Apcotex Industries Ltd

Apcotex Industries Ltd

₹ 447 -0.67%
24 Jun - close price
About

Apcotex Industries Ltd is a leading producer of Synthetic Rubber (Nitrile Rubber, High Styrene Rubber, Nitrile Polyblends and Nitrile Powder) and Synthetic Latex (XSB Latex, VP Latex, Styrene Acrylics, and Nitrile Latex) in India.[1]

It was started in 1980 as a division of Asian Paints, manufacturing synthetic latex, and was later spun off as a separate company under the leadership of Mr. Atul Choksey, former MD of Asian Paints Ltd.[2]

Key Points

Product Portfolio
The company is a leading producer of Synthetic Rubber and Synthetic Latex in India:-
a) Synthetic Rubber:- Nitrile Rubber, High Styrene Rubber, Nitrile Rubber, Nitrile Polyblends, and Nitrile powder.
b) Synthetic Latex:- XSB Latex, BP Latex, Styrene acrylics, and Nitrile Latex.
It has one of the broadest ranges of Emulsion polymers in the market. The company is the only Indian manufacturer of XNB Latex used in gloves.[1]

  • Market Cap 2,318 Cr.
  • Current Price 447
  • High / Low 574 / 383
  • Stock P/E 43.0
  • Book Value 101
  • Dividend Yield 1.23 %
  • ROCE 13.5 %
  • ROE 10.8 %
  • Face Value 2.00

Pros

  • Company has been maintaining a healthy dividend payout of 35.2%

Cons

* 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.

Peer comparison

Sector: Chemicals Industry: Miscellaneous

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
187 185 243 251 277 306 283 234 256 278 279 257 311
157 156 212 217 232 258 238 203 222 252 248 232 279
Operating Profit 30 29 31 34 45 49 45 31 34 26 32 25 31
OPM % 16% 16% 13% 14% 16% 16% 16% 13% 13% 9% 11% 10% 10%
2 2 2 2 2 2 2 2 1 2 2 2 2
Interest 1 1 1 1 1 1 2 1 1 4 4 4 4
Depreciation 3 3 4 4 4 4 4 4 4 7 8 8 8
Profit before tax 28 28 29 32 42 45 42 28 31 16 21 15 21
Tax % 19% 21% 22% 25% 27% 26% 26% 26% 24% 26% 28% 28% 28%
23 22 22 24 31 34 31 20 23 12 15 11 15
EPS in Rs 4.36 4.22 4.29 4.59 5.96 6.47 5.94 3.93 4.48 2.34 2.95 2.15 2.95
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
270 293 352 265 388 526 626 496 541 957 1,080 1,125
246 267 309 227 358 461 556 461 471 817 921 1,011
Operating Profit 24 26 42 38 30 66 69 34 70 140 159 114
OPM % 9% 9% 12% 14% 8% 12% 11% 7% 13% 15% 15% 10%
-0 2 6 7 29 5 8 6 5 8 7 8
Interest 3 5 4 3 4 3 4 2 4 3 5 16
Depreciation 3 7 9 9 12 12 12 13 15 14 15 32
Profit before tax 18 17 35 33 43 56 62 25 57 130 146 75
Tax % 29% 21% 29% 26% 19% 31% 24% 32% 22% 24% 26% 28%
13 13 25 25 35 39 47 17 44 99 108 54
EPS in Rs 2.46 2.54 4.76 4.76 6.75 7.46 9.00 3.21 8.52 19.06 20.82 10.39
Dividend Payout % 37% 40% 30% 38% 27% 32% 33% 94% 41% 26% 26% 53%
Compounded Sales Growth
10 Years: 14%
5 Years: 12%
3 Years: 28%
TTM: 4%
Compounded Profit Growth
10 Years: 16%
5 Years: 3%
3 Years: 7%
TTM: -50%
Stock Price CAGR
10 Years: 28%
5 Years: 15%
3 Years: 13%
1 Year: -19%
Return on Equity
10 Years: 17%
5 Years: 18%
3 Years: 20%
Last Year: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 5 5 5 10 10 10 10 10 10 10 10 10
Reserves 73 80 95 177 213 236 267 241 295 386 466 511
48 48 31 25 22 17 4 49 15 50 152 188
46 50 50 75 52 80 95 97 132 158 176 212
Total Liabilities 172 183 181 288 297 344 377 397 452 605 803 922
65 68 63 90 88 79 76 125 145 157 385 386
CWIP 1 1 2 5 6 9 21 19 12 39 12 8
Investments 23 24 31 18 40 75 69 54 82 98 88 111
83 90 85 176 163 181 210 198 213 312 318 417
Total Assets 172 183 181 288 297 344 377 397 452 605 803 922

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
28 10 32 -64 22 53 39 36 75 48 121 40
-28 -6 -8 86 -8 -10 -8 -42 -37 -67 -179 -20
-19 -14 -26 -17 -17 -18 -30 7 -46 12 71 -13
Net Cash Flow -19 -9 -2 5 -3 25 1 1 -8 -8 13 8

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 64 64 51 115 73 68 65 66 71 62 46 66
Inventory Days 20 28 23 90 63 52 41 65 63 53 56 59
Days Payable 35 40 31 71 31 50 45 50 91 61 55 63
Cash Conversion Cycle 48 52 43 135 105 69 61 81 43 54 48 61
Working Capital Days 25 33 25 87 82 59 53 56 48 53 45 71
ROCE % 17% 16% 26% 18% 10% 24% 24% 9% 19% 35% 28%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
58.20% 58.20% 58.15% 58.15% 58.20% 58.22% 58.23% 58.23% 58.23% 58.23% 58.23% 58.23%
1.35% 0.40% 0.89% 0.91% 1.00% 0.86% 0.47% 0.48% 0.49% 0.51% 0.51% 0.48%
0.10% 0.02% 0.02% 0.08% 0.17% 0.17% 0.10% 0.10% 0.05% 0.19% 0.44% 0.56%
0.38% 0.43% 0.43% 0.43% 0.43% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
39.96% 40.95% 40.51% 40.43% 40.20% 40.77% 41.19% 41.18% 41.22% 41.06% 40.82% 40.71%
No. of Shareholders 29,23834,48130,70529,67432,13936,84138,60637,88838,68537,02335,64435,225

* 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.

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Documents

Concalls