S P Apparels Ltd

₹ 430 -3.05%
18 Aug - close price
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

  • Market Cap 1,106 Cr.
  • Current Price 430
  • High / Low 531 / 281
  • Stock P/E 11.2
  • Book Value 248
  • Dividend Yield 0.52 %
  • ROCE 15.8 %
  • ROE 14.2 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter

Cons

  • The company has delivered a poor sales growth of 6.34% over past five years.
  • Company has a low return on equity of 11.2% for last 3 years.
  • Company might be capitalizing the interest cost
  • Dividend payout has been low at 4.46% of profits over 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.

Peer comparison

Sector: Textiles Industry: Textiles - Products

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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 Jun 2022
218 246 177 168 61 190 210 192 133 222 250 254 246
203 219 153 151 55 156 171 167 105 182 212 209 203
Operating Profit 15 27 24 18 7 34 39 25 28 40 39 45 43
OPM % 7% 11% 13% 11% 11% 18% 18% 13% 21% 18% 15% 18% 17%
8 10 -5 1 0 0 0 0 0 1 4 5 7
Interest 6 6 6 5 5 3 4 2 3 1 4 4 5
Depreciation 6 8 8 8 8 8 8 8 8 9 9 9 10
Profit before tax 11 23 5 5 -6 23 27 15 17 31 30 37 35
Tax % 33% -52% 64% 46% 0% 19% 26% 30% 31% 25% 18% 31% 27%
Net Profit 7 35 2 3 -6 19 20 11 12 23 25 25 26
EPS in Rs 2.84 13.54 0.75 1.17 -2.27 7.31 7.65 4.12 4.50 9.05 9.59 9.85 10.06

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
399 425 450 471 532 632 662 825 808 652 859 972
339 370 386 403 447 528 555 691 724 547 708 805
Operating Profit 60 55 64 69 85 104 106 134 84 105 152 167
OPM % 15% 13% 14% 15% 16% 16% 16% 16% 10% 16% 18% 17%
1 0 1 7 -12 21 16 3 13 1 10 16
Interest 40 34 36 31 25 18 29 6 23 14 12 14
Depreciation 16 17 18 20 20 19 22 22 30 32 35 36
Profit before tax 5 4 12 24 28 87 71 109 44 59 115 133
Tax % -97% 51% 46% 60% 33% 38% 33% 33% -6% 27% 26%
Net Profit 10 2 7 10 19 54 48 73 47 43 85 99
EPS in Rs 5.78 1.40 3.97 5.98 10.98 21.30 19.00 28.56 18.26 16.80 32.99 38.55
Dividend Payout % 0% 0% 0% 0% 0% 0% 3% 0% 0% 13% 0%
Compounded Sales Growth
10 Years: 8%
5 Years: 6%
3 Years: 1%
TTM: 34%
Compounded Profit Growth
10 Years: 25%
5 Years: 10%
3 Years: 5%
TTM: 64%
Stock Price CAGR
10 Years: %
5 Years: 1%
3 Years: 31%
1 Year: 35%
Return on Equity
10 Years: 13%
5 Years: 12%
3 Years: 11%
Last Year: 14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
37 37 44 44 37 25 44 26 26 26 26
Reserves 41 44 50 59 96 332 372 458 498 533 612
392 360 331 276 259 185 204 211 226 194 214
89 111 127 167 189 134 208 192 143 158 210
Total Liabilities 539 531 525 520 561 677 810 887 892 910 1,062
282 299 285 275 277 299 307 317 444 444 450
CWIP 26 0 0 0 4 0 6 54 0 10 8
Investments 1 1 1 1 1 58 31 0 0 0 0
230 230 240 244 280 319 465 515 448 456 604
Total Assets 539 531 525 520 561 677 810 887 892 910 1,062

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
31 79 58 84 49 26 -1 82 83 80 33
-12 -8 -14 -6 -28 -116 -15 -60 -39 -21 -35
-20 -69 -44 -77 -20 92 19 -17 -45 -42 24
Net Cash Flow -1 2 0 1 1 2 3 5 -1 17 21

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 52 44 44 58 56 78 91 57 42 65 46
Inventory Days 298 270 221 190 228 147 268 277 233 327 342
Days Payable 131 134 131 173 209 101 145 122 86 123 123
Cash Conversion Cycle 219 180 134 74 75 123 215 212 189 269 266
Working Capital Days 139 112 99 42 53 98 141 119 116 146 140
ROCE % 8% 11% 14% 18% 22% 17% 17% 11% 10% 16%

Shareholding Pattern

Numbers in percentages

2 recently
Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
61.63 61.63 61.64 61.64 61.69 61.69 61.69 61.69 61.69 61.69 61.69 61.69
6.84 6.84 6.27 0.13 0.00 0.15 0.02 0.05 0.42 0.98 1.19 1.31
16.53 14.81 15.33 15.31 14.54 14.73 14.73 14.74 15.30 15.01 15.05 16.35
14.99 16.72 16.76 22.92 23.77 23.44 23.57 23.52 22.59 22.33 22.07 20.66

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