Aptech Ltd

₹ 228 -0.48%
28 Jun - close price
About

Aptech Ltd. is a pioneer in the non-formal education and training business in the country with a significant global presence.
It was established in 1986 and has 800 centers. It has a presence in diverse sectors ranging from IT training, media & entertainment, retail & aviation, beauty & wellness, banking & finance, and pre-school segment amongst others. It has successfully trained students, professionals, universities & corporates through its two main streams of business - Individual Training and Enterprise Business Group [1]

Key Points

Individual Training (Retail Business)- (73% of the Revenue)
Catering to individual students through a network of branded franchise centers offering in-classroom learning programs that provide skills for pre-job, job-oriented, and after-job requirements. The Company offers its training programs directed at different verticals and target customer segments through 6 retail brands. Its learning centers are present in nearly 40 countries worldwide, with a leadership position in many markets. [1]

The system-wide collection from students for the franchise business in the Retail segment was Rs. 425 Cr in FY19 and went up to Rs. 465 Cr in FY20. (Domestic Retail was 75% and for International Retail was 25%) [2]
The Company operates through the franchise-based business model. Its asset-light nature, scalability, and replicability are the main reason for the choice. [3]

  • Market Cap 943 Cr.
  • Current Price 228
  • High / Low 448 / 196
  • Stock P/E 19.1
  • Book Value 50.7
  • Dividend Yield 2.19 %
  • ROCE 23.2 %
  • ROE 26.3 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 20.75% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 83.51%

Cons

  • Stock is trading at 4.49 times its book value
  • The company has delivered a poor sales growth of 1.28% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 11.23% for last 3 years.

* 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.

Loading peers table ...

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
52 72 54 30 14 20 26 33 20 34 79 65
45 54 44 36 20 17 16 27 19 24 62 55
Operating Profit 7 18 10 -6 -6 3 10 6 0 10 17 10
OPM % 13% 25% 19% -21% -45% 15% 38% 19% 3% 29% 22% 15%
1 1 1 1 2 2 1 3 1 7 2 2
Interest 0 0 0 0 1 0 0 0 0 0 0 0
Depreciation 3 3 3 2 2 2 2 3 2 1 2 2
Profit before tax 4 16 8 -7 -7 2 9 6 0 15 18 10
Tax % 31% 30% 16% -1% 9% 19% 18% -64% 194% 26% 27% -153%
Net Profit 3 11 7 -7 -7 2 7 10 -0 11 13 26
EPS in Rs 0.77 2.75 1.68 -1.81 -1.62 0.46 1.78 2.39 -0.04 2.77 3.09 6.18

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
191 174 172 177 170 162 212 228 207 158 89 226
170 150 142 146 145 142 183 200 177 132 74 185
Operating Profit 21 24 29 31 25 20 29 28 29 26 15 41
OPM % 11% 14% 17% 18% 15% 13% 14% 12% 14% 16% 17% 18%
39 62 19 13 5 4 4 21 4 5 7 11
Interest 3 0 1 1 1 1 0 0 0 1 2 0
Depreciation 13 10 9 8 10 10 11 11 11 9 8 8
Profit before tax 43 76 39 36 19 13 23 37 22 21 12 43
Tax % 1% 1% 19% 16% 18% 21% 15% 10% 19% 36% -1% -14%
Net Profit 45 76 31 30 16 10 19 33 18 14 12 49
EPS in Rs 9.22 15.58 6.42 7.46 3.92 2.55 4.84 8.24 4.57 3.36 3.01 11.96
Dividend Payout % 27% 19% 62% 60% 83% 39% 62% 42% 77% 134% 75% 42%
Compounded Sales Growth
10 Years: 3%
5 Years: 1%
3 Years: 3%
TTM: 155%
Compounded Profit Growth
10 Years: -4%
5 Years: 21%
3 Years: 40%
TTM: 303%
Stock Price CAGR
10 Years: 12%
5 Years: 3%
3 Years: 16%
1 Year: -5%
Return on Equity
10 Years: 8%
5 Years: 9%
3 Years: 11%
Last Year: 26%

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
49 49 49 40 40 40 40 40 40 40 41 41
Reserves 226 284 292 185 183 189 202 239 239 219 125 169
0 0 0 0 0 0 0 0 0 28 1 0
55 43 54 43 37 31 45 45 52 54 55 101
Total Liabilities 330 375 395 268 260 260 286 324 330 341 221 311
106 98 95 32 32 29 33 28 28 29 17 19
CWIP 1 3 3 1 2 3 3 3 2 1 1 0
Investments 118 113 111 111 111 111 127 138 132 132 24 23
104 162 186 123 115 116 124 155 168 180 179 269
Total Assets 330 375 395 268 260 260 286 324 330 341 221 311

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
37 13 25 11 17 14 29 12 14 -10 41 45
7 -42 -24 46 -21 -14 -24 2 0 22 -6 -1
-36 0 -0 -60 -1 -0 -0 -14 -17 -18 -24 -6
Net Cash Flow 8 -29 1 -4 -4 1 5 -0 -3 -6 11 38

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 37 50 56 68 72 91 72 99 122 171 96 118
Inventory Days
Days Payable
Cash Conversion Cycle 37 50 56 68 72 91 72 99 122 171 96 118
Working Capital Days -36 -6 -22 12 18 37 37 68 85 188 153 80
ROCE % 19% 25% 9% 13% 9% 6% 10% 8% 8% 8% 6% 23%

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
49.43 49.43 49.43 48.98 48.96 48.95 48.61 48.48 48.42 48.37 47.78 47.69
8.82 9.92 10.30 10.38 10.33 10.37 9.89 9.92 9.79 9.74 9.70 9.52
0.28 0.22 0.23 0.84 0.16 0.01 0.08 0.00 0.01 0.01 0.01 0.58
41.48 40.43 40.05 39.80 40.54 40.67 41.42 41.60 41.78 41.88 42.52 42.21

Documents