S P Apparels Ltd

S P Apparels Ltd

₹ 620 -1.63%
27 Feb 3:42 p.m.
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

Business Segments

  • Market Cap 1,555 Cr.
  • Current Price 620
  • High / Low 685 / 304
  • Stock P/E 19.0
  • Book Value 287
  • Dividend Yield 0.47 %
  • ROCE 14.6 %
  • ROE 12.6 %
  • Face Value 10.0

Pros

  • Debtor days have improved from 50.0 to 35.5 days.
  • Company's working capital requirements have reduced from 133 days to 95.8 days

Cons

  • The company has delivered a poor sales growth of 10.2% over past five years.
  • Company has a low return on equity of 11.7% over last 3 years.
  • Dividend payout has been low at 7.50% 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

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
210 192 133 222 250 254 246 306 251 275 248 292 252
171 167 105 182 212 209 203 268 229 235 212 246 218
Operating Profit 39 25 28 40 39 45 43 38 22 40 36 47 34
OPM % 18% 13% 21% 18% 15% 18% 17% 12% 9% 14% 15% 16% 14%
0 0 0 1 4 5 7 9 8 2 4 6 5
Interest 4 2 3 1 4 4 5 8 2 7 6 4 5
Depreciation 8 8 8 9 9 9 10 8 9 9 9 10 9
Profit before tax 27 15 17 31 30 37 35 30 19 25 25 38 24
Tax % 26% 30% 31% 25% 18% 31% 27% 25% 32% 19% 40% 26% 28%
20 11 12 23 25 25 26 23 13 21 15 29 18
EPS in Rs 7.65 4.12 4.50 9.05 9.59 9.80 10.06 8.92 5.28 8.21 5.98 11.38 7.03
Raw PDF

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 Mar 2023 TTM
399 425 450 471 532 632 662 825 808 652 859 1,078 1,067
339 370 386 403 447 528 555 691 724 547 707 935 911
Operating Profit 60 55 64 69 85 104 106 134 84 105 152 143 157
OPM % 15% 13% 14% 15% 16% 16% 16% 16% 10% 16% 18% 13% 15%
1 0 1 7 -12 21 16 3 13 1 9 23 17
Interest 40 34 36 31 25 18 29 6 23 14 12 19 23
Depreciation 16 17 18 20 20 19 22 22 30 32 35 36 37
Profit before tax 5 4 12 24 28 87 71 109 44 59 115 111 113
Tax % -97% 51% 46% 60% 33% 38% 33% 33% -6% 27% 26% 26%
9 2 6 10 19 54 48 73 47 43 85 83 82
EPS in Rs 5.78 1.40 3.97 5.98 10.98 21.30 19.00 28.56 18.26 16.80 32.96 32.88 32.60
Dividend Payout % 0% 0% 0% 0% 0% 0% 3% 0% 0% 13% 0% 9%
Compounded Sales Growth
10 Years: 10%
5 Years: 10%
3 Years: 10%
TTM: 1%
Compounded Profit Growth
10 Years: 44%
5 Years: 12%
3 Years: 14%
TTM: -6%
Stock Price CAGR
10 Years: %
5 Years: 20%
3 Years: 51%
1 Year: 104%
Return on Equity
10 Years: 13%
5 Years: 12%
3 Years: 12%
Last Year: 13%

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 Mar 2023 Sep 2023
Equity Capital 17 17 17 17 17 25 25 26 26 26 26 25 25
Reserves 41 44 50 59 96 332 372 458 498 533 612 649 695
Preference Capital 20 20 27 27 20 0 19 0 0 0 0 0
392 360 331 276 259 185 204 211 226 194 231 245 258
89 111 127 167 189 134 208 192 143 160 193 179 186
Total Liabilities 539 531 525 520 561 677 810 887 892 912 1,062 1,097 1,164
282 299 285 275 277 299 307 317 444 444 450 459 455
CWIP 26 0 0 0 4 0 6 54 0 10 8 10 12
Investments 1 1 1 1 1 58 31 0 0 0 3 113 117
230 230 240 244 280 319 465 515 448 458 602 515 581
Total Assets 539 531 525 520 561 677 810 887 892 912 1,062 1,097 1,164

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 Mar 2023
31 79 58 84 49 26 -1 82 83 80 27 216
-12 -8 -14 -6 -28 -116 -15 -60 -39 -21 -29 -160
-20 -69 -44 -77 -20 92 19 -17 -45 -42 24 -48
Net Cash Flow -1 2 0 1 1 2 3 5 -1 17 21 8

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 Mar 2023
Debtor Days 52 44 44 58 56 78 91 57 42 65 49 35
Inventory Days 298 270 221 190 228 147 268 277 233 327 342 223
Days Payable 131 134 131 173 209 101 145 122 86 123 116 74
Cash Conversion Cycle 219 180 134 74 75 123 215 212 189 269 275 184
Working Capital Days 139 112 99 42 53 98 141 119 116 152 150 96
ROCE % 9% 11% 14% 18% 23% 17% 18% 11% 10% 16% 15%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
61.69% 61.69% 61.69% 61.69% 61.69% 61.69% 61.69% 61.93% 61.93% 61.93% 61.93% 61.93%
0.02% 0.05% 0.42% 0.98% 1.19% 1.31% 1.16% 1.23% 1.09% 1.07% 1.50% 1.39%
14.73% 14.74% 15.30% 15.01% 15.05% 16.35% 16.86% 17.61% 17.73% 17.60% 18.47% 19.08%
23.57% 23.52% 22.59% 22.33% 22.07% 20.66% 20.29% 19.22% 19.25% 19.41% 18.12% 17.61%
No. of Shareholders 12,09015,05615,43315,31418,35019,66526,84119,61218,39217,77017,20316,376

* 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.

Click on the line-items to see the names of individual entities.

Documents

Concalls