Income Statement

Revenue

+34%

+101%

10Y

Currency: INR

	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Revenue
Interest Expense	282	278	279	296	327	359	405	458	493	502	515	504	492	517	540	580	663	0	0	0	2 640	0	0	0	2 900	0	0	0	2 697	0	0	0	2 494	0	0	0	3 143	0	0	0	3 482	0	0	0	0	0	0	0
Revenue	25 838 N/A	26 519 +3%	27 321 +3%	28 836 +6%	29 924 +4%	31 235 +4%	33 015 +6%	34 917 +6%	37 390 +7%	39 951 +7%	42 015 +5%	43 397 +3%	44 133 +2%	45 324 +3%	46 654 +3%	48 073 +3%	50 510 +5%	38 830 -23%	78 298 +102%	119 248 +52%	160 625 +35%	166 503 +4%	167 111 +0%	166 919 0%	162 394 -3%	142 293 -12%	144 661 +2%	150 319 +4%	161 632 +8%	178 865 +11%	185 499 +4%	188 284 +2%	193 167 +3%	208 286 +8%	217 471 +4%	224 716 +3%	230 085 +2%	237 529 +3%	241 437 +2%	246 616 +2%	251 692 +2%	259 254 +3%	265 894 +3%	274 277 +3%	281 532 +3%	286 324 +2%	291 301 +2%	301 797 +4%
Gross Profit
Cost of Revenue	(17 121)	(23 242)	(22 462)	(22 141)	(20 755)	(23 837)	(24 981)	(26 412)	(26 259)	(28 040)	(29 515)	(30 168)	(29 870)	(30 328)	(30 743)	(31 485)	(35 661)	(23 504)	(47 302)	(72 077)	(100 678)	(100 813)	(100 668)	(100 106)	(99 903)	(83 649)	(83 544)	(84 878)	(95 885)	(104 371)	(112 318)	(119 391)	(129 684)	(138 819)	(148 099)	(153 627)	(169 933)	(154 721)	(150 451)	(148 984)	(166 953)	(156 493)	(163 202)	(172 868)	(196 618)	(184 276)	(187 614)	(190 820)
Gross Profit	8 718 N/A	3 277 -62%	4 859 +48%	6 695 +38%	9 169 +37%	7 398 -19%	8 034 +9%	8 505 +6%	11 130 +31%	11 911 +7%	12 500 +5%	13 229 +6%	14 263 +8%	14 996 +5%	15 911 +6%	16 588 +4%	14 849 -10%	15 326 +3%	30 996 +102%	47 172 +52%	59 947 +27%	65 691 +10%	66 444 +1%	66 813 +1%	62 491 -6%	58 644 -6%	61 118 +4%	65 442 +7%	65 747 +0%	74 495 +13%	73 181 -2%	68 894 -6%	63 484 -8%	69 469 +9%	69 374 0%	71 089 +2%	60 152 -15%	82 807 +38%	90 985 +10%	97 631 +7%	84 739 -13%	102 761 +21%	102 692 0%	101 410 -1%	84 914 -16%	102 048 +20%	103 687 +2%	110 976 +7%
Operating Income
Operating Expenses	(7 694)	(2 625)	(4 371)	(6 240)	(8 533)	(6 443)	(6 951)	(7 452)	(10 132)	(10 567)	(10 697)	(10 897)	(11 425)	(11 520)	(11 956)	(12 771)	(12 289)	(11 342)	(23 354)	(35 878)	(44 333)	(50 857)	(52 083)	(52 375)	(48 329)	(47 982)	(47 820)	(48 942)	(47 124)	(55 127)	(57 390)	(58 061)	(54 319)	(61 004)	(61 442)	(62 673)	(48 464)	(65 434)	(67 268)	(69 424)	(56 182)	(74 855)	(76 823)	(78 291)	(60 294)	(78 950)	(79 798)	(81 673)
Selling, General & Administrative	(7 694)	(409)	(825)	(1 274)	(7 430)	(1 311)	(1 382)	(1 436)	(8 674)	(2 095)	(2 161)	(2 263)	(9 885)	(2 460)	(2 562)	(2 741)	(10 586)	(2 773)	(5 710)	(8 741)	(34 782)	(12 025)	(12 450)	(12 868)	(36 725)	(13 470)	(13 508)	(14 058)	(34 919)	(14 604)	(15 065)	(14 875)	(41 185)	(15 136)	(15 278)	(15 582)	(34 142)	(16 460)	(16 893)	(17 275)	(40 452)	(18 302)	(18 643)	(18 841)	(42 642)	(19 052)	(19 218)	(19 750)
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(518)	0	0	0
Depreciation & Amortization	0	(977)	(1 005)	(1 044)	(1 103)	(857)	(943)	(1 044)	(1 457)	(1 497)	(1 525)	(1 522)	(1 540)	(1 542)	(1 556)	(1 612)	(1 702)	(1 871)	(3 872)	(5 927)	(8 076)	(8 489)	(8 864)	(9 302)	(9 823)	(10 277)	(10 748)	(11 094)	(11 408)	(11 689)	(11 809)	(11 927)	(12 051)	(12 013)	(12 141)	(12 343)	(12 531)	(12 883)	(13 303)	(13 744)	(14 300)	(14 928)	(15 510)	(16 061)	(16 536)	(16 863)	(17 216)	(17 447)
Other Operating Expenses	0	(1 241)	(2 542)	(3 922)	0	(4 275)	(4 626)	(4 972)	0	(6 976)	(7 011)	(7 112)	0	(7 518)	(7 838)	(8 418)	0	(6 698)	(13 771)	(21 209)	(1 475)	(30 342)	(30 768)	(30 204)	(1 780)	(24 236)	(23 564)	(23 790)	(798)	(28 835)	(30 517)	(31 260)	(1 083)	(33 857)	(34 025)	(34 750)	(1 791)	(36 092)	(37 073)	(38 405)	(1 430)	(41 626)	(42 669)	(43 390)	(598)	(43 035)	(43 364)	(44 476)
Operating Income	1 024 N/A	651 -36%	488 -25%	455 -7%	636 +40%	956 +50%	1 083 +13%	1 053 -3%	999 -5%	1 344 +35%	1 803 +34%	2 332 +29%	2 838 +22%	3 476 +22%	3 955 +14%	3 818 -3%	2 561 -33%	3 984 +56%	7 642 +92%	11 293 +48%	15 614 +38%	14 833 -5%	14 361 -3%	14 439 +1%	14 162 -2%	10 663 -25%	13 297 +25%	16 499 +24%	18 623 +13%	19 367 +4%	15 791 -18%	10 833 -31%	9 165 -15%	8 464 -8%	7 931 -6%	8 415 +6%	11 688 +39%	17 373 +49%	23 716 +37%	28 207 +19%	28 557 +1%	27 905 -2%	25 869 -7%	23 118 -11%	24 620 +6%	23 098 -6%	23 889 +3%	29 303 +23%
Pre-Tax Income
Interest Income Expense	(282)	(279)	(280)	(296)	(327)	(359)	(406)	(459)	(493)	(503)	(515)	(505)	(406)	(518)	(540)	(579)	(715)	(660)	(1 349)	(2 056)	(28)	(2 733)	(2 762)	(2 821)	(413)	(2 972)	(2 806)	(2 704)	(1 676)	(2 623)	(2 651)	(2 632)	(478)	(2 559)	(2 725)	(2 939)	(1 265)	(3 372)	(3 481)	(3 522)	(1 038)	(3 535)	(3 517)	(3 554)	(385)	(3 738)	(3 802)	(3 778)
Non-Reccuring Items	(413)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(1)	0	0	0	(1)	0	0	0	(2)	0	0	0	(5)	0	0	0	(75)	0	0	0	(4)	0	0	0	(11)	0	0	0	(16)	0	0	(772)
Gain/Loss on Disposition of Assets	0	0	0	0	0	0	0	0	0	0	0	0	2	0	0	0	0	0	0	0	(59)	0	0	0	5	0	0	0	(49)	0	0	0	(22)	0	0	0	(77)	0	0	0	(107)	0	0	0	(24)	0	0	0
Total Other Income	100	0	0	0	287	0	0	0	123	0	0	0	161	0	0	0	258	715	1 835	3 099	995	4 560	4 395	3 871	591	2 735	2 227	2 123	476	2 586	3 027	3 086	490	2 587	2 470	2 489	354	2 930	2 866	2 928	473	3 262	3 687	3 891	595	4 505	4 454	4 719
Pre-Tax Income	429 N/A	372 -13%	208 -44%	159 -24%	596 +275%	597 +0%	677 +13%	594 -12%	629 +6%	841 +34%	1 288 +53%	1 827 +42%	2 595 +42%	2 958 +14%	3 415 +15%	3 239 -5%	2 102 -35%	4 039 +92%	8 128 +101%	12 336 +52%	16 522 +34%	16 660 +1%	15 994 -4%	15 489 -3%	14 343 -7%	10 425 -27%	12 717 +22%	15 917 +25%	17 368 +9%	19 331 +11%	16 168 -16%	11 288 -30%	9 079 -20%	8 492 -6%	7 676 -10%	7 965 +4%	10 697 +34%	16 931 +58%	23 101 +36%	27 613 +20%	27 874 +1%	27 633 -1%	26 038 -6%	23 456 -10%	24 790 +6%	23 866 -4%	24 541 +3%	29 472 +20%
Net Income
Tax Provision	(141)	(137)	(97)	(50)	(150)	(167)	(196)	(200)	(201)	(262)	(410)	(606)	(891)	(1 025)	(1 184)	(1 114)	(668)	(1 364)	(2 670)	(3 970)	(5 216)	(5 297)	(5 125)	(5 115)	(117)	1 202	731	323	(4 598)	(5 039)	(4 096)	(2 928)	(2 387)	(2 221)	(1 996)	(2 030)	(3 008)	(4 590)	(6 192)	(7 355)	(7 062)	(6 998)	(6 563)	(5 923)	(6 097)	(5 878)	(6 004)	(7 172)
Income from Continuing Operations	288	235	111	109	446	430	480	393	429	580	879	1 222	1 704	1 932	2 231	2 125	1 434	2 676	5 459	8 367	11 306	11 363	10 870	10 375	14 226	11 628	13 447	16 239	12 771	14 292	12 074	8 363	6 692	6 273	5 681	5 935	7 690	12 341	16 909	20 258	20 812	20 635	19 475	17 533	18 693	17 987	18 537	22 301
Income to Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income (Common)	288 N/A	235 -18%	111 -53%	109 -2%	404 +271%	430 +6%	480 +12%	393 -18%	793 +102%	944 +19%	1 243 +32%	1 586 +28%	1 704 +7%	1 932 +13%	2 231 +15%	2 125 -5%	1 434 -33%	2 676 +87%	5 459 +104%	8 367 +53%	11 306 +35%	11 363 +1%	10 870 -4%	10 375 -5%	14 226 +37%	11 628 -18%	13 447 +16%	16 239 +21%	12 771 -21%	14 292 +12%	12 074 -16%	8 363 -31%	6 692 -20%	6 273 -6%	5 681 -9%	5 935 +4%	7 690 +30%	12 341 +60%	16 909 +37%	20 258 +20%	20 812 +3%	20 635 -1%	19 475 -6%	17 533 -10%	18 693 +7%	17 987 -4%	18 537 +3%	22 301 +20%
EPS (Diluted)	72 N/A	58.75 -18%	27.75 -53%	27.25 -2%	101 +271%	107.5 +6%	120 +12%	98.25 -18%	198.25 +102%	236 +19%	310.75 +32%	396.5 +28%	426 +7%	483 +13%	557.75 +15%	531.25 -5%	358.5 -33%	669 +87%	1 364.75 +104%	2 091.75 +53%	2 826.5 +35%	2 840.75 +1%	2 717.5 -4%	2 593.75 -5%	3 556.5 +37%	2 907 -18%	3 361.75 +16%	4 059.75 +21%	3 192.75 -21%	3 573 +12%	3 018.5 -16%	2 090.75 -31%	1 673 -20%	1 568.25 -6%	1 420.25 -9%	1 483.75 +4%	1 813.1 +22%	2 909.88 +60%	3 986.85 +37%	4 776.46 +20%	4 907.24 +3%	4 865.42 -1%	4 592.05 -6%	4 133.95 -10%	4 407.51 +7%	4 241.16 -4%	4 370.69 +3%	5 258.12 +20%

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MRF Ltd
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MRF Ltd

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MRF Ltd

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MRF Ltd NSE:MRF

Income Statement

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MRF Ltd
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