Arvind Ltd

Arvind Ltd

₹ 270 -1.82%
28 Mar - 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 7,076 Cr.
  • Current Price 270
  • High / Low 319 / 84.4
  • Stock P/E 23.4
  • Book Value 126
  • Dividend Yield 1.39 %
  • ROCE 11.8 %
  • ROE 10.2 %
  • Face Value 10.0

Pros

  • Debtor days have improved from 56.0 to 40.3 days.

Cons

  • The company has delivered a poor sales growth of 4.05% over past five years.
  • Company has a low return on equity of 6.34% over last 3 years.
  • Dividend payout has been low at 14.5% of profits over last 3 years
  • Promoter holding has decreased over last 3 years: -3.92%

* 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: Textiles Industry: Textiles - Cotton/Blended

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
1,372 1,494 1,335 1,981 2,124 1,995 2,175 1,995 1,846 1,707 1,689 1,757 1,754
1,211 1,288 1,219 1,759 1,906 1,787 1,985 1,821 1,678 1,541 1,535 1,578 1,558
Operating Profit 161 206 116 223 218 208 189 173 168 166 154 179 196
OPM % 12% 14% 9% 11% 10% 10% 9% 9% 9% 10% 9% 10% 11%
19 -1 -8 -3 -1 -178 94 -22 18 -16 17 15 10
Interest 51 48 45 46 38 38 38 40 40 36 34 37 36
Depreciation 59 58 50 51 51 51 51 51 52 54 54 56 51
Profit before tax 70 99 13 123 129 -59 194 60 94 59 82 102 119
Tax % 34% 47% 86% 39% 38% -63% 10% 33% 14% 18% 22% 24% 24%
46 52 2 75 79 -97 176 40 81 49 64 78 91
EPS in Rs 1.79 2.02 0.07 2.88 3.05 -3.71 6.74 1.53 3.12 1.87 2.45 2.99 3.47
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
3,494 3,780 4,775 5,225 5,357 5,967 6,332 6,436 6,705 4,529 7,436 7,723 6,908
2,991 3,194 3,980 4,380 4,549 5,234 5,694 5,803 5,997 4,051 6,646 7,003 6,212
Operating Profit 503 587 796 845 808 732 639 633 708 477 790 720 696
OPM % 14% 16% 17% 16% 15% 12% 10% 10% 11% 11% 11% 9% 10%
386 93 67 96 103 -177 52 33 21 38 -197 74 26
Interest 270 268 296 338 310 239 189 227 239 222 185 177 144
Depreciation 131 150 158 126 149 182 201 210 241 236 203 208 215
Profit before tax 488 261 409 478 451 135 299 229 250 56 205 408 363
Tax % 11% 0% 12% 21% 29% 86% 16% 13% 31% -65% 71% 15%
434 261 361 377 321 19 250 199 171 93 59 346 282
EPS in Rs 17.06 10.12 14.00 14.62 12.42 0.72 9.67 7.71 6.62 3.58 2.28 13.23 10.78
Dividend Payout % 6% 16% 17% 17% 19% 334% 25% 26% 0% 0% 0% 43%
Compounded Sales Growth
10 Years: 7%
5 Years: 4%
3 Years: 5%
TTM: -14%
Compounded Profit Growth
10 Years: 3%
5 Years: 4%
3 Years: 14%
TTM: 2%
Stock Price CAGR
10 Years: 16%
5 Years: 24%
3 Years: 60%
1 Year: 214%
Return on Equity
10 Years: 9%
5 Years: 7%
3 Years: 6%
Last Year: 10%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 255 258 258 258 258 258 259 259 259 259 261 262 262
Reserves 1,762 2,041 2,378 2,587 2,728 2,753 2,900 2,558 2,595 2,682 2,751 3,035 3,025
1,770 2,119 2,417 2,750 3,123 2,428 2,562 2,652 2,431 1,985 1,783 1,420 1,439
838 865 981 1,057 880 1,018 1,324 1,546 1,530 1,682 2,619 1,681 1,773
Total Liabilities 4,625 5,284 6,034 6,652 6,990 6,458 7,044 7,014 6,815 6,609 7,413 6,398 6,499
2,269 2,340 2,496 2,620 2,830 3,100 3,148 3,172 3,461 3,258 3,226 3,177 3,123
CWIP 179 200 72 76 98 77 60 190 71 74 42 78 139
Investments 337 493 700 885 1,266 523 883 517 525 532 452 387 451
1,840 2,251 2,765 3,071 2,796 2,759 2,953 3,135 2,758 2,745 3,694 2,756 2,785
Total Assets 4,625 5,284 6,034 6,652 6,990 6,458 7,044 7,014 6,815 6,609 7,413 6,398 6,499

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
364 431 495 711 705 536 554 725 983 768 520 563
114 -341 -488 -732 -545 465 -441 -510 -337 -138 -115 -59
-474 24 -47 -62 -163 -1,012 -108 -200 -650 -641 -377 -511
Net Cash Flow 3 114 -40 -82 -3 -12 5 16 -4 -11 28 -7

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 42 43 40 32 31 29 42 41 49 75 52 40
Inventory Days 165 205 163 174 194 186 162 167 110 166 193 129
Days Payable 143 156 124 121 108 88 118 146 119 220 204 96
Cash Conversion Cycle 64 93 79 86 117 127 87 61 40 21 42 74
Working Capital Days 70 84 93 99 110 104 90 80 52 77 55 52
ROCE % 11% 12% 15% 15% 13% 11% 9% 9% 10% 6% 13% 12%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
45.05% 42.61% 42.59% 41.31% 41.30% 41.26% 41.26% 41.26% 41.16% 41.16% 41.14% 41.14%
15.24% 15.22% 12.00% 12.29% 11.73% 11.42% 12.05% 11.14% 9.63% 10.74% 10.56% 12.63%
6.38% 6.21% 8.71% 11.04% 12.06% 11.14% 9.85% 9.07% 8.58% 11.41% 13.10% 14.23%
33.33% 35.96% 36.70% 35.37% 34.90% 36.18% 36.84% 38.53% 40.63% 36.70% 35.20% 31.97%
No. of Shareholders 2,01,2551,99,8322,04,2652,02,1502,03,3102,08,6922,12,9312,18,2162,15,7861,96,8262,05,4582,03,592

* 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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