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Motilal Oswal Report
MRF Ltd.'s Q4 FY22 revenue grew 10% YoY and 8% QoQ to Rs 52 billion, while Ebitda/adjusted profit after tax fell 29%/51% to Rs 5.3b/Rs 1.57 billion in Q4 FY22. Revenue grew 19% YoY, whereas Ebitda/profit after tax fell 30%/48% in FY22.
MRF's revenue growth in Q4 FY22 was a tad weaker than Ceat Ltd. (13% YoY).
Gross margin fell 130 basis points QoQ (6.4% YoY) to 32.1% (estimate: 32.4%). The decline in gross margin for Ceat was a less steep on a QoQ basis (Ceat: down 50 bps QoQ and down 8.5% YoY) due to commodity cost inflation.
Ebitda fell by 29% YoY (up 9% QoQ) to Rs 5.3b (estimate: Rs 4.7 billion).
Ebitda margin declined by 5.6% YoY (flat QoQ) to 10.1% (estimate: 9.5%) due to raw material costs, which were offset by operating leverage.
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