Apar Industries Ltd

Apar Industries Ltd

₹ 6,297 -1.10%
23 Feb - 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

Conductors:
It is the largest one-stop solution provider for design, manufacturing, upgrading transmission lines and testing of conductors in the world. They are the largest exporters of conductors from India.[1]

  • Market Cap 25,350 Cr.
  • Current Price 6,297
  • High / Low 6,542 / 2,100
  • Stock P/E 30.5
  • Book Value 613
  • Dividend Yield 0.64 %
  • ROCE 51.1 %
  • ROE 32.3 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 35.1% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 23.0%
  • Company's working capital requirements have reduced from 27.6 days to 21.9 days

Cons

  • Stock is trading at 10.3 times its book value
  • Promoter holding has decreased over last quarter: -2.87%
  • 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

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
1,714 1,899 1,810 2,269 2,229 3,012 3,093 3,235 3,939 4,089 3,773 3,925 4,013
1,553 1,795 1,680 2,142 2,112 2,839 2,856 3,009 3,596 3,665 3,427 3,576 3,608
Operating Profit 161 104 129 128 117 174 237 226 343 424 346 349 405
OPM % 9% 6% 7% 6% 5% 6% 8% 7% 9% 10% 9% 9% 10%
5 6 12 5 7 9 4 12 7 11 14 19 21
Interest 37 22 38 31 26 46 61 71 94 79 70 103 113
Depreciation 23 24 24 24 25 25 25 26 26 27 27 28 29
Profit before tax 106 64 79 77 74 112 156 141 230 328 263 237 284
Tax % 22% 25% 21% 26% 26% 26% 21% 27% 26% 26% 25% 27% 23%
82 48 62 57 55 83 122 103 170 243 197 174 218
EPS in Rs 21.55 12.45 16.28 14.87 14.36 21.59 32.00 26.82 44.40 63.43 51.59 45.44 54.16
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
3,589 4,643 4,628 5,108 5,078 4,832 5,818 7,964 7,425 6,388 9,317 14,352 15,800
3,368 4,322 4,321 4,843 4,698 4,398 5,393 7,472 6,930 5,948 8,739 13,085 14,276
Operating Profit 222 321 307 264 380 434 426 491 495 440 578 1,267 1,524
OPM % 6% 7% 7% 5% 7% 9% 7% 6% 7% 7% 6% 9% 10%
47 -3 4 1 10 15 11 15 15 19 33 36 64
Interest 170 144 155 162 175 131 158 223 254 157 171 344 365
Depreciation 22 24 27 31 38 45 56 67 87 93 98 104 112
Profit before tax 77 150 129 72 178 273 223 216 169 208 342 855 1,112
Tax % 3% 27% 30% 32% 32% 36% 35% 37% 20% 23% 25% 25%
74 110 90 49 122 177 145 136 135 160 257 638 832
EPS in Rs 20.30 28.45 23.37 12.86 31.61 46.14 37.82 35.55 35.32 41.94 67.09 166.64 214.62
Dividend Payout % 20% 18% 22% 27% 21% 22% 25% 27% 27% 23% 22% 24%
Compounded Sales Growth
10 Years: 12%
5 Years: 20%
3 Years: 25%
TTM: 19%
Compounded Profit Growth
10 Years: 19%
5 Years: 35%
3 Years: 68%
TTM: 74%
Stock Price CAGR
10 Years: 48%
5 Years: 59%
3 Years: 141%
1 Year: 178%
Return on Equity
10 Years: 17%
5 Years: 18%
3 Years: 22%
Last Year: 32%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 36 38 38 38 38 38 38 38 38 38 38 38 38
Reserves 485 588 658 691 815 998 1,070 1,164 1,128 1,361 1,677 2,198 2,425
993 984 792 494 384 305 363 253 372 325 359 376 416
1,319 1,648 1,510 1,732 1,680 2,107 2,805 3,501 3,116 3,275 4,533 5,605 5,456
Total Liabilities 2,833 3,258 2,998 2,956 2,919 3,448 4,276 4,957 4,654 4,999 6,608 8,218 8,335
185 263 359 395 398 574 649 709 885 878 881 950 1,005
CWIP 22 45 18 10 56 28 20 103 55 29 38 99 154
Investments 0 80 2 5 112 119 0 187 0 60 31 54 6
2,627 2,870 2,620 2,546 2,352 2,728 3,608 3,958 3,714 4,032 5,657 7,114 7,170
Total Assets 2,833 3,258 2,998 2,956 2,919 3,448 4,276 4,957 4,654 4,999 6,608 8,218 8,335

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
25 453 -632 298 412 312 225 632 94 281 244 698
-43 -208 -12 -59 -223 -166 -5 -388 45 -115 -91 -269
436 -23 -181 -369 -153 -157 -69 -293 -189 -123 -106 -184
Net Cash Flow 417 223 -824 -130 36 -11 151 -49 -49 43 46 246

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 88 64 87 91 78 95 109 98 93 106 99 81
Inventory Days 86 75 101 84 72 102 98 74 85 119 108 88
Days Payable 106 148 136 141 130 181 207 188 182 231 207 177
Cash Conversion Cycle 68 -9 52 34 20 15 0 -16 -4 -6 1 -8
Working Capital Days 49 11 67 49 24 36 32 10 18 30 31 22
ROCE % 20% 19% 18% 17% 28% 31% 27% 30% 28% 22% 27% 51%

Shareholding Pattern

Numbers in percentages

2 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
60.46% 60.46% 60.46% 60.46% 60.57% 60.64% 60.64% 60.64% 60.64% 60.64% 60.64% 57.77%
4.18% 4.08% 5.07% 5.55% 5.52% 5.94% 6.30% 6.73% 6.66% 7.47% 9.09% 10.98%
19.49% 19.36% 17.76% 17.86% 18.25% 17.87% 16.76% 17.53% 17.95% 17.97% 17.06% 18.62%
0.23% 0.23% 0.23% 0.26% 0.26% 0.00% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00%
15.63% 15.86% 16.47% 15.87% 15.41% 15.56% 16.30% 15.10% 14.75% 13.92% 13.23% 12.63%
No. of Shareholders 28,11930,12233,72433,23134,46039,68054,21258,21262,72671,66092,40394,354

* 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.

Click on the line-items to see the names of individual entities.

Documents

Concalls