Apollo Tyres Ltd

₹ 266 2.50%
18 Aug - close price
About

Apollo, established in 1972, manufactures automatic bias and radial tyres, and tubes. It has plants in Kochi, Vadodara, Pune, and Chennai. The product profile includes prominent tyre brands in the T&B, light truck, passenger car, and farm vehicle segments in India, catering to both original equipment manufacturers, and the replacement market. [1]

Key Points

Brands
Company is the owner of 2 brands of tyres, Apollo & Vredestein. Apollo brand primarily manufactures tyres for the Indian Sub-continent. The Vredestein brand operates in Europe and is over 110 years old & has achieved premium brand premium brand status in the industry. [1]

  • Market Cap 16,925 Cr.
  • Current Price 266
  • High / Low 267 / 165
  • Stock P/E 56.8
  • Book Value 150
  • Dividend Yield 1.22 %
  • ROCE 5.06 %
  • ROE 2.70 %
  • Face Value 1.00

Pros

  • Company has been maintaining a healthy dividend payout of 47.8%

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 10.4% over past five years.
  • Company has a low return on equity of 5.80% for last 3 years.
  • Promoter holding has decreased over last 3 years: -3.56%

* 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: Tyres Industry: Tyres

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
3,104 2,775 2,754 2,431 1,773 2,912 3,419 3,630 3,220 3,650 3,792 3,988 4,436
2,743 2,450 2,396 2,080 1,582 2,362 2,686 3,069 2,886 3,274 3,447 3,612 4,007
Operating Profit 361 325 357 351 191 550 733 561 334 376 345 376 429
OPM % 12% 12% 13% 14% 11% 19% 21% 15% 10% 10% 9% 9% 10%
21 2 9 2 14 24 17 55 37 31 19 38 29
Interest 45 51 55 74 103 102 89 86 89 90 95 108 106
Depreciation 145 149 153 174 171 174 177 191 192 195 203 234 216
Profit before tax 191 127 158 105 -68 298 483 340 89 123 66 72 136
Tax % 22% 21% 17% -22% 22% 27% 31% 34% 24% 27% 26% 25% 23%
Net Profit 150 100 131 128 -54 216 335 225 68 90 49 54 104
EPS in Rs 2.62 1.74 2.28 2.24 -0.94 3.78 5.28 3.54 1.07 1.41 0.77 0.85 1.64

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

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
5,490 8,158 8,512 8,712 8,967 8,757 8,934 10,302 12,354 11,068 11,733 14,649 15,866
4,965 7,484 7,603 7,605 7,646 7,185 7,600 9,050 10,871 9,665 9,696 13,215 14,340
Operating Profit 525 674 908 1,107 1,322 1,572 1,334 1,252 1,483 1,403 2,038 1,435 1,526
OPM % 10% 8% 11% 13% 15% 18% 15% 12% 12% 13% 17% 10% 10%
48 17 53 6 35 202 132 120 -89 29 111 126 117
Interest 163 247 267 250 176 94 92 140 142 229 383 386 399
Depreciation 147 186 220 248 247 265 288 364 446 621 713 824 847
Profit before tax 264 258 475 614 934 1,415 1,086 867 806 581 1,052 350 398
Tax % 25% 30% 34% 28% 31% 29% 26% 28% 27% 13% 31% 25%
Net Profit 198 181 313 443 645 1,002 803 622 592 509 723 261 297
EPS in Rs 3.93 3.60 6.20 8.78 12.67 19.69 15.77 10.88 10.35 8.89 11.38 4.11 4.67
Dividend Payout % 13% 14% 8% 9% 16% 10% 19% 28% 31% 34% 31% 79%
Compounded Sales Growth
10 Years: 6%
5 Years: 10%
3 Years: 6%
TTM: 20%
Compounded Profit Growth
10 Years: 3%
5 Years: -20%
3 Years: -30%
TTM: -65%
Stock Price CAGR
10 Years: 11%
5 Years: 0%
3 Years: 17%
1 Year: 21%
Return on Equity
10 Years: 11%
5 Years: 7%
3 Years: 6%
Last Year: 3%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
50 50 50 50 51 51 51 57 57 57 64 64
Reserves 1,845 1,997 2,280 2,679 3,220 4,607 5,280 7,203 7,584 7,635 9,409 9,455
1,908 2,148 2,102 1,519 1,102 783 1,806 2,545 2,750 4,394 4,882 4,938
1,445 1,570 1,433 1,864 1,748 2,079 2,739 3,337 3,257 4,396 4,809 5,566
Total Liabilities 5,249 5,766 5,866 6,112 6,121 7,520 9,876 13,143 13,649 16,482 19,163 20,023
2,384 2,851 3,071 3,254 3,107 3,300 4,795 5,714 6,400 9,285 10,234 11,829
CWIP 358 311 249 35 130 416 621 672 655 1,272 1,030 548
Investments 559 563 613 651 752 1,506 1,399 2,978 2,233 2,410 2,500 2,875
1,948 2,042 1,933 2,172 2,133 2,297 3,060 3,778 4,362 3,515 5,400 4,771
Total Assets 5,249 5,766 5,866 6,112 6,121 7,520 9,876 13,143 13,649 16,482 19,163 20,023

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
160 539 767 1,127 962 1,785 330 933 593 1,895 1,494 1,644
-855 -547 -403 -203 -367 -1,078 -1,395 -2,754 -457 -2,675 -2,161 -896
580 -21 -321 -857 -607 -641 906 1,934 -178 807 667 -658
Net Cash Flow -115 -29 44 67 -12 66 -159 113 -42 27 -0 90

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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 14 16 13 10 13 12 16 19 23 15 23 25
Inventory Days 107 65 67 80 76 75 121 96 93 97 109 90
Days Payable 50 36 34 48 41 58 73 81 62 86 101 102
Cash Conversion Cycle 71 46 46 42 48 28 64 34 54 25 31 13
Working Capital Days 10 14 14 -11 3 -3 23 30 28 -10 -5 -10
ROCE % 12% 13% 17% 22% 26% 31% 19% 12% 11% 7% 11% 5%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
40.90 40.90 40.90 40.90 41.65 41.75 37.61 37.31 37.60 37.34 37.34 37.34
23.72 23.87 24.92 22.89 19.69 20.03 20.80 24.27 22.87 20.48 19.66 19.43
17.50 17.16 16.63 17.06 18.18 15.62 12.36 11.54 15.66 18.04 18.39 18.55
1.75 1.75 1.75 1.75 1.75 1.75 1.57 1.57 1.57 1.57 1.57 1.57
16.13 16.32 15.80 17.40 18.73 20.85 27.66 25.30 22.30 22.57 23.04 23.10

Documents

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