Apollo Tyres Ltd

Apollo Tyres Ltd

₹ 315 -0.58%
22 Mar - 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 20,015 Cr.
  • Current Price 315
  • High / Low 343 / 167
  • Stock P/E 25.3
  • Book Value 178
  • Dividend Yield 1.03 %
  • ROCE 6.98 %
  • ROE 5.49 %
  • Face Value 1.00

Pros

  • Company has been maintaining a healthy dividend payout of 44.8%

Cons

  • The company has delivered a poor sales growth of 9.71% over past five years.
  • Company has a low return on equity of 5.65% over last 3 years.
  • Company might be capitalizing the interest cost
  • 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

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
4,400 3,616 2,882 4,295 5,195 5,026 4,584 5,077 5,707 5,578 5,942 5,956 6,423
3,866 3,135 2,636 3,588 4,164 4,211 4,018 4,439 4,965 4,952 5,252 5,244 5,509
Operating Profit 533 480 246 707 1,030 815 567 638 743 626 690 712 913
OPM % 12% 13% 9% 16% 20% 16% 12% 13% 13% 11% 12% 12% 14%
18 -8 19 -575 17 61 40 25 16 37 11 7 7
Interest 67 91 117 117 105 104 105 104 108 128 118 132 142
Depreciation 283 314 309 331 327 348 340 340 344 375 344 349 354
Profit before tax 201 68 -162 -315 615 423 161 219 307 160 238 238 424
Tax % 14% -15% 17% 22% 28% 32% 21% 21% 27% 29% 20% 18% 31%
Net Profit 174 78 -135 -246 444 287 128 174 224 113 191 194 292
EPS in Rs 3.04 1.36 -2.35 -4.31 6.99 4.52 2.01 2.74 3.52 1.79 3.00 3.06 4.60
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
8,868 12,153 12,799 13,412 12,815 11,849 13,180 14,843 17,549 16,350 17,397 20,948 23,899
7,895 10,976 11,328 11,524 10,876 9,840 11,313 13,175 15,573 14,392 14,579 18,353 20,958
Operating Profit 972 1,177 1,471 1,888 1,939 2,008 1,867 1,668 1,976 1,958 2,818 2,595 2,942
OPM % 11% 10% 11% 14% 15% 17% 14% 11% 11% 12% 16% 12% 12%
51 2 107 48 -31 110 148 114 -77 24 -478 118 62
Interest 204 297 323 293 189 101 118 177 199 300 463 465 520
Depreciation 272 326 397 411 388 427 462 593 813 1,138 1,315 1,400 1,422
Profit before tax 547 556 859 1,232 1,331 1,591 1,436 1,012 888 543 561 848 1,061
Tax % 19% 26% 29% 18% 27% 29% 23% 28% 23% 12% 38% 25%
Net Profit 440 410 612 1,005 978 1,123 1,099 724 680 476 350 639 791
EPS in Rs 8.73 8.13 12.15 19.94 19.21 22.06 21.59 12.65 11.88 8.33 5.51 10.06 12.45
Dividend Payout % 6% 6% 4% 4% 10% 9% 14% 24% 27% 36% 63% 35%
Compounded Sales Growth
10 Years: 6%
5 Years: 10%
3 Years: 6%
TTM: 17%
Compounded Profit Growth
10 Years: 4%
5 Years: -10%
3 Years: -9%
TTM: -3%
Stock Price CAGR
10 Years: 14%
5 Years: 4%
3 Years: 60%
1 Year: 67%
Return on Equity
10 Years: 11%
5 Years: 7%
3 Years: 6%
Last Year: 5%

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
50 50 50 50 51 51 51 57 57 57 64 64 64
Reserves 2,362 2,782 3,340 4,513 4,991 6,554 7,239 9,719 9,983 9,873 11,380 11,689 11,230
2,480 2,872 2,651 1,613 1,106 1,547 3,437 4,661 5,111 6,764 7,334 6,985 7,152
2,413 2,684 2,514 2,857 2,451 3,442 4,507 5,620 5,000 6,512 7,040 7,863 7,329
Total Liabilities 7,306 8,388 8,554 9,034 8,600 11,594 15,233 20,058 20,151 23,205 25,816 26,600 25,775
3,519 4,158 4,313 4,593 4,382 5,214 6,692 10,403 11,754 15,448 16,420 17,591 16,815
CWIP 358 331 320 46 218 994 2,915 2,304 1,539 1,642 1,107 618 474
Investments 11 16 55 64 101 506 396 1,342 6 19 110 491 61
3,418 3,884 3,867 4,330 3,899 4,880 5,230 6,008 6,852 6,096 8,181 7,900 8,425
Total Assets 7,306 8,388 8,554 9,034 8,600 11,594 15,233 20,058 20,151 23,205 25,816 26,600 25,775

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
416 752 1,275 1,645 1,412 2,122 902 1,720 1,071 2,517 2,447 2,239
-1,088 -807 -599 -119 -796 -2,226 -3,368 -3,891 -1,027 -2,817 -2,342 -1,181
516 30 -505 -1,208 -684 -255 1,895 2,321 -62 472 152 -1,175
Net Cash Flow -156 -25 171 319 -68 -358 -571 150 -18 173 257 -118

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 39 34 29 28 27 33 31 35 27 21 29 28
Inventory Days 120 91 93 97 92 119 140 128 125 129 129 122
Days Payable 82 59 46 59 46 95 92 106 74 93 109 106
Cash Conversion Cycle 77 66 76 67 73 58 80 57 78 57 49 44
Working Capital Days 30 31 32 19 27 25 25 18 31 10 11 14
ROCE % 17% 17% 20% 26% 26% 23% 16% 9% 9% 5% 9% 7%

Shareholding Pattern

Numbers in percentages

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
40.90 41.65 41.75 37.61 37.31 37.60 37.34 37.34 37.34 37.34 37.34 37.34
22.89 19.69 20.03 20.80 24.27 22.87 20.48 19.66 19.43 20.71 21.75 22.88
17.06 18.18 15.62 12.36 11.54 15.66 18.04 18.39 18.55 17.47 17.88 17.13
1.75 1.75 1.75 1.57 1.57 1.57 1.57 1.57 1.57 1.57 1.57 1.57
17.40 18.73 20.85 27.66 25.30 22.30 22.57 23.04 23.10 22.91 21.46 21.08

* 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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