S P Apparels Ltd

S.P. Apparels Limited is an India-based company, which is engaged in the business of manufacturing and exporting of knitted garments for infants and children.

Pros:
Stock is trading at 1.08 times its book value
Company has good consistent profit growth of 61.91% over 5 years
Debtor days have improved from 75.29 to 56.82 days
Cons:
Company might be capitalizing the interest cost

Peer Comparison Sector: Textiles // Industry: Textiles - Products

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
167 147 157 151 166 163 183 191 191 223 222 218
142 120 133 132 143 133 149 162 158 183 189 203
Operating Profit 26 27 24 19 24 30 33 28 32 40 33 15
OPM % 15% 18% 15% 12% 14% 18% 18% 15% 17% 18% 15% 7%
Other Income 6 8 6 10 5 0 1 1 1 1 1 8
Interest 4 4 3 7 8 4 10 4 6 -2 -2 6
Depreciation 5 5 5 5 5 6 6 5 5 5 5 6
Profit before tax 22 25 22 17 15 20 19 20 21 38 30 11
Tax % 30% 38% 51% 36% 35% 31% 30% 37% 30% 30% 36% 33%
Net Profit 16 16 8 11 9 14 12 13 15 27 19 7
EPS in Rs 6.21 6.27 4.25 4.39 3.09 5.47 5.26 4.97 5.80 10.42 7.43 2.85
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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 TTM
399 425 450 471 532 632 662 825 853
339 370 386 402 447 528 556 691 733
Operating Profit 60 55 64 69 85 104 106 134 120
OPM % 15% 13% 14% 15% 16% 16% 16% 16% 14%
Other Income 1 0 1 7 -12 21 16 3 11
Interest 40 34 36 31 25 18 29 6 8
Depreciation 16 17 18 20 20 19 22 22 23
Profit before tax 5 4 12 24 28 87 71 109 100
Tax % -97% 51% 46% 60% 33% 38% 33% 33%
Net Profit 10 2 7 10 19 54 48 73 68
EPS in Rs 21.30 19.00 28.56 26.50
Dividend Payout % 0% 0% 0% 0% 0% 0% 3% 0%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:12.92%
3 Years:15.75%
TTM:21.43%
Compounded Profit Growth
10 Years:%
5 Years:61.91%
3 Years:36.99%
TTM:40.55%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:-14.97%
1 Year:-23.21%
Return on Equity
10 Years:%
5 Years:16.18%
3 Years:15.89%
Last Year:16.19%

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
37 37 44 44 37 25 44 26
Reserves 41 44 50 59 96 332 372 458
Borrowings 392 360 331 276 259 185 204 211
106 131 145 172 189 149 212 195
Total Liabilities 557 551 543 525 561 691 814 890
282 299 285 275 277 299 307 317
CWIP 26 0 0 0 4 0 6 54
Investments 1 1 1 1 1 58 31 0
248 250 258 249 280 333 469 519
Total Assets 557 551 543 525 561 691 814 890

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
31 79 58 84 49 49 -1 82
-12 -8 -14 -6 -28 -121 -15 -60
-20 -69 -44 -77 -20 73 19 -17
Net Cash Flow -1 2 0 1 1 2 3 5

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 8% 11% 14% 18% 22% 17% 17%
Debtor Days 52 44 44 58 56 78 91 57
Inventory Turnover 3.42 3.58 4.05 4.53 5.50 4.57 3.79