Quarterly results: MRF Ltd
Shital Jibhe / 27 Oct 2016
MRF Ltd.'s Q2FY17 numbers have come in mixed against Bloomberg estimates. Revenue has come in 4.2% higher than the estimate of Rs 3470 cr. Net profit is 11.4% lower than the estimated figure of Rs 435 cr.
Standalone Results Q2FY17: (Rs. in crore)
***EBITDA margin change in bps
MRF Ltd.'s Q2FY17 numbers have come in mixed against Bloomberg estimates. Revenue has come in 4.2% higher than the estimate of Rs 3470 cr. Net profit is 11.4% lower than the estimated figure of Rs 435 cr.
Revenue for the quarter has declined 1% yoy to Rs 3615 cr.
EBITDA has fallen by 16.8% yoy to Rs 657 cr while EBITDA margins have contracted by 344 bps yoy to 18.2%. This was due to 22% increase in employee benefit expense and 11% increase in other expenses.
Net profit has fallen 14.4% yoy to Rs 385 cr due to finance cost and depreciation expense shooting up by 18% and 21% respectively.This was partly offset by a 101% jump in other income.
Technical View:
MRF Ltd., is currently trading at Rs. 47940, down by 1665.65 points or 3.36% from its previous closing of Rs. 49605.65 on the BSE.
The scrip opened at Rs. 49699 and has touched a high and low of Rs. 50020 and Rs. 46935 respectively. So far 25265(NSE+BSE) shares were traded on the counter. The stock is currently trading below its 50 DMA.
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