MRF Ltd.

Financial

	MRF	Apollo Tyres	Balkrishna Inds.
Operational Metrics
Unclassified
R&D as a % of Total Sales	0.11 %	1.59 %	0.79 %
Financials
5 yr Average ROE	8.32 %	5.73 %	18.02 %
5yr average Equity Multiplier	1.65	2.37	1.5
5yr Average Asset Turnover Ratio	0.84	0.73	0.73
5yr Avg Net Profit Margin	6.1 %	3.27 %	16.83 %
Price to Book	3.29	2.48	7.05
P/E	26.38	20.0	42.43
5yr Avg Cash Conversion Cycle	58.73 Days	11.64 Days	51.06 Days
Inventory Days	63.88 Days	67.77 Days	55.86 Days
Days Receivable	37.6 Days	33.72 Days	49.76 Days
Days Payable	59.54 Days	88.14 Days	65.09 Days
5yr Average Interest Coverage Ratio	5.74	3.38	100.32
5yr Avg ROCE	11.16 %	7.73 %	21.93 %
5yr Avg Operating Profit Margin	15.42 %	13.55 %	29.08 %
5 yr average Debt to Equity	0.18	0.54	0.3
5yr CAGR Net Profit	-7.42 %	10.2 %	8.93 %
5yr Average Return on Assets	5.03 %	2.48 %	12.18 %
Shareholdings
Promoter Holding	27.78 %	37.36 %	58.29 %
Share Pledged by Promoters	0.09 %	1.07 %	0.0
Change in Promoter Holding (3 Yrs)	-0.06 %	0.05 %	-0.01 %
Change in Mutual Fund Holding (3 Yrs)	-1.23 %	5.63 %	0.04 %

Business

	MRF	Apollo Tyres	Balkrishna Inds.
Product Wise Break-Up	Product Wise Break-Up Tyres 90.54 Automobile Tubes 5.86 Speciality Coating 1.84 Automobile tyres, tubes and flaps 0 Others 1.76	Product Wise Break-Up Speciality Coating 0 Automobile Tubes 0 Tyres 0 Tyres 100.0	-
Location Wise Break-Up	Location Wise Break-Up India 91.78 Europe 0 APMEA 0 North America 0 Others 8.22	Location Wise Break-Up North America 0 Asia Pacific 61.45 Europe 25.64 India 0 Others 12.91	Location Wise Break-Up North America 20.01 APMEA 0 Europe 45.5 India 22.23 Others 12.26
OEM vs Aftermarket	OEM vs Aftermarket Aftermarket 73.0 Aftermarket 0 OEM 0 Others 27.0	OEM vs Aftermarket After market 78.0 OEM 22.0	OEM vs Aftermarket After market 71.1 OEM 27.0 Others 1.9
Asset Break-Up	Asset Break-Up India 99.92 Europe 0 APMEA 0 Outside India 0 In India 0 Others 0.08	Asset Break-Up APMEA 64.67 In India 0 Outside India 0 Europe 29.72 India 0 Others 5.61	Asset Break-Up APMEA 0 India 99.57 Outside India 0.43 Europe 0 India 0