Apar Industries Ltd

Apar Industries Ltd

₹ 8,345 -1.42%
21 Jun - 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

Leadership[1]

<h1>1 Largest global aluminium & alloy conductors’ manufacturer</h1> <h1>3rd Largest global manufacturer of Transformer oils</h1> <h1>1 Cables manufacturer for renewables in India</h1>
  • Market Cap 33,521 Cr.
  • Current Price 8,345
  • High / Low 8,740 / 3,190
  • Stock P/E 40.7
  • Book Value 920
  • Dividend Yield 0.48 %
  • ROCE 45.1 %
  • ROE 28.6 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 41.9% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 26.9%
  • Company has been maintaining a healthy dividend payout of 25.0%

Cons

  • Stock is trading at 9.07 times its book value
  • 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 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
1,791 1,610 2,094 2,071 2,821 2,827 2,911 3,624 3,806 3,506 3,644 3,742 4,226
1,695 1,499 1,973 1,963 2,661 2,621 2,683 3,306 3,405 3,175 3,294 3,361 3,808
Operating Profit 96 111 121 108 160 206 227 318 401 331 350 381 417
OPM % 5% 7% 6% 5% 6% 7% 8% 9% 11% 9% 10% 10% 10%
8 13 6 9 10 6 13 8 12 16 21 23 30
Interest 21 37 30 24 44 59 68 89 74 64 98 108 97
Depreciation 22 21 22 22 22 22 23 23 24 24 25 25 28
Profit before tax 62 65 76 71 104 132 150 214 314 258 248 271 322
Tax % 27% 26% 26% 25% 27% 25% 25% 26% 25% 25% 25% 24% 26%
45 49 56 53 76 98 112 158 235 193 186 206 238
EPS in Rs 11.80 12.72 14.64 13.82 19.87 25.70 29.17 41.25 61.36 50.53 48.50 51.24 59.36
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
4,525 4,474 4,998 5,024 4,776 5,516 7,586 7,017 5,961 8,592 13,167 15,109
4,221 4,193 4,745 4,649 4,339 5,104 7,099 6,544 5,565 8,064 11,984 13,630
Operating Profit 304 281 253 375 436 412 487 473 395 528 1,183 1,480
OPM % 7% 6% 5% 7% 9% 7% 6% 7% 7% 6% 9% 10%
3 5 8 10 15 11 15 22 22 37 41 89
Interest 142 155 162 175 129 152 214 244 148 163 323 366
Depreciation 24 27 31 38 43 50 60 79 85 87 92 103
Profit before tax 140 104 68 173 279 221 228 172 185 316 810 1,099
Tax % 27% 34% 30% 33% 35% 35% 35% 19% 26% 26% 26% 25%
102 69 48 116 182 144 147 139 137 234 603 823
EPS in Rs 26.56 17.88 12.43 30.05 47.64 37.64 38.44 36.32 35.75 61.04 157.48 204.96
Dividend Payout % 20% 29% 28% 22% 21% 25% 25% 26% 27% 25% 25% 25%
Compounded Sales Growth
10 Years: 13%
5 Years: 15%
3 Years: 36%
TTM: 15%
Compounded Profit Growth
10 Years: 29%
5 Years: 42%
3 Years: 82%
TTM: 37%
Stock Price CAGR
10 Years: 43%
5 Years: 70%
3 Years: 153%
1 Year: 162%
Return on Equity
10 Years: 20%
5 Years: 23%
3 Years: 27%
Last Year: 29%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 38 38 38 38 38 38 38 38 38 38 38 40
Reserves 522 568 598 722 910 981 1,087 1,051 1,258 1,547 2,021 3,656
984 792 494 361 246 304 194 256 246 293 325 421
1,662 1,526 1,718 1,656 2,036 2,676 3,364 2,969 3,113 4,278 5,220 4,873
Total Liabilities 3,206 2,925 2,849 2,777 3,230 3,999 4,683 4,314 4,656 6,156 7,605 8,990
242 338 373 398 468 544 604 742 733 732 793 1,045
CWIP 45 18 9 21 28 19 103 55 29 37 99 121
Investments 108 30 31 110 119 0 187 0 62 32 56 10
2,810 2,539 2,436 2,249 2,616 3,435 3,789 3,516 3,832 5,355 6,657 7,814
Total Assets 3,206 2,925 2,849 2,777 3,230 3,999 4,683 4,314 4,656 6,156 7,605 8,990

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
415 -612 227 401 310 204 630 105 226 218 577 -235
-202 -12 -47 -173 -110 0 -381 55 -117 -77 -253 -264
-5 -181 -369 -176 -193 -65 -288 -202 -68 -82 -159 650
Net Cash Flow 207 -805 -189 52 7 139 -40 -41 42 59 165 151

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 64 85 90 78 94 111 100 94 110 103 83 90
Inventory Days 76 103 85 72 97 98 74 86 120 109 92 83
Days Payable 154 142 143 131 177 208 190 184 234 211 181 138
Cash Conversion Cycle -14 47 33 19 14 1 -16 -4 -4 1 -6 35
Working Capital Days 7 62 48 23 35 33 11 18 31 33 25 54
ROCE % 19% 17% 18% 31% 35% 29% 33% 31% 23% 28% 53%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
60.46% 60.46% 60.46% 60.57% 60.64% 60.64% 60.64% 60.64% 60.64% 60.64% 57.77% 57.77%
4.08% 5.07% 5.55% 5.52% 5.94% 6.30% 6.73% 6.66% 7.47% 9.09% 10.98% 11.55%
19.36% 17.76% 17.86% 18.25% 17.87% 16.76% 17.53% 17.95% 17.97% 17.06% 18.62% 18.90%
0.23% 0.23% 0.26% 0.26% 0.00% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
15.86% 16.47% 15.87% 15.41% 15.56% 16.30% 15.10% 14.75% 13.92% 13.23% 12.63% 11.78%
No. of Shareholders 30,12233,72433,23134,46039,68054,21258,21262,72671,66092,40394,35490,969

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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