Apar Industries Ltd

About [ edit ]

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. # #

Key Points [ edit ]
  • Market Cap 1,735 Cr.
  • Current Price 454
  • High / Low 500 / 275
  • Stock P/E 12.7
  • Book Value 332
  • Dividend Yield 2.09 %
  • ROCE 28.3 %
  • ROE 11.4 %
  • Face Value 10.0

Pros

  • Company has been maintaining a healthy dividend payout of 26.25%

Cons

  • Company has a low return on equity of 11.98% for last 3 years.
  • Company's cost of borrowing seems high
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
1,768 1,496 1,885 2,119 2,465 1,982 1,829 1,837 1,814 1,293 1,481 1,714
1,642 1,386 1,776 2,005 2,329 1,845 1,720 1,714 1,708 1,255 1,362 1,551
Operating Profit 126 109 109 114 135 137 109 123 106 38 119 163
OPM % 7% 7% 6% 5% 5% 7% 6% 7% 6% 3% 8% 10%
Other Income 3 4 3 3 4 4 2 1 1 1 3 3
Interest 54 54 53 42 51 57 67 52 52 47 30 37
Depreciation 15 16 16 17 18 20 22 22 23 23 23 23
Profit before tax 60 44 43 59 70 64 22 50 33 -31 69 106
Tax % 33% 34% 34% 41% 38% 36% -53% 27% 28% 25% 23% 22%
Net Profit 40 29 29 35 44 41 34 37 23 -23 54 82
EPS in Rs 10.46 7.58 7.48 9.07 11.42 10.78 8.86 9.58 6.10 -6.03 13.98 21.55

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
2,605 2,213 3,027 3,589 4,643 4,628 5,108 5,078 4,832 5,818 7,964 7,462 6,302
2,562 2,126 2,800 3,368 4,324 4,322 4,844 4,698 4,399 5,393 7,473 6,959 5,876
Operating Profit 43 87 227 221 319 306 264 380 433 426 491 502 426
OPM % 2% 4% 7% 6% 7% 7% 5% 7% 9% 7% 6% 7% 7%
Other Income 74 58 25 47 -1 4 2 10 16 11 15 8 8
Interest 104 87 78 170 144 155 162 175 131 158 223 254 165
Depreciation 15 19 21 22 24 27 31 38 45 56 67 87 92
Profit before tax -1 40 154 77 150 129 72 178 273 223 216 169 177
Tax % -190% 56% 38% 3% 27% 30% 32% 32% 36% 35% 37% 20%
Net Profit -5 24 95 73 109 90 50 122 177 145 136 135 136
EPS in Rs -1.65 7.56 29.48 20.30 28.45 23.37 12.86 31.61 46.14 37.82 35.55 35.32 35.60
Dividend Payout % 0% 66% 20% 20% 18% 22% 27% 21% 22% 25% 27% 27%
Compounded Sales Growth
10 Years:13%
5 Years:8%
3 Years:16%
TTM:-22%
Compounded Profit Growth
10 Years:18%
5 Years:22%
3 Years:-8%
TTM:-12%
Stock Price CAGR
10 Years:7%
5 Years:-1%
3 Years:-16%
1 Year:52%
Return on Equity
10 Years:14%
5 Years:14%
3 Years:12%
Last Year:11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
32 32 32 38 38 38 38 38 38 38 38 38 38
Reserves 248 251 319 485 588 658 691 815 998 1,070 1,164 1,128 1,232
Borrowings 161 162 601 993 984 792 494 384 305 363 253 372 470
1,456 1,262 1,014 1,319 1,648 1,510 1,732 1,680 2,107 2,805 3,501 3,116 2,204
Total Liabilities 1,897 1,707 1,967 2,833 3,258 2,998 2,956 2,919 3,448 4,276 4,957 4,654 3,944
227 179 178 185 263 359 395 398 574 649 709 885 876
CWIP 12 2 6 22 45 18 10 56 28 20 103 55 28
Investments 0 0 0 0 80 2 5 112 119 0 187 0 0
1,658 1,526 1,782 2,627 2,870 2,620 2,546 2,352 2,728 3,608 3,958 3,714 3,038
Total Assets 1,897 1,707 1,967 2,833 3,258 2,998 2,956 2,919 3,448 4,276 4,957 4,654 3,944

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
225 -65 48 25 453 -632 298 412 312 225 632 94
-12 6 -26 -43 -208 -12 -59 -223 -166 -5 -388 46
-105 -62 -96 436 -23 -181 -369 -153 -157 -69 -293 -189
Net Cash Flow 107 -122 -74 417 223 -824 -130 36 -11 151 -49 -49

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 25% 29% 33% 20% 19% 18% 17% 28% 31% 27% 30% 28%
Debtor Days 72 70 83 88 64 87 91 78 95 109 98 93
Inventory Turnover 7.08 4.41 5.19 5.00 5.17 4.22 4.23 4.62 4.12 4.13 5.16 4.47

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
57.96 57.96 58.19 58.55 58.55 58.55 58.68 59.38 59.69 59.69 59.80 59.80
7.37 6.45 6.25 5.90 5.87 5.86 5.87 5.91 5.81 5.85 5.22 5.57
21.50 23.43 23.66 24.49 24.69 24.86 25.29 24.25 23.42 23.37 21.56 20.97
0.13 0.00 0.13 0.00 0.14 0.14 0.14 0.14 0.22 0.22 0.22 0.23
13.04 12.16 11.78 11.06 10.75 10.58 10.02 10.33 10.86 10.88 13.20 13.42

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