Apar Industries Ltd

₹ 1,202 -0.19%
05 Aug - 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 (44 % of Revenue):
It is amongst the largest global manufacturers (a pioneer in aluminum alloy rod & conductors). It Supplies to all top 25 global turnkey operators and leading utilities. [1] 343 crores of strategic Capex was undertaken over FY16-FY22 to launch several innovative solutions. Higher Value products contributed up to 49% in FY22 from 33% in FY21. FY22 Order inflow was INR 5,400 crore. [2]

  • Market Cap 4,600 Cr.
  • Current Price 1,202
  • High / Low 1,288 / 556
  • Stock P/E 14.5
  • Book Value 448
  • Dividend Yield 1.25 %
  • ROCE 26.9 %
  • ROE 16.1 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 24.0%

Cons

  • Company has a low return on equity of 13.6% 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

Consolidated Figures in Rs. Crores / View Standalone

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
1,982 1,829 1,837 1,792 1,289 1,486 1,714 1,899 1,810 2,269 2,229 3,012 3,093
1,845 1,720 1,714 1,687 1,252 1,369 1,553 1,795 1,680 2,142 2,112 2,839 2,856
Operating Profit 137 109 123 105 37 117 161 104 129 128 117 174 237
OPM % 7% 6% 7% 6% 3% 8% 9% 6% 7% 6% 5% 6% 8%
4 2 1 2 2 5 5 6 12 5 7 9 4
Interest 57 67 52 52 47 30 37 22 38 31 26 46 61
Depreciation 20 22 22 23 23 23 23 24 24 24 25 25 25
Profit before tax 64 22 50 33 -31 69 106 64 79 77 74 112 156
Tax % 36% -53% 27% 28% 25% 23% 22% 25% 21% 26% 26% 26% 21%
Net Profit 41 34 37 23 -23 54 82 48 62 57 55 83 122
EPS in Rs 10.78 8.86 9.58 6.10 -6.03 13.98 21.55 12.45 16.28 14.87 14.36 21.59 32.00

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
3,027 3,589 4,643 4,628 5,108 5,078 4,832 5,818 7,964 7,425 6,388 9,320 10,604
2,800 3,368 4,322 4,321 4,843 4,698 4,398 5,393 7,472 6,930 5,948 8,742 9,948
Operating Profit 227 222 321 307 264 380 434 426 491 495 440 578 656
OPM % 7% 6% 7% 7% 5% 7% 9% 7% 6% 7% 7% 6% 6%
25 47 -3 4 1 10 15 11 15 15 19 33 25
Interest 78 170 144 155 162 175 131 158 223 254 157 171 164
Depreciation 21 22 24 27 31 38 45 56 67 87 93 98 99
Profit before tax 154 77 150 129 72 178 273 223 216 169 208 342 419
Tax % 38% 3% 27% 30% 32% 32% 36% 35% 37% 20% 23% 25%
Net Profit 95 73 109 90 50 122 177 145 136 135 160 257 317
EPS in Rs 29.48 20.30 28.45 23.37 12.86 31.61 46.14 37.82 35.55 35.32 41.94 67.09 82.82
Dividend Payout % 20% 20% 18% 22% 27% 21% 22% 25% 27% 27% 23% 22%
Compounded Sales Growth
10 Years: 10%
5 Years: 14%
3 Years: 5%
TTM: 53%
Compounded Profit Growth
10 Years: 13%
5 Years: 8%
3 Years: 24%
TTM: 29%
Stock Price CAGR
10 Years: 25%
5 Years: 10%
3 Years: 30%
1 Year: 82%
Return on Equity
10 Years: 14%
5 Years: 13%
3 Years: 14%
Last Year: 16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
32 38 38 38 38 38 38 38 38 38 38 38
Reserves 319 485 588 658 691 815 998 1,070 1,164 1,128 1,361 1,677
601 993 984 792 494 384 305 363 253 372 325 320
1,014 1,319 1,648 1,510 1,732 1,680 2,107 2,805 3,501 3,116 3,275 4,572
Total Liabilities 1,967 2,833 3,258 2,998 2,956 2,919 3,448 4,276 4,957 4,654 4,999 6,608
178 185 263 359 395 398 574 649 709 885 878 881
CWIP 6 22 45 18 10 56 28 20 103 55 29 38
Investments 0 0 80 2 5 112 119 0 187 0 60 31
1,782 2,627 2,870 2,620 2,546 2,352 2,728 3,608 3,958 3,714 4,032 5,657
Total Assets 1,967 2,833 3,258 2,998 2,956 2,919 3,448 4,276 4,957 4,654 4,999 6,608

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
48 25 453 -632 298 412 312 225 632 94 281 244
-26 -43 -208 -12 -59 -223 -166 -5 -388 45 -115 -91
-96 436 -23 -181 -369 -153 -157 -69 -293 -189 -123 -106
Net Cash Flow -74 417 223 -824 -130 36 -11 151 -49 -49 43 46

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 83 88 64 87 91 78 95 109 98 93 106 99
Inventory Days 76 86 75 101 84 72 102 98 74 85 119 108
Days Payable 108 106 148 136 141 130 181 57 45 71 75 69
Cash Conversion Cycle 51 68 -9 52 34 20 15 150 127 108 150 138
Working Capital Days 44 49 11 67 49 24 36 32 10 18 30 30
ROCE % 33% 20% 19% 18% 17% 28% 31% 27% 30% 28% 22% 27%

Shareholding Pattern

Numbers in percentages

7 recently
Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
58.68 59.38 59.69 59.69 59.80 59.80 60.46 60.46 60.46 60.46 60.57 60.64
5.87 5.91 5.81 5.85 5.22 5.57 4.18 4.08 5.07 5.55 5.52 5.94
25.29 24.25 23.42 23.37 21.56 20.97 19.49 19.36 17.76 17.86 18.25 17.87
0.14 0.14 0.22 0.22 0.22 0.23 0.23 0.23 0.23 0.26 0.26 0.00
10.02 10.33 10.86 10.88 13.20 13.42 15.63 15.86 16.47 15.87 15.41 15.56

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