Apollo Tyres Ltd

About [ edit ]

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. #

Key Points [ edit ]
  • Market Cap 14,912 Cr.
  • Current Price 235
  • High / Low 261 / 73.4
  • Stock P/E 21.2
  • Book Value 167
  • Dividend Yield 1.28 %
  • ROCE 5.29 %
  • ROE 4.76 %
  • Face Value 1.00

Pros

  • Company has been maintaining a healthy dividend payout of 29.03%
  • Debtor days have improved from 27.88 to 21.01 days.

Cons

  • Promoter holding has decreased by -4.14% over last quarter
  • The company has delivered a poor sales growth of 4.96% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 7.14% for last 3 years.
  • Company might be capitalizing the interest cost

Peer comparison

Sector: Tyres Industry: Tyres

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
4,034 4,299 4,257 4,718 4,274 4,331 3,986 4,400 3,610 2,873 4,283 5,154
3,516 3,760 3,790 4,191 3,849 3,856 3,554 3,866 3,135 2,636 3,588 4,164
Operating Profit 517 539 467 527 425 475 432 533 475 237 695 989
OPM % 13% 13% 11% 11% 10% 11% 11% 12% 13% 8% 16% 19%
Other Income 41 29 -28 -27 -51 28 4 18 -2 27 -562 58
Interest 48 43 46 49 43 58 64 67 91 117 117 105
Depreciation 177 184 196 201 231 267 274 283 314 309 331 327
Profit before tax 334 342 197 251 98 177 98 201 68 -162 -315 615
Tax % 25% 26% 26% 21% 15% 20% 15% 14% -15% 17% 22% 28%
Net Profit 250 252 146 198 84 142 83 174 78 -135 -246 444
EPS in Rs 4.37 4.40 2.55 3.46 1.47 2.48 1.45 3.04 1.36 -2.35 -4.31 6.99
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
4,984 8,121 8,868 12,153 12,799 13,412 12,815 11,849 13,180 14,843 17,549 16,327 15,920
4,561 6,936 7,895 10,976 11,328 11,524 10,794 9,843 11,313 13,175 15,574 14,392 13,524
Operating Profit 423 1,185 972 1,177 1,471 1,888 2,022 2,006 1,867 1,668 1,975 1,935 2,396
OPM % 8% 15% 11% 10% 11% 14% 16% 17% 14% 11% 11% 12% 15%
Other Income 31 117 51 2 107 48 -114 113 148 114 -75 47 -480
Interest 112 134 204 297 323 293 189 101 118 177 199 300 430
Depreciation 129 254 272 326 397 411 388 427 462 593 813 1,138 1,281
Profit before tax 213 914 547 556 859 1,232 1,331 1,591 1,436 1,012 888 543 206
Tax % 35% 29% 19% 26% 29% 18% 27% 29% 23% 28% 23% 12%
Net Profit 139 653 440 410 613 1,005 978 1,123 1,099 724 680 476 141
EPS in Rs 2.76 12.96 8.73 8.13 12.15 19.94 19.21 22.06 21.59 12.65 11.88 8.33 1.69
Dividend Payout % 16% 6% 6% 6% 4% 4% 10% 9% 14% 24% 27% 36%
Compounded Sales Growth
10 Years:7%
5 Years:5%
3 Years:7%
TTM:-6%
Compounded Profit Growth
10 Years:-2%
5 Years:-15%
3 Years:-24%
TTM:25%
Stock Price CAGR
10 Years:13%
5 Years:7%
3 Years:-3%
1 Year:85%
Return on Equity
10 Years:13%
5 Years:10%
3 Years:7%
Last Year:5%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
50 50 50 50 50 50 51 51 51 57 57 57 552
Reserves 1,299 1,917 2,362 2,782 3,340 4,513 4,991 6,554 7,239 9,719 9,983 9,873 10,040
Borrowings 891 1,707 2,480 2,872 2,651 1,613 1,106 1,547 3,437 4,661 5,111 6,764 6,490
894 1,866 2,413 2,684 2,514 2,857 2,451 3,442 4,507 5,620 5,000 6,512 7,615
Total Liabilities 3,135 5,541 7,306 8,388 8,554 9,034 8,600 11,594 15,233 20,058 20,151 23,205 24,697
1,425 2,560 3,519 4,158 4,313 4,593 4,382 5,214 6,692 10,403 11,754 15,448 15,652
CWIP 281 536 358 331 320 46 218 994 2,915 2,304 1,539 1,642 1,666
Investments 5 6 11 16 55 64 101 506 396 1,342 6 19 19
1,423 2,439 3,418 3,884 3,867 4,330 3,899 4,880 5,230 6,008 6,852 6,096 7,359
Total Assets 3,135 5,541 7,306 8,388 8,554 9,034 8,600 11,594 15,233 20,058 20,151 23,205 24,697

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
480 1,312 416 752 1,275 1,645 1,412 2,122 902 1,720 1,071 2,517
-470 -1,245 -1,088 -807 -599 -119 -796 -2,226 -3,368 -3,891 -1,027 -2,817
67 -80 516 30 -505 -1,208 -684 -255 1,895 2,321 -62 472
Net Cash Flow 77 -13 -156 -25 171 319 -68 -358 -571 150 -18 173

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 16% 33% 17% 17% 20% 26% 26% 23% 16% 9% 9% 5%
Debtor Days 16 35 39 34 29 28 27 33 31 35 27 21
Inventory Turnover 5.31 5.94 4.06 4.47 4.15 3.98 3.86 3.38 3.15 3.14 3.31 2.84

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
40.32 40.39 40.57 40.81 40.90 40.90 40.90 40.90 40.90 41.65 41.75 37.61
24.34 22.96 21.04 20.02 19.35 23.72 23.87 24.92 22.89 19.69 20.03 20.80
19.97 21.06 21.83 22.59 21.87 17.50 17.16 16.63 17.06 18.18 15.62 12.36
1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.57
13.61 13.83 14.81 14.84 16.13 16.13 16.32 15.80 17.40 18.73 20.85 27.66

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