Apar Industries Ltd

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]

See full details
  • Market Cap 2,485 Cr.
  • Current Price 649
  • High / Low 723 / 278
  • Stock P/E 10.1
  • Book Value 368
  • Dividend Yield 1.46 %
  • ROCE 22.2 %
  • ROE 12.4 %
  • Face Value 10.0

Pros

  • Company has been maintaining a healthy dividend payout of 25.42%

Cons

  • The company has delivered a poor sales growth of 4.70% over past five years.
  • Company has a low return on equity of 11.75% for last 3 years.
  • Company's cost of borrowing seems high
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
1,885 2,119 2,465 1,982 1,829 1,837 1,792 1,289 1,481 1,714 1,899 1,810
1,776 2,005 2,329 1,845 1,720 1,714 1,687 1,252 1,362 1,553 1,799 1,680
Operating Profit 109 114 135 137 109 123 105 37 119 161 101 129
OPM % 6% 5% 5% 7% 6% 7% 6% 3% 8% 9% 5% 7%
Other Income 3 3 4 4 2 1 2 2 3 5 9 12
Interest 53 42 51 57 67 52 52 47 30 37 22 38
Depreciation 16 17 18 20 22 22 23 23 23 23 24 24
Profit before tax 43 59 70 64 22 50 33 -31 69 106 64 79
Tax % 34% 41% 38% 36% -53% 27% 28% 25% 23% 22% 25% 21%
Net Profit 29 35 44 41 34 37 23 -23 54 82 48 62
EPS in Rs 7.48 9.07 11.42 10.78 8.86 9.58 6.10 -6.03 13.98 21.55 12.44 16.28

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
2,213 3,027 3,589 4,643 4,628 5,108 5,078 4,832 5,818 7,964 7,425 6,388 6,904
2,126 2,800 3,368 4,322 4,321 4,843 4,698 4,398 5,393 7,472 6,930 5,952 6,394
Operating Profit 87 227 222 321 307 264 380 434 426 491 495 436 510
OPM % 4% 7% 6% 7% 7% 5% 7% 9% 7% 6% 7% 7% 7%
Other Income 58 25 47 -3 4 1 10 15 11 15 15 22 30
Interest 87 78 170 144 155 162 175 131 158 223 254 157 127
Depreciation 19 21 22 24 27 31 38 45 56 67 87 93 95
Profit before tax 40 154 77 150 129 72 178 273 223 216 169 208 318
Tax % 56% 38% 3% 27% 30% 32% 32% 36% 35% 37% 20% 23%
Net Profit 24 95 73 109 90 50 122 177 145 136 135 160 246
EPS in Rs 7.56 29.48 20.30 28.45 23.37 12.86 31.61 46.14 37.82 35.55 35.32 41.94 64.25
Dividend Payout % 66% 20% 20% 18% 22% 27% 21% 22% 25% 27% 27% 23%
Compounded Sales Growth
10 Years:8%
5 Years:5%
3 Years:3%
TTM:2%
Compounded Profit Growth
10 Years:5%
5 Years:6%
3 Years:4%
TTM:247%
Stock Price CAGR
10 Years:15%
5 Years:3%
3 Years:3%
1 Year:124%
Return on Equity
10 Years:13%
5 Years:13%
3 Years:12%
Last Year:12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
32 32 38 38 38 38 38 38 38 38 38 38
Reserves 251 319 485 588 658 691 815 998 1,070 1,164 1,128 1,371
Borrowings 162 601 993 984 792 494 384 305 363 253 372 325
1,262 1,014 1,319 1,648 1,510 1,732 1,680 2,107 2,805 3,501 3,116 3,275
Total Liabilities 1,707 1,967 2,833 3,258 2,998 2,956 2,919 3,448 4,276 4,957 4,654 5,009
179 178 185 263 359 395 398 574 649 709 885 878
CWIP 2 6 22 45 18 10 56 28 20 103 55 29
Investments 0 0 0 80 2 5 112 119 0 187 0 60
1,526 1,782 2,627 2,870 2,620 2,546 2,352 2,728 3,608 3,958 3,714 4,042
Total Assets 1,707 1,967 2,833 3,258 2,998 2,956 2,919 3,448 4,276 4,957 4,654 5,009

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
-65 48 25 453 -632 298 412 312 225 632 94 324
6 -26 -43 -208 -12 -59 -223 -166 -5 -388 45 -111
-62 -96 436 -23 -181 -369 -153 -157 -69 -293 -189 -167
Net Cash Flow -122 -74 417 223 -824 -130 36 -11 151 -49 -49 45

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 83 88 64 87 91 78 95 109 98 93 106
Inventory Days 92 76 86 75 101 84 72 102 98 74 85 119
Days Payable 209 108 106 148 136 141 130 181 57 45 71 224
Cash Conversion Cycle -46 51 68 -9 52 34 20 15 150 127 108 1
Working Capital Days -36 44 50 12 68 50 26 38 34 11 19 30
ROCE % 29% 33% 20% 19% 18% 17% 28% 31% 27% 30% 28% 22%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
58.19 58.55 58.55 58.55 58.68 59.38 59.69 59.69 59.80 59.80 60.46 60.46
6.25 5.90 5.87 5.86 5.87 5.91 5.81 5.85 5.22 5.57 4.18 4.08
23.66 24.49 24.69 24.86 25.29 24.25 23.42 23.37 21.56 20.97 19.49 19.36
0.13 0.00 0.14 0.14 0.14 0.14 0.22 0.22 0.22 0.23 0.23 0.23
11.78 11.06 10.75 10.58 10.02 10.33 10.86 10.88 13.20 13.42 15.63 15.86

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