S P Apparels Ltd

spapparels.com BSE: 540048 NSE : SPAL
About

The company was established in 1989, it is a leading manufacturer and exporter of knitted garments for infants and children in India. These are manufactured at the integrated facilities that allow providing end-to-end garment manufacturing services from greige fabric to finished products. [1], Mr. P. Sundararajan is the Chairman and Managing Director of our Company. [2]. The company provides end-to-end garment manufacturing from greige fabric to finished products including bodysuits, sleepsuits, tops, and bottoms. [3]

Key Points

Product Portfolio

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Website BSE NSE
  • Market Cap ₹ 864 Cr.
  • Current Price ₹ 336
  • High / Low ₹ 363 / 103
  • Stock P/E 15.5
  • Book Value ₹ 215
  • Dividend Yield 0.67 %
  • ROCE 9.23 %
  • ROE 7.23 %
  • Face Value ₹ 10.0
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Pros

Cons

  • The company has delivered a poor sales growth of 1.41% over past five years.
  • Company has a low return on equity of 10.72% for last 3 years.
  • Company might be capitalizing the interest cost
  • Dividend payout has been low at 4.98% of profits over last 3 years

Peer comparison

Sector: Textiles Industry: Textiles - Products

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
178 211 213 205 233 163 157 52 165 188 170 121
147 173 180 191 207 140 139 46 133 151 146 93
Operating Profit 31 39 33 14 26 23 17 7 33 37 24 28
OPM % 18% 18% 16% 7% 11% 14% 11% 13% 20% 20% 14% 23%
Other Income 1 1 1 8 10 -5 1 0 0 0 1 0
Interest 6 -2 -2 6 6 6 5 4 4 4 2 3
Depreciation 6 6 6 7 8 8 9 9 9 9 8 9
Profit before tax 20 37 30 10 22 4 5 -6 21 25 14 16
Tax % 31% 30% 35% 35% -55% 77% 41% 0% 20% 27% 31% 32%
Net Profit 14 26 19 7 34 1 3 -6 17 18 10 11
EPS in Rs 5.29 9.93 7.51 2.56 13.08 0.41 1.09 -2.30 6.49 7.04 3.82 4.37
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
267 335 400 426 451 474 536 619 627 777 757 575 645
250 328 338 370 386 405 447 518 523 646 675 474 523
Operating Profit 17 7 62 56 64 70 89 101 104 131 82 101 122
OPM % 6% 2% 15% 13% 14% 15% 17% 16% 17% 17% 11% 18% 19%
Other Income 27 37 1 1 1 7 -12 21 16 3 13 1 1
Interest 19 25 40 35 36 31 25 18 29 6 22 14 12
Depreciation 15 16 16 17 18 20 21 21 24 23 32 34 34
Profit before tax 10 3 7 5 13 25 31 83 68 105 41 54 76
Tax % 31% -232% -73% 40% 43% 57% 34% 40% 38% 33% -8% 28%
Net Profit 7 9 12 3 7 11 20 49 42 70 44 39 56
EPS in Rs 4.10 5.12 7.04 1.87 4.26 6.50 11.95 19.65 16.69 27.16 17.14 15.05 21.72
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 3% 3% 0% 0% 15%
Compounded Sales Growth
10 Years:6%
5 Years:1%
3 Years:-3%
TTM:6%
Compounded Profit Growth
10 Years:16%
5 Years:5%
3 Years:-1%
TTM:65%
Stock Price CAGR
10 Years:%
5 Years:-1%
3 Years:6%
1 Year:194%
Return on Equity
10 Years:12%
5 Years:12%
3 Years:11%
Last Year:7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions Corp actions Equity History
Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
17 17 37 37 44 44 37 25 44 26 26 26
Reserves 58 66 52 55 62 72 111 345 377 460 496 526
Borrowings 296 347 390 357 328 273 256 181 200 206 216 181
59 114 75 97 120 168 194 139 209 193 143 148
Total Liabilities 429 545 534 526 527 530 578 690 811 884 882 881
251 266 302 292 278 268 279 300 306 314 440 438
CWIP 12 44 0 0 0 10 4 0 6 54 0 10
Investments 8 8 7 7 7 7 8 66 39 8 8 8
158 226 226 226 243 245 287 324 459 508 434 425
Total Assets 429 545 534 526 527 530 578 690 811 884 882 881

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
31 81 59 83 50 50 4 78 87 79
-12 -5 -14 -6 -30 -122 -15 -60 -39 -21
-20 -73 -44 -77 -20 75 14 -17 -50 -45
Net Cash Flow -1 2 0 0 0 2 2 1 -2 13

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 55 53 52 44 45 59 59 80 92 57 41 60
Inventory Days 296 268 219 187 226 152 305 319 267 441
Days Payable 3 92 109 182 201 99 151 130 88 135
Cash Conversion Cycle 55 53 344 219 155 64 83 133 246 245 220 366
Working Capital Days 145 126 152 124 111 76 80 102 153 133 129 170
ROCE % 7% 10% 9% 11% 14% 18% 21% 16% 17% 10% 9%

Shareholding Pattern

Numbers in percentages

Insider trades
Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
61.49 61.60 61.63 61.63 61.63 61.63 61.64 61.64 61.69 61.69 61.69 61.69
7.45 7.44 6.86 6.77 6.84 6.84 6.27 0.13 0.00 0.15 0.02 0.05
12.68 12.84 13.26 13.31 16.53 14.81 15.33 15.31 14.54 14.73 14.73 14.74
18.38 18.12 18.25 18.29 14.99 16.72 16.76 22.92 23.77 23.44 23.57 23.52

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