APL Apollo Tubes Ltd

₹ 1,175 0.63%
06 Feb 9:08 a.m.
About

APL Apollo Tubes Limited (APL Apollo) is one of India’s leading branded steel products manufacturers. Headquartered at Delhi NCR, the Company runs 10 manufacturing facilities churning out over 1,500 varieties of MS Black Pipes, Galvanised Tubes, Pre-Galvanised Tubes, Structural ERW Steel Tubes and Hollow Sections to serve industry applications like urban infrastructures, housing, irrigation, solar plants, greenhouses and engineering. [1]

Key Points

Product Portfolio
The company has well diversified operations with product portfolio comprising of 4 primary products with different specification as per the customer need in each primary product category. the categories are:-
The categories are Apollo structural (63% of revenues), Apollo Z (18%), Apollo Tricoat (15%) & Apollo Galv (4%). The products find their use in buildings, houses, warehouses, factories, skyscrapers & industrial & agricultural activities. [1]

  • Market Cap 32,586 Cr.
  • Current Price 1,175
  • High / Low 1,201 / 771
  • Stock P/E 54.0
  • Book Value 95.0
  • Dividend Yield 0.30 %
  • ROCE 34.7 %
  • ROE 28.2 %
  • Face Value 2.00

Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 29.7% CAGR over last 5 years
  • Company's median sales growth is 24.3% of last 10 years

Cons

  • Stock is trading at 12.4 times its book value
  • Promoter holding has decreased over last quarter: -3.37%
  • Company might be capitalizing the interest cost

* 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: Steel Industry: Steel - Large

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
2,116 1,888 1,110 2,202 2,601 2,587 2,534 3,084 3,230 4,215 3,439 3,969 4,327
1,955 1,769 1,039 2,033 2,369 2,381 2,280 2,862 3,028 3,949 3,245 3,737 4,054
Operating Profit 161 120 71 169 232 206 255 222 202 266 194 232 273
OPM % 8% 6% 6% 8% 9% 8% 10% 7% 6% 6% 6% 6% 6%
5 8 5 10 8 13 10 11 8 11 8 12 9
Interest 28 24 21 16 15 14 13 11 11 10 10 14 19
Depreciation 26 25 24 25 26 28 27 27 27 28 29 28 35
Profit before tax 111 79 31 138 200 177 226 196 172 239 163 202 229
Tax % 25% 23% 29% 26% 25% 24% 25% 25% 26% 26% 26% 26% 26%
Net Profit 83 61 22 103 149 134 168 146 128 177 121 150 169
EPS in Rs 2.99 2.29 0.68 3.69 5.29 4.77 5.90 5.85 5.11 6.51 4.82 6.00 6.10
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
899 1,392 2,008 2,497 3,090 4,154 3,924 5,335 7,152 7,723 8,500 13,063 15,950
809 1,277 1,849 2,332 2,908 3,872 3,590 4,964 6,759 7,246 7,821 12,118 14,985
Operating Profit 90 115 160 165 182 282 334 371 393 478 679 946 965
OPM % 10% 8% 8% 7% 6% 7% 9% 7% 5% 6% 8% 7% 6%
2 0 1 2 4 -15 5 8 12 22 36 40 40
Interest 23 34 43 61 66 70 72 81 113 107 66 44 52
Depreciation 6 9 13 16 22 34 51 53 64 96 103 109 119
Profit before tax 63 72 105 89 98 163 216 244 227 296 546 832 833
Tax % 31% 32% 35% 34% 35% 38% 30% 35% 35% 14% 25% 26%
Net Profit 43 49 69 59 64 101 152 158 148 256 408 619 617
EPS in Rs 2.12 2.30 3.08 2.52 2.72 4.29 6.45 6.66 6.22 9.58 14.42 22.27 23.43
Dividend Payout % 9% 9% 16% 20% 22% 23% 19% 21% 23% 0% 0% 16%
Compounded Sales Growth
10 Years: 25%
5 Years: 27%
3 Years: 22%
TTM: 39%
Compounded Profit Growth
10 Years: 27%
5 Years: 30%
3 Years: 56%
TTM: 12%
Stock Price CAGR
10 Years: 49%
5 Years: 40%
3 Years: 80%
1 Year: 29%
Return on Equity
10 Years: 22%
5 Years: 23%
3 Years: 25%
Last Year: 28%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
20 21 22 23 23 23 24 24 24 25 25 50 50
Reserves 209 270 341 402 472 544 680 814 940 1,331 1,670 2,214 2,578
239 311 445 505 482 651 594 775 858 834 520 581 952
86 104 189 220 345 442 547 568 952 1,075 1,184 1,607 1,383
Total Liabilities 554 706 997 1,150 1,323 1,660 1,845 2,181 2,774 3,266 3,399 4,452 4,963
182 223 323 420 614 666 670 886 1,034 1,708 1,736 1,837 1,839
CWIP 19 46 15 28 24 32 122 46 27 10 108 504 774
Investments 2 0 1 18 19 13 0 1 49 2 1 91 108
352 437 658 685 666 949 1,052 1,248 1,663 1,546 1,554 2,020 2,242
Total Assets 554 706 997 1,150 1,323 1,660 1,845 2,181 2,774 3,266 3,399 4,452 4,963

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
33 37 26 133 315 11 315 91 358 510 977 652
-109 -91 -105 -128 -191 -93 -170 -165 -264 -435 -647 -530
71 37 88 -9 -124 81 -145 79 -53 -78 -359 26
Net Cash Flow -5 -17 9 -4 -0 -0 0 5 41 -3 -28 148

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 41 45 40 36 21 19 27 30 28 23 6 10
Inventory Days 73 48 62 48 44 61 53 47 45 44 39 28
Days Payable 13 11 21 20 28 26 44 30 40 42 40 34
Cash Conversion Cycle 100 82 81 64 36 54 36 47 33 24 4 3
Working Capital Days 97 80 75 62 32 43 41 41 27 24 9 7
ROCE % 21% 20% 21% 17% 17% 24% 23% 22% 20% 20% 28% 35%

Shareholding Pattern

Numbers in percentages

1 recently
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
38.40 38.40 39.52 39.47 37.00 36.88 36.84 34.54 34.52 34.52 34.52 31.16
0.00 0.00 0.00 17.81 24.20 25.69 25.24 24.59 23.29 24.64 24.69 24.31
13.70 15.53 13.47 11.80 10.04 9.39 8.42 10.72 11.12 11.18 10.91 10.42
47.90 46.07 47.01 30.92 28.76 28.04 29.50 30.14 31.07 29.66 29.88 34.14

* 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