Apcotex Industries Ltd

Apcotex is one of the leading producers of Synthetic Rubber (NBR & HSR) and Synthetic Latex (Nitrile, VP latex, XSB & Acrylic latex) in India. The company has one of the broadest range of Emulsion Polymers available in the market today. The various grades of Synthetic Rubber find application in products such as Automotive Components, Hoses, Gaskets, Rice Dehusking Rollers, Printing and Industrial Rollers, Friction Materials, Belting and Footwear. Apcotexs range of Latexes are used for Paper / Paper Board Coating, Carpet Backing, Tyre Cord Dipping, Construction etc.(Source : 201903 Annual Report Page No: 02)

  • Market Cap: 678.13 Cr.
  • Current Price: 130.80
  • 52 weeks High / Low 233.20 / 63.00
  • Book Value: 48.47
  • Stock P/E: 40.78
  • Dividend Yield: 2.29 %
  • ROCE: 23.96 %
  • ROE: 17.83 %
  • Sales Growth (3Yrs): 33.15 %
  • Listed on BSE and NSE
  • Company Website
  • Face Value: 2.00
Edit ratios
Pros:
Company has good consistent profit growth of 30.53% over 5 years
Company has been maintaining a healthy dividend payout of 30.79%
Cons:

Peer comparison Sector: Plantation & Plantation Products // Industry: Miscellaneous

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020
120.07 128.96 137.92 139.22 149.70 160.09 164.13 151.74 146.73 124.06 109.56 115.63
111.50 114.02 120.67 116.18 132.54 140.45 147.30 137.79 128.63 117.16 109.08 107.73
Operating Profit 8.57 14.94 17.25 23.04 17.16 19.64 16.83 13.95 18.10 6.90 0.48 7.90
OPM % 7.14% 11.58% 12.51% 16.55% 11.46% 12.27% 10.25% 9.19% 12.34% 5.56% 0.44% 6.83%
Other Income 2.22 1.67 4.45 -2.65 2.56 -0.37 2.45 3.05 1.15 2.11 1.42 1.25
Interest 0.51 0.46 0.41 0.20 0.44 0.45 0.57 0.35 0.40 0.34 0.17 0.40
Depreciation 3.12 3.12 3.03 2.87 2.86 2.95 2.95 3.03 3.05 3.23 3.56 3.56
Profit before tax 7.16 13.03 18.26 17.32 16.42 15.87 15.76 13.62 15.80 5.44 -1.83 5.19
Tax % 26.96% 35.99% 28.92% 30.37% 31.49% 36.29% 36.68% -12.11% 28.10% 33.46% 21.86% 41.04%
Net Profit 5.24 8.35 12.99 12.06 11.25 10.11 9.98 15.28 11.36 3.62 -1.42 3.07
EPS in Rs 1.01 1.61 2.51 2.33 2.17 1.95 0.77 1.18 2.19 0.70 -0.27 0.59
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
102 100 143 203 253 270 293 352 265 388 526 626 496
96 91 129 185 232 245 267 309 227 359 460 556 463
Operating Profit 6 9 14 18 21 25 26 42 38 29 66 69 33
OPM % 6% 9% 10% 9% 8% 9% 9% 12% 14% 8% 13% 11% 7%
Other Income 3 1 1 2 2 -1 2 6 7 30 4 8 6
Interest 0 0 0 3 4 3 5 4 3 4 3 4 1
Depreciation 2 2 2 3 3 3 7 9 9 12 12 12 13
Profit before tax 7 7 13 15 16 18 17 35 33 43 56 62 25
Tax % 25% 37% 34% 29% 30% 29% 21% 29% 26% 19% 31% 24%
Net Profit 5 4 8 11 11 13 13 25 25 35 39 47 17
EPS in Rs 0.83 0.74 1.51 1.93 2.06 2.29 2.35 4.45 4.74 6.73 7.46 9.00 3.21
Dividend Payout % 34% 50% 31% 34% 36% 37% 40% 30% 38% 27% 32% 33%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:20.16%
5 Years:16.39%
3 Years:33.15%
TTM:-20.73%
Compounded Profit Growth
10 Years:26.23%
5 Years:30.53%
3 Years:31.77%
TTM:-64.33%
Stock Price CAGR
10 Years:24.69%
5 Years:4.87%
3 Years:-8.38%
1 Year:-37.19%
Return on Equity
10 Years:16.15%
5 Years:16.14%
3 Years:15.58%
Last Year:17.83%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
6 6 5 5 5 5 5 5 10 10 10 10 10
Reserves 48 50 52 59 65 73 80 95 177 213 236 267 241
Borrowings 2 0 15 27 58 48 48 31 25 22 17 4 42
17 21 29 36 39 46 50 50 75 52 80 95 104
Total Liabilities 73 76 101 127 167 172 183 181 288 297 344 377 397
20 20 28 29 32 65 68 63 90 88 79 76 125
CWIP 0 0 3 3 7 1 1 2 5 6 9 21 19
Investments 15 28 19 19 21 23 24 31 18 40 75 69 54
37 28 51 76 106 83 90 85 176 163 181 210 198
Total Assets 73 76 101 127 167 172 183 181 288 297 344 377 397

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
5 18 -7 1 7 28 10 32 -64 22 53 39
-3 -17 -2 -5 -8 -28 -6 -8 86 -8 -10 -8
-3 -2 9 10 27 -19 -14 -26 -17 -17 -18 -30
Net Cash Flow -1 -0 0 6 26 -19 -9 -2 5 -3 25 1

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 9% 13% 21% 20% 18% 17% 16% 26% 18% 10% 24% 24%
Debtor Days 65 58 74 67 65 64 64 51 115 73 68 65
Inventory Turnover 9.55 10.20 13.97 11.24 12.95 17.07 16.69 15.20 6.20 6.39 7.92 9.37

Shareholding pattern in percentages

Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020
57.91 57.92 57.92 57.92 57.92 57.92 57.93 57.93 57.93 57.93 57.93 58.02
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.03 0.01
0.19 0.38 0.45 0.26 0.34 0.48 0.63 0.57 0.58 0.58 0.58 0.66
0.00 0.00 0.09 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.28
41.90 41.71 41.55 41.82 41.74 41.61 41.44 41.50 41.47 41.47 41.45 41.03