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)

Pros:
Company is virtually debt free.
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

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
115 87 120 129 138 139 150 160 164 152 147 124
109 80 112 114 121 116 133 140 147 138 129 117
Operating Profit 6 8 9 15 17 23 17 20 17 14 18 7
OPM % 5% 9% 7% 12% 13% 17% 11% 12% 10% 9% 12% 6%
Other Income 2 1 2 2 4 -3 3 -0 2 3 1 2
Interest 1 1 1 0 0 0 0 0 1 0 0 0
Depreciation 3 3 3 3 3 3 3 3 3 3 3 3
Profit before tax 4 5 7 13 18 17 16 16 16 14 16 5
Tax % -14% 34% 27% 36% 29% 30% 31% 36% 37% -12% 28% 33%
Net Profit 5 3 5 8 13 12 11 10 10 15 11 4
EPS in Rs 0.97 0.58 1.01 1.61 2.51 2.33 2.17 1.95 1.93 2.95 2.19 0.70
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
102 100 143 203 253 270 293 352 265 431 526 626 587
96 91 129 185 232 245 267 309 227 402 460 556 531
Operating Profit 6 9 14 18 21 25 26 42 38 29 66 69 56
OPM % 6% 9% 10% 9% 8% 9% 9% 12% 14% 7% 13% 11% 10%
Other Income 3 1 1 2 2 -1 2 6 7 30 4 8 9
Interest 0 0 0 3 4 3 5 4 3 4 3 4 2
Depreciation 2 2 2 3 3 3 7 9 9 12 12 12 12
Profit before tax 7 7 13 15 16 18 17 35 33 43 56 62 51
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 40
EPS in Rs 0.83 0.74 1.51 1.93 2.06 2.29 2.35 4.45 4.38 6.73 7.46 9.00 7.77
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:-0.05%
Compounded Profit Growth
10 Years:26.23%
5 Years:30.53%
3 Years:31.77%
TTM:-14.62%
Stock Price CAGR
10 Years:35.50%
5 Years:12.95%
3 Years:10.06%
1 Year:-24.93%
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 Sep 2019
6 6 5 5 5 5 5 5 10 10 10 10 10
Reserves 48 50 52 59 65 73 80 95 177 213 236 267 263
Borrowings 2 0 15 27 58 48 48 31 25 22 17 4 32
17 21 29 35 39 47 51 50 82 57 85 100 89
Total Liabilities 73 76 101 126 167 173 184 181 295 303 349 381 394
20 20 28 29 32 65 68 63 90 88 79 76 108
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 63
38 28 51 75 107 84 90 85 182 169 185 215 205
Total Assets 73 76 101 126 167 173 184 181 295 303 349 381 394

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 66 68 65
Inventory Turnover 12.55 14.63 19.48 15.07 16.84 22.22 21.01 21.75 9.05 9.81 11.22 12.84