ASSETS
Non-Current Assets
Net Fixed Assets
Freehold Land 577.26 570.58 526.09 526.09
Buildings / Premises 2981.93 2751.94 1725.79 1635.94
Plant& Machinery 5007.94 4674.56 3742.33 3309.42
Furniture & Fixtures & Office Appliances 28.90 26.27 24.84 21.89
Vehicles 33.14 31.63 25.25 16.98
Aircrafts & Helicopters 67.75 73.67 78.59 0.00
Leasehold Land 93.38 94.18 95.24 83.24
Computer Software 24.31 28.46 16.20 17.47
Factory Equipments 339.37 340.82 289.54 250.57
Other Fixed Assets 218.58 236.34 224.18 198.67
Capital Work in Progress 1,001.03 1,734.56 1,403.19 1,078.84
10373.59 10563.01 8151.24 7139.11
Long Term Investment in quoted Unquoted Mf's Equity and Bonds 1,715.59 612.56 1,736.47 1,451.06
12089.18 11175.57 9887.71 8590.17
Current Assets
Currents Investments (Including Unquoted MFs) 4,725.83 1,513.65 2,770.39 3,054.02
Inventories 2880.33 2852.69 2950.93 2172.07
Sundry Debtors 2220.5 2257.03 2361.62 2135.92
Cash and Bank 105.34 1106.85 60.07 138.63
Other Current Assets 91.73 85.78 42.07 19.48
Loans and Advances 128.09 141.81 135.42 176.47
Balances with customs and excise authorities 0 0 0 11.13
Securities Deposits 0 0 18 0
10,151.82 7,957.81 8,338.50 7,707.72

Deferred Tax Assets 83.54 68.23 64.04 97.35

Deferred Tax Liability -462.04 -496.06 -903.24 -716.36
Other Deffered Liabilities 16.35 57.65 289.63 184.61

Total Assets 21,878.85 18,763.20 17,676.64 15,863.49

Profit & Loss Statement of MRF Ltd. As of March, 2021

(₹
Particulars Mar 2021 Mar 2020 Mar 2019 Mar 2018
Gross Sales 15,921.35 15,991.14 15,837.00 15,181.05
Increase/Decrease in Stock 359.36 24.88 -608.6 76.04
Raw Materials Consumed 8,869.41 9,484.03 10,250.26 8,991.82
Power & Fuel Cost 654.24 720.79 762.93 637.65
Employee Cost 1,387.87 1,320.51 1,144.28 1,074.65
Other Manufacturing Expenses 716.58 831.37 821.46 691.69
General and Administration Expenses 111.6 151.16 175.26 159.37
Selling and Distribution Expenses 701.15 858.84 849.94 771.75
Miscellaneous Expenses 220.47 269.15 191.03 144.61
Total Expenditure 13020.68 13660.73 13586.56 12547.58
Operating Profit (Excl OI) 2,900.67 2,330.41 2,250.44 2,633.47
Other Income 207.23 330.5 417.47 328.5
Operating Profit 3,107.90 2,660.91 2,667.91 2,961.97
Interest Expenses 270.71 280.97 252.75 249.57
PBDT 2,837.19 2,379.94 2,415.16 2,712.40
Depreciation 1,136.92 980.62 806.27 705.34
Profit Before Taxation & Exceptional Items 1700.27 1399.32 1608.89 1601.91
Profit Before Tax 1700.27 1399.32 1608.89 1601.91
Provision for Tax 451.21 4.34 512.02 509.63
Profits After Tax 1249.06 1394.98 1096.87 1092.28
Equity Dividend % 1000 1000 600 600
Earnings Per Share 2945.9 3290.05 2586.96 2576.13
Adjusted EPS 2945.9 3290.05 2586.96 2576.13
 Profitability Ratios of MRF Ltd. As of March, 2021
(₹ in Crore)
Mar 2017 Mar 2016 Particulars Mar 2021 Mar 2020 Mar 2019
Debt to Equity Ratio 0.115 0.129 0.122
Interest Coverage Ratio 11.481 9.470 10.556
4.24 4.24 Dividend Payout Ratio 0.020 0.016 0.010
8,540.18 7,156.97
8,544.42 7,161.21

500 569.58 Dividends 63.62 42.41 25.45

903.32 1078.24 Total Dividends per share 150 100 60
1403.32 1647.82 Net Income 3,107.90 2,660.91 2,667.91

1,043.84 863.48
345.32 251.24
2.49 1.71
34.77 29.71
68.51 71.27
287.92 414.1
1,237.26 1,188.48
189.26 220.59
823.04 782.81
448.07 220.86
183.32 93.56
4,663.80 4,137.81

14,611.54 12,946.84

524.22 490.02
1350.84 1044.41
3051.56 2719.27
21.03 17.32
17.83 15.24

84.16 2.55
13.23 9.06
228.37 183.87
181.28 100.33
846.96 1,058.40
6319.48 5640.47
1,403.10 1,292.91
7722.58 6933.38
 2,313.78 2,102.75
2392.92 1879.74
1959.95 1831.72
274.42 80.45
25.55 24.39
220.86 305.59
62.78 78.55
0 0
7,250.26 6,303.19

100.08 40.19
-601.25 -391.98
139.87 62.06

14,611.54 12,946.84

(₹ in Crore)
Mar 2017 Mar 2016
14,749.40 14,774.69
-222.08 -9.97
7,721.57 7,467.87
580.32 561.37
983.14 839.27
634.62 597.42
147.6 126.01
693.27 645.07
117.03 116.85
10655.47 10343.89
4,093.93 4,430.80
328.61 214.11
4,422.54 4,644.91
249.84 234.59
4,172.70 4,410.32
609.15 489.84
2066.37 2403.97
2066.37 2403.97
615.29 754.70
1451.08 1649.27
600 666.67
3422.36 3889.78
3422.36 3889.78
Ltd. As of March, 2021

Mar 2018 Mar 2017 Mar 2016

0.159 0.164 0.230
11.868 17.701 19.800
0.009 0.006 0.005

25.45 25.45 25.45

60 60 60
2,961.97 4,422.54 4,644.91
 Particulars Mar 2021 Mar 2020 Mar 2019 Mar 2018 Mar 2017 Mar 2016

Sundry Creditors 1,760.73 1,409.91 1,343.65 1,216.37 1,043.84 863.48

Other Liabilities 429.04 657.33 773.51 619.79 823.04 782.81
Provisions 199.73 153.08 157.08 151.09 183.32 93.56
Gross Current Liabilities 2,389.50 2,220.32 2,274.24 1,987.25 2,050.20 1,739.85

Inventories 2880.33 2852.69 2950.93 2172.07 2392.92 1879.74

Sundry Debtors 2220.5 2257.03 2361.62 2135.92 1959.95 1831.72
Other Current Assets 91.73 85.78 42.07 19.48 25.55 24.39
Loans and Advances 128.09 141.81 135.42 176.47 220.86 305.59
Gross Current Assets 5320.65 5337.31 5490.04 4503.94 4599.28 4041.44
Net Working Capital 2,931.15 3,116.99 3,215.80 2,516.69 2,549.08 2,301.59

Net Block of Fixed Assets 9372.56 8828.45 6748.05 6060.27 5472.52 4582.07
Deferred Tax Assets/Liabilities -378.5 -427.83 -839.2 -619.01 -501.17 -351.79
Capital Work in Progress 1001.03 1734.56 1403.19 1078.84 846.96 1058.4
Long Term Investment 1715.59 612.56 1736.47 1451.06 1403.1 1292.91
Total Long Term Assets 11710.68 10747.74 9048.51 7971.16 7221.41 6581.59
Net Long Term Assets 11710.68 10747.74 9048.51 7971.16 7221.41 6581.59

Total Operating Assets 14,641.83 13,864.73 12,264.31 10,487.85 9,770.49 8,883.18

4,774.28 2,934.57 3,142.65

 Particulars Mar 2021 Mar 2020 Mar 2019 Mar 2018 Mar 2017 Mar 2016

Shareholders' Funds
Share Capital 4.24 4.24 4.24 4.24 4.24 4.24
Total Reserve 13174.62 12000.11 10649.06 9599.96 8540.18 7156.97

13178.86 12004.35 10653.3 9604.2 8544.42 7161.21

Secured Loans 63.13 241.5 340 500 500 569.58

Unsecured Loans 1456.73 1304.81 958.82 1030.15 903.32 1078.24
Total Debt 1519.86 1546.31 1298.82 1530.15 1403.32 1647.82

Currents Investments 4725.83 1513.65 2770.39 3054.02 2313.78 2102.75

Cash and Bank 105.34 1106.85 60.07 138.63 274.42 80.45
Net Debt -3311.31 -1074.19 -1531.64 -1662.5 -1184.88 -535.38

Total Equity and Debt 9867.55 10930.16 9121.66 7941.7 7359.54 6625.83

2,546.15 2,410.95 2,257.35