Apar Industries Ltd

₹ 612 1.80%
May 17 - close price
About

Apar, founded by Mr. Dharmsinh D. Desai in 1958, is a market leader in India with a global presence. Contributing to India’s process of electrification it started from manufacturing power transmission cables to having three broad business segments, which are Conductors, Transformer and specialty oils (TSO), and Power/telecom Cables. [1] [2]

Key Points

Leader in Conductors (48% of Revenue):
Apar has a market share of 25%.
It is amongst the largest global manufacturer (a pioneer in aluminum alloy rod & conductors)
It supplies to all top 25 global turnkey operators and leading utilities. [1]
Rs 367 Cr invested during FY13-FY19 [1]

  • Market Cap 2,341 Cr.
  • Current Price 612
  • High / Low 868 / 500
  • Stock P/E 11.6
  • Book Value 366
  • Dividend Yield 1.55 %
  • ROCE 22.9 %
  • ROE 11.3 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 25.82%

Cons

  • The company has delivered a poor sales growth of 3.48% over past five years.
  • Company has a low return on equity of 12.36% for last 3 years.
  • Company's cost of borrowing seems high

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021
2,374 1,868 1,735 1,742 1,691 1,218 1,368 1,584 1,791 1,610 2,094 2,071
2,237 1,734 1,627 1,627 1,589 1,183 1,264 1,443 1,699 1,499 1,973 1,965
Operating Profit 137 134 108 115 102 35 104 141 92 111 121 107
OPM % 6% 7% 6% 7% 6% 3% 8% 9% 5% 7% 6% 5%
4 4 2 1 4 3 6 5 12 13 6 10
Interest 49 55 65 50 50 45 28 35 21 37 30 24
Depreciation 16 18 20 20 21 21 21 21 22 21 22 22
Profit before tax 75 65 25 46 35 -28 61 89 62 65 76 71
Tax % 35% 35% -45% 26% 26% 26% 26% 25% 27% 26% 26% 25%
Net Profit 49 42 37 34 26 -21 46 67 45 49 56 53
EPS in Rs 12.77 11.01 9.59 8.85 6.87 -5.40 11.92 17.44 11.80 12.72 14.64 13.82

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
1,977 2,718 3,448 4,525 4,474 4,998 5,024 4,776 5,516 7,586 7,017 5,961 7,566
1,846 2,512 3,246 4,221 4,193 4,745 4,649 4,339 5,104 7,099 6,544 5,569 7,136
Operating Profit 131 206 202 304 281 253 375 436 412 487 473 392 430
OPM % 7% 8% 6% 7% 6% 5% 7% 9% 7% 6% 7% 7% 6%
5 -0 47 3 5 8 10 15 11 15 22 26 41
Interest 75 33 168 142 155 162 175 129 152 214 244 148 111
Depreciation 12 14 21 24 27 31 38 43 50 60 79 85 87
Profit before tax 49 159 60 140 104 68 173 279 221 228 172 185 273
Tax % 38% 34% 0% 27% 34% 30% 33% 35% 35% 35% 19% 26%
Net Profit 31 106 59 102 69 48 116 182 144 147 139 137 203
EPS in Rs 9.46 32.73 16.49 26.56 17.88 12.43 30.05 47.64 37.64 38.44 36.32 35.75 52.98
Dividend Payout % 53% 18% 24% 20% 29% 28% 22% 21% 25% 25% 26% 27%
Compounded Sales Growth
10 Years: 8%
5 Years: 3%
3 Years: 3%
TTM: 29%
Compounded Profit Growth
10 Years: 3%
5 Years: 4%
3 Years: -1%
TTM: 72%
Stock Price CAGR
10 Years: 15%
5 Years: -6%
3 Years: -2%
1 Year: 19%
Return on Equity
10 Years: 14%
5 Years: 14%
3 Years: 12%
Last Year: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
32 32 38 38 38 38 38 38 38 38 38 38 38
Reserves 261 342 432 522 568 598 722 910 981 1,087 1,051 1,267 1,364
Borrowings 88 565 977 984 792 494 361 246 304 194 256 246 313
1,203 975 1,326 1,662 1,526 1,718 1,656 2,036 2,676 3,364 2,969 3,113 3,387
Total Liabilities 1,584 1,915 2,771 3,206 2,925 2,849 2,777 3,230 3,999 4,683 4,314 4,665 5,103
120 122 182 242 338 373 398 468 544 604 742 733 731
CWIP 1 2 22 45 18 9 21 28 19 103 55 29 18
Investments 32 32 6 108 30 31 110 119 0 187 0 62 95
1,431 1,759 2,562 2,810 2,539 2,436 2,249 2,616 3,435 3,789 3,516 3,842 4,259
Total Assets 1,584 1,915 2,771 3,206 2,925 2,849 2,777 3,230 3,999 4,683 4,314 4,665 5,103

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
-50 -41 19 415 -612 227 401 310 204 630 105 272
-38 -18 -43 -202 -12 -47 -173 -110 0 -381 55 -118
-42 -27 455 -5 -181 -369 -176 -193 -65 -288 -202 -110
Net Cash Flow -130 -86 430 207 -805 -189 52 7 139 -40 -41 44

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 70 85 88 64 85 90 78 94 111 100 94 110
Inventory Days 88 72 87 76 103 85 72 97 98 74 86 120
Days Payable 220 115 109 154 142 143 131 177 57 42 67 74
Cash Conversion Cycle -62 42 66 -14 47 33 19 14 152 132 113 156
Working Capital Days -43 56 45 8 63 49 26 37 35 12 19 31
ROCE % 49% 29% 19% 19% 17% 18% 31% 35% 29% 33% 31% 23%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
58.55 58.68 59.38 59.69 59.69 59.80 59.80 60.46 60.46 60.46 60.46 60.57
5.86 5.87 5.91 5.81 5.85 5.22 5.57 4.18 4.08 5.07 5.55 5.52
24.86 25.29 24.25 23.42 23.37 21.56 20.97 19.49 19.36 17.76 17.86 18.25
0.14 0.14 0.14 0.22 0.22 0.22 0.23 0.23 0.23 0.23 0.26 0.26
10.58 10.02 10.33 10.86 10.88 13.20 13.42 15.63 15.86 16.47 15.87 15.41

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