Mangalore Refinery And Petrochemicals Ltd., incorporated in the year 1988, is a Mid Cap company (having a market cap of Rs 9060.94 Crore) operating in Gas & Petroleum sector.
Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 13640.98 Crore, up 72.09 % from last quarter Total Income of Rs 7926.59 Crore and down -21.15 % from last year same quarter Total Income of Rs 17300.28 Crore. Company reported net profit after tax of Rs 267.51 Crore in latest quarter.
Investment Rationale
Valuing the standalone entity at 6x FY23E EBITDA of INR35b, the brokerage arrives at a valuation of INR56/share. It values OMPL at 5x FY23E EBITDA of INR7.7b. OMPL’s net debt is expected to stand at INR61b in FY22E. Deducting a value of INR13/share for OMPL, it arrives at a total valuation of INR43/share for MRPL. It downgrades the stock to Sell. A rise of USD1/bbl in GRM may add INR8.6b to its EBITDA and INR33/share to its valuation
Promoter/FII Holdings
Promoters held 88.6 per cent stake in the company as of March 31, 2021, while FIIs held 0.7 per cent, DIIs 2.7 per cent and public and others 8 per cent.
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