Mangalore Refinery And Petrochemicals Ltd - Stock Valuation and Financial Performance

BSE: 500109 | NSE: MRPL | Refineries | Mid Cap

MRPL Share Price

218.70 -0.95 -0.43%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on MRPL

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Semi Strong

Mangalore Refinery And Petrochemicals stock performance -

mw4me loader
P/E Ratio (SA):
8.78
Market Cap:
38,329.3 Cr.
52-wk low:
49.8
52-wk high:
289.3

Is Mangalore Refinery And Petrochemicals Ltd an attractive stock to invest in?

1. Is Mangalore Refinery And Petrochemicals Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Mangalore Refinery And Petrochemicals Ltd is a average quality company.

2. Is Mangalore Refinery And Petrochemicals Ltd undervalued or overvalued?

The key valuation ratios of Mangalore Refinery And Petrochemicals Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Mangalore Refinery And Petrochemicals Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Mangalore Refinery And Petrochemicals Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of MRPL:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Mangalore Refinery And Petrochemicals Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 4.9%-6.2%17.5%17.7%13.6%4.6%-8.8%-1.9%14.2%16.4%-
Value Creation
Index
-0.6-1.50.30.30.2-0.7-1.7-1.10.10.2-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 71,81557,46339,64743,20848,45162,06251,00231,95969,7581,08,8561,05,461
Sales YoY Gr.--20%-31%9%12.1%28.1%-17.8%-37.3%118.3%56.1%-
Adj EPS 3-7.21214.712.83.2-12.9-5.91820.524.9
YoY Gr.--339%NA22%-12.5%-75.4%-507%NANA13.4%-
BVPS (₹) 40.330.336.757.56361.244.324.241.156.170.2
Adj Net
Profit
525-1,2572,1082,5712,251553-2,253-1,0363,1623,5864,367
Cash Flow from Ops. 8,602-5761,376-8523,507569183-2,8184,4966,364-
Debt/CF from Ops. 1.1-15.75.9-102.31664.9-8.54.72.6-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 4.7%17.6%28.8%56.1%
Adj EPS 23.8%9.8%NA13.4%
BVPS3.7%-2.3%8.2%36.7%
Share Price 17.2% 24% 78% 328.2%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
7.8-20.335.931.221.35.1-24.4-17.355.342.139.5
Op. Profit
Mgn %
1.4-2.57.511.18.93.2-3.61.97.57.28.4
Net Profit
Mgn %
0.7-2.25.364.70.9-4.4-3.24.53.34.1
Debt to
Equity
1.41.71.30.90.70.91.55.62.91.7-
Working Cap
Days
6363637180767274644822
Cash Conv.
Cycle
-24-71-159-91-311121115101

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 39.50%

Sales growth is growing at healthy rate in last 3 years 28.75%

Debt to equity has declined versus last 3 years average to 1.70

Net Profit has been subdued in last 3 years 0.00%

Sales growth is not so good in last 4 quarters at -13.70%

Latest Financials - Mangalore Refinery And Petrochemicals Ltd.

Standalone Consolidated
TTM EPS (₹) 24.9 25
TTM Sales (₹ Cr.) 1,05,461 1,05,461
BVPS (₹.) 70.2 70.3
Reserves (₹ Cr.) 10,541 10,565
P/BV 3.12 3.11
PE 8.78 8.77
From the Market
52 Week Low / High (₹) 49.82 / 289.25
All Time Low / High (₹) 4.70 / 289.25
Market Cap (₹ Cr.) 38,329
Equity (₹ Cr.) 1,752.6
Face Value (₹) 10
Industry PE 17.7

Management X-Ray of MRPL:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales71,81557,46339,64743,20848,45162,06251,00231,95969,7581,08,856
Operating Expenses 70,81059,55237,85938,49944,17760,39153,53231,37664,8221,02,347
Manufacturing Costs1573455644856907858918921,2221,199
Material Costs70,19857,93935,39437,13342,59658,52451,07429,33862,17998,499
Employee Cost 215241286352417429440578698698
Other Costs 2401,0271,6165294746531,1275687231,951
Operating Profit 1,005-2,0891,7884,7094,2731,672-2,5305834,9356,509
Operating Profit Margin (%) 1.4%-3.6%4.5%10.9%8.8%2.7%-5.0%1.8%7.1%6.0%
Other Income 321806857423217155105501103212
Interest 3214075945204434757498411,2121,298
Depreciation 7064997106786717577831,1581,0881,187
Exceptional Items 11233-1831,597-26-1500-303
Profit Before Tax 410-2,1561,1585,5313,351581-3,957-9152,7084,239
Tax -191-444111,8881,127249-1,217-154-2471,600
Profit After Tax 601-1,7121,1473,6442,224332-2,740-7612,9552,638
PAT Margin (%) 0.8%-3.0%2.9%8.4%4.6%0.5%-5.4%-2.4%4.2%2.4%
Adjusted EPS (₹)3.4-9.86.520.812.71.9-15.6-4.316.915.1
Dividend Payout Ratio (%)0%0%0%29%24%53%0%0%0%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 7,0695,3056,43110,07011,03310,7277,7674,2387,1969,835
Share Capital 1,7531,7531,7531,7531,7531,7531,7531,7531,7531,753
Reserves 5,3163,5524,6798,3189,2808,9746,0142,4855,4448,082
Minority Interest0000000000
Debt8,8547,8766,8096,6334,5778,07810,38823,83321,08516,707
Long Term Debt8,8547,8656,8064,8161,4993,2217,95215,69914,21612,418
Short Term Debt01131,8173,0784,8572,4368,1346,8704,289
Trade Payables21,03118,33121,3396,0344,7104,6753,2714,0039,3826,169
Others Liabilities 2,5642,8245,7898,13911,0859,0405,0052,2141,7373,363
Total Liabilities 39,51834,33640,36830,87631,40632,51926,43034,28939,40136,073

Fixed Assets

Gross Block12,25120,94215,59215,54916,07516,75317,74125,67428,53528,699
Accumulated Depreciation6,2606,8327111,3882,0452,7653,5106,0867,1598,311
Net Fixed Assets5,99114,10914,88114,16114,03113,98814,23119,58921,37620,388
CWIP 8,5521,3781882206689821,7302,343170475
Investments 151,3501,3501,3501,3501,5032,178151516
Inventories8,4493,4003,1974,0394,7355,8113,8907,10310,4876,777
Trade Receivables4,4812,3592,3952,6212,6612,3221,0422,4514,3284,469
Cash Equivalents 10,67210,26913,7132,13183348828524439
Others Assets1,3571,4724,6446,3557,1297,4253,3302,7362,9813,910
Total Assets 39,51834,33640,36830,87631,40632,51926,43034,28939,40136,073

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 8,602-5761,376-8523,507569183-2,8184,4966,364
PBT 410-2,1561,1585,5313,351581-3,957-9152,7084,239
Adjustment 2806261,3076571,0591,1752,0211,5122,2412,581
Changes in Working Capital 80401044-918-5922-185-11352206-3426-190310
Tax Paid -138-89-172-1,118-718-52-8611-263-766
Cash Flow From Investing Activity -921-1,408359-337-966-952-1,563-2,101-595-673
Capex -1,210-891-392-862-1,054-910-1,353-898-611-703
Net Investments 0-1,27500000000
Others 29075875152588-43-211-1,2041630
Cash Flow From Financing Activity 1,387-1,503-1,74867-2,334-551,3794,944-3,922-5,690
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 3,263-939-1,162-1,286-1,848-6274,7672,134-527-1,789
Interest Paid -678-575-577-496-438-502-706-682-786-1,120
Dividend Paid 0000-1,052-634-211000
Others -1,19911-81,8491,0041,708-2,4703,492-2,609-2,781
Net Cash Flow 9,068-3,487-13-1,121207-438-124-201
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)8.88-27.6819.5544.1621.083.05-29.64-12.6851.6930.98
ROCE (%)4.73-11.2112.1536.5420.185.43-16.24-0.3113.9120.2
Asset Turnover Ratio2.271.691.361.672.032.262.061.672.343.31
PAT to CFO Conversion(x)14.31N/A1.2-0.231.581.71N/AN/A1.522.41
Working Capital Days
Receivable Days21201715151310131413
Inventory Days37352422252729403725
Payable Days83124205135462928453929

Mangalore Refinery And Petrochemicals Ltd Stock News

Mangalore Refinery And Petrochemicals Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of MRPL on 28-Mar-2024 16:01 is ₹218.7.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 28-Mar-2024 16:01 the market cap of MRPL stood at ₹38,329.3.
The latest P/E ratio of MRPL as of 28-Mar-2024 16:01 is 8.78.
The latest P/B ratio of MRPL as of 28-Mar-2024 16:01 is 3.12.
The 52-week high of MRPL is ₹289.2 and the 52-week low is ₹49.82.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of MRPL is ₹1,05,461 ( Cr.) .

About Mangalore Refinery And Petrochemicals Ltd

Mangalore Refinery and Petrochemicals Limited (MRPL) is Category 1 Miniratna Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum & Natural Gas. MRPL is located in a beautiful hilly terrain, north of Mangaluru city, in Dakshina Kannada District of Karnataka State (India). Refinery has got a versatile design with complex secondary processing units and a high flexibility to process Crudes of various API, delivering a variety of quality products.

MRPL, with its parent company Oil and Natural Gas Corporation Limited (ONGC), owns and operates ONGC Mangalore Petrochemicals Limited (OMPL), OMPL, situated in the adjacent Mangalore Special Economic Zone ( MSEZ), is integrated with the refinery operations. Para Xylene and Benzene products from OMPL are sold in the export market.

Shell MRPL Aviation Fuels and Services Limited (SMA) is a 50:50 joint venture between MRPL and Shell Gas B.V. (Shell), a step down subsidiary of Royal Dutch Shell Plc, Netherlands markets aviation turbine fuel (ATF) to airlines, both domestic as well as International carriers. SMA currently procures ATF from MRPL Refinery Complex and supplies at various airports like Bengaluru, Goa, Mangalore, Hyderabad, Chennai, Calicut, Madurai, Trichy, Coimbatore, Kannur etc. SMA enable Indian carriers fuelling requirement across International Airports.

Business area of the company

The Company is engaged in the business of refining of crude oil. The Company is a subsidiary of Oil and Natural Gas Corporation Limited which holds 71.63% equity shares.

Products and services:

  • Retail Sales
  • Retail Sale Price
  • Consumer Sale
  • Petrochemicals Sale

Awards and Recognition

FY 2011-12

  • State Gold award for excellence in exports (Non-SSI) for 2000-2001
  • Conferred Star Trading House status on September 21, 2001.
  • ‘Certificate of Merit’ for Energy conservation performance in 2001, by Ministry of Power
  • State Gold award for excellence in exports (Non -SSI) for 2001-2002
  • IS0 14001:2004 certification by TUV Rheinland.
  • Export award from Kanara Chamber of Commerce for 2002-2003.
  • ISO:9002 certification on December 1999 and was re-certified ISO 9001:2008.
  • Oil Conservation Award from Ministry of Petroleum and Natural Gas on January 31, 2003.

FY2012-13

  • MRPL has been upgraded from Schedule ‘B’ to Schedule ‘A’ company.
  • MRPL has bagged the coveted Petrofed Award, 2012 “Refinery of the Year” for the commendable performance in production and operational efficiencies while meeting the norms of health, safety and environment protection.
  • MRPL has won “Export Excellence Award, 2013” in Best Manufacturer - Exporter - large category- Gold by Federation of Karnataka Chamber of Commerce and Industry.
  • MRPL was conferred “State Export Excellence Award” for 2010-11 & 2009-10 Medium/Large category - - Gold by Government of Karnataka.
  • MRPL has been rated “Excellent” in performance as per the MoU signed with ONGC for the year 2011-12 and 2012-13 (provisional).
  • Managing Director, MRPL has won the “CEO with HR Orientation Award” in the Global HR Excellence Awards presented by Institute of Public Enterprise, Hyderabad.
  • MRPL was conferred with “BT-Star PSU Excellence Award, 2013” in Human Resource Management category (Miniratna /others).
  • MRPL was awarded First Prize for outstanding performance in the area on Hindi Implementation for two consecutive years 2011-12 and 2012-13 by the Town Official Language Implementation Committee, Mangalore

FY2013-14

  • Won the coveted Petrofed Award “Refinery of the Year-2012” for its commendable performance in production and operational efficiencies while adhering to the norms of health, safety and environment protection.
  • Won the “Refinery of the Year” from Petrofed for the year 2011-12 for leading performance in production and operational efficiencies while meeting the norms of Health, Safety and Environment protection.
  • Won the “Export Excellence Award, 2013” in Best Manufacturer / Exporter (large category) - Gold from the Federation of Karnataka Chamber of Commerce and Industry (FKCCI).
  • Secured the first prize for outstanding performance in the area of Hindi Implementation for the year 2012-13 by Town Official Language Committee(TOLIC), Mangalore.
  • Secured the first prize in the Jawaharlal Nehru Centenary Awards for energy performance for the year 2011-12 & 2012-13 under the Refineries category having complexity of 6.0.
  • Secured the first prize in the OGCF-2012 awards for Furnace/Boiler efficiency having heat duty more than 1000MM Kcal/hr.
  • Won the “State Export Excellence Award” for 2012-13 & 2011-12 Medium/ Large category - Gold & Platinum respectively by Government of Karnataka.
  • Won the award for “Best Fuel efficient Boiler operation” by the Department of Factories and Boilers on the occasion of 43rd National Safety Day celebration.

FY2014-15

  • Won the “Export Excellence Award, 2014” in Best Exporter Award (Medium/large category) from the Federation of Karnataka Chamber of Commerce and Industry (FKCCI) for FY 2013-14
  • Won the Silver at “Niryat Shree Award -2014” in the residual sector of the MSME at FIEO (Federation of Indian Export Organisation).
  • MRPL has conferred the prestigious “Skoch Foundation Order - of-Merit Award” for the best project in the country.
  • Shri Vishnu Agrawal, Director Finance of MRPL was adjudged winner of the ‘BT-STAR Excellence Award in the category PSU- small,- DIRECTOR-FINANCE OF THE YEAR’ post a rigorous evaluation process by the Jury of the BT-Star Excellence Awards 2015.
  • MRPL won the first prize for outstanding performance in the area of Hindi Implementation for the year 2014-15 for fourth consecutive year by TOLIC, Mangalore.

FY2015-16

  • On 22nd January 2016 Shri H. Kumar, Managing Director MRPL was conferred with the “Shrada- Top Rankers award (ICONIC TURN AROUND)” at the 17th National Management Summit on “Global Corporate battle – Raising the Performance Bar', at New Delhi.

FY2018-19

  • Srishti Good Green Governance Award
  • BML Munjal award
  • Platinum Trophy at 18th Annual Green tech Environment Award
  • SCOPE CC Excellence Award -2nd prize for ‘Best In-house Journal - English
  • MRPL bags “Fieldcomm Group 2018 Plant of the Year” Global Award

FY2019-20

  • Dun & Bradstreet PSU Award for being the Best Miniratna in ‘Manufacturing, Processing and Generation’ category
  • 19th Annual Greentech Award 2019

FY2020-21

  • MRPL won Silver Medal IGMC award
  • Prestigious Patent Awarded to MRPL
  • MRPL has Awarded a Patent for “OXIDATIVE TREATMENT OF REFINERY SPENT CAUSTIC”
  • MRPL bagged Corporate Communication Awards for Covid contribution
  • MRPL Bagged Corporate Communication Award For Best Event Management
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