Arvind Ltd

₹ 86.3 1.83%
27 Jan - close price
About

Arvind Limited (‘the Company’) is one of India’s leading vertically integrated textile company with the presence of almost eight decades in this industry. It is among the largest denim manufacturers in the world. It also manufactures a range of cotton shirting, denim, knits and bottom weights (Khakis) fabrics and Jeans and Shirts Garments. [1]

Key Points

Business Segments
Textiles Business (84% of revenues) [1]
The Co. is involved in manufacturing and production of Denims, Wovens and Garments, which for Q2 FY23 contribute 22%, 39% and 24% towards the segment's revenues [2]
Arvind has vertically-integrated operations across the textile value chain starting from manufacturing of cotton yarn to grey/processed fabric to garments, which imparts strong operational flexibility[3] It is amongst the largest denim and woven fabric manufacturers, with an installed capacity of 100 MMPA and 150 MMPA, respectively, as on March 31, 2022. [4]

  • Market Cap 2,252 Cr.
  • Current Price 86.3
  • High / Low 159 / 82.0
  • Stock P/E 7.70
  • Book Value 121
  • Dividend Yield 0.00 %
  • ROCE 12.6 %
  • ROE 8.97 %
  • Face Value 10.0

Pros

  • Stock is trading at 0.71 times its book value

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of 4.57% over past five years.
  • Company has a low return on equity of 6.80% over last 3 years.
  • Promoter holding has decreased over last 3 years: -3.49%

* 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.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

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
1,696 1,490 493 1,170 1,372 1,494 1,335 1,981 2,124 1,995 2,175 1,995 1,846
1,513 1,319 521 1,044 1,211 1,288 1,219 1,759 1,906 1,790 1,985 1,821 1,678
Operating Profit 183 170 -28 126 161 206 116 223 218 205 189 173 168
OPM % 11% 11% -6% 11% 12% 14% 9% 11% 10% 10% 9% 9% 9%
15 -25 9 11 19 -1 -8 -3 -1 -175 94 -22 18
Interest 58 48 55 56 51 48 45 46 38 38 38 40 40
Depreciation 62 61 61 60 59 58 50 51 51 51 51 51 52
Profit before tax 78 36 -135 22 70 99 13 123 129 -59 194 60 94
Tax % 31% 33% 43% -223% 34% 47% 86% 39% 38% -63% 10% 33% 14%
Net Profit 54 24 -77 71 46 52 2 75 79 -97 176 40 81
EPS in Rs 2.09 0.92 -2.97 2.73 1.79 2.02 0.07 2.88 3.05 -3.71 6.74 1.53 3.12
Raw PDF

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
2,683 3,494 3,780 4,775 5,225 5,357 5,967 6,332 6,436 6,705 4,529 7,460 8,011
2,297 2,991 3,194 3,980 4,380 4,549 5,234 5,694 5,803 5,997 4,051 6,688 7,275
Operating Profit 386 503 587 796 845 808 732 639 633 708 477 772 736
OPM % 14% 14% 16% 17% 16% 15% 12% 10% 10% 11% 11% 10% 9%
52 386 93 67 96 103 -177 52 33 21 38 -261 -84
Interest 187 270 268 296 338 310 239 189 227 239 222 185 156
Depreciation 116 131 150 158 126 149 182 201 210 241 236 213 206
Profit before tax 135 488 261 409 478 451 135 299 229 250 56 112 289
Tax % 0% 11% 0% 12% 21% 29% 86% 16% 13% 31% -65% 47%
Net Profit 135 434 261 361 377 321 19 250 199 171 93 59 200
EPS in Rs 5.30 17.06 10.12 14.00 14.62 12.42 0.72 9.67 7.71 6.62 3.58 2.28 7.68
Dividend Payout % 0% 6% 16% 17% 17% 19% 334% 25% 26% 0% 0% 0%
Compounded Sales Growth
10 Years: 8%
5 Years: 5%
3 Years: 5%
TTM: 16%
Compounded Profit Growth
10 Years: 6%
5 Years: 8%
3 Years: 3%
TTM: 13%
Stock Price CAGR
10 Years: 10%
5 Years: -10%
3 Years: 26%
1 Year: -40%
Return on Equity
10 Years: 9%
5 Years: 7%
3 Years: 7%
Last Year: 9%

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 Sep 2022
254 258 258 258 258 258 258 259 259 259 259 261 261
Reserves 1,541 1,762 2,041 2,378 2,587 2,728 2,751 2,900 2,558 2,595 2,682 2,751 2,909
1,812 1,770 2,119 2,417 2,750 3,123 2,428 2,562 2,652 2,431 1,985 1,783 1,815
652 838 865 981 1,057 880 1,020 1,324 1,546 1,530 1,682 2,619 1,992
Total Liabilities 4,259 4,625 5,284 6,034 6,652 6,990 6,458 7,044 7,014 6,815 6,609 7,413 6,977
1,985 2,269 2,340 2,496 2,620 2,830 3,100 3,148 3,172 3,461 3,258 3,226 3,168
CWIP 81 179 200 72 76 98 77 60 190 71 74 42 91
Investments 326 337 493 700 885 1,266 523 883 517 525 532 452 390
1,867 1,840 2,251 2,765 3,071 2,796 2,759 2,953 3,135 2,758 2,745 3,694 3,329
Total Assets 4,259 4,625 5,284 6,034 6,652 6,990 6,458 7,044 7,014 6,815 6,609 7,413 6,977

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
237 364 431 495 711 705 536 554 725 983 768 520
-54 114 -341 -488 -732 -545 465 -441 -510 -337 -138 -115
-197 -474 24 -47 -62 -163 -1,012 -108 -200 -650 -641 -377
Net Cash Flow -14 3 114 -40 -82 -3 -12 5 16 -4 -11 28

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 77 42 43 40 32 31 29 42 41 49 75 52
Inventory Days 207 165 205 163 174 194 186 162 167 110 166 193
Days Payable 179 143 156 124 121 108 88 118 146 119 220 204
Cash Conversion Cycle 105 64 93 79 86 117 127 87 61 40 21 42
Working Capital Days 113 70 84 93 99 110 104 90 80 52 77 54
ROCE % 8% 11% 12% 15% 15% 13% 11% 9% 9% 10% 6% 13%

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
44.75 44.75 44.72 45.05 45.05 42.61 42.59 41.31 41.30 41.26 41.26 41.26
15.80 14.07 12.57 13.06 15.24 15.22 12.00 12.29 11.73 11.42 12.05 11.14
12.40 9.57 6.38 6.37 6.38 6.21 8.71 11.04 12.06 11.14 9.85 9.07
27.05 31.61 36.33 35.51 33.33 35.96 36.70 35.37 34.90 36.18 36.84 38.53

* 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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