S P Apparels Ltd

About [ edit ]

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. #, Mr. P. Sundararajan is the Chairman and Managing Director of our Company. #. The company provides end-to-end garment manufacturing from greige fabric to finished products including bodysuits, sleepsuits, tops, and bottoms. #

Key Points [ edit ]
  • Market Cap 901 Cr.
  • Current Price 350
  • High / Low 362 / 65.6
  • Stock P/E 20.8
  • Book Value 217
  • Dividend Yield 0.64 %
  • ROCE 9.85 %
  • ROE 7.99 %
  • Face Value 10.0

Pros

Cons

  • The company has delivered a poor sales growth of 4.16% over past five years.
  • Company has a low return on equity of 11.45% 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

Peer comparison

Sector: Textiles Industry: Textiles - Products

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
191 191 223 222 218 246 177 168 61 190 210 192
162 158 183 189 203 219 153 151 55 156 171 167
Operating Profit 28 32 40 33 15 27 24 18 7 34 39 25
OPM % 15% 17% 18% 15% 7% 11% 13% 11% 11% 18% 18% 13%
Other Income 1 1 1 1 8 10 -5 1 0 0 0 0
Interest 4 6 -2 -2 6 6 6 5 5 3 4 2
Depreciation 5 5 5 5 6 8 8 8 8 8 8 8
Profit before tax 20 21 38 30 11 23 5 5 -6 23 27 15
Tax % 37% 30% 30% 36% 33% -52% 64% 46% 0% 19% 26% 30%
Net Profit 13 15 27 19 7 35 2 3 -6 19 20 11
EPS in Rs 4.91 5.81 10.40 7.43 2.84 13.54 0.75 1.17 -2.27 7.31 7.65 4.12

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
399 425 450 471 532 632 662 825 808 652
339 370 386 402 447 528 556 691 724 548
Operating Profit 60 55 64 69 85 104 106 134 84 104
OPM % 15% 13% 14% 15% 16% 16% 16% 16% 10% 16%
Other Income 1 0 1 7 -12 21 16 3 13 1
Interest 40 34 36 31 25 18 29 6 23 14
Depreciation 16 17 18 20 20 19 22 22 30 32
Profit before tax 5 4 12 24 28 87 71 109 44 59
Tax % -97% 51% 46% 60% 33% 38% 33% 33% -6% 27%
Net Profit 10 2 7 10 19 54 48 73 47 43
EPS in Rs 5.78 1.40 3.97 5.98 10.98 21.30 19.00 28.56 18.26 16.82
Dividend Payout % 0% 0% 0% 0% 0% 0% 3% 0% 0% 13%
Compounded Sales Growth
10 Years:%
5 Years:4%
3 Years:-0%
TTM:-19%
Compounded Profit Growth
10 Years:%
5 Years:18%
3 Years:-2%
TTM:-21%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:1%
1 Year:393%
Return on Equity
10 Years:%
5 Years:13%
3 Years:11%
Last Year:8%

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
37 37 44 44 37 25 44 26 26 26
Reserves 41 44 50 59 96 332 372 458 498 533
Borrowings 392 360 331 276 259 185 204 211 226 183
89 111 127 167 189 134 208 192 143 169
Total Liabilities 539 531 525 520 561 677 810 887 892 910
282 299 285 275 277 299 307 317 444 444
CWIP 26 0 0 0 4 0 6 54 0 10
Investments 1 1 1 1 1 58 31 0 0 0
230 230 240 244 280 319 465 515 448 456
Total Assets 539 531 525 520 561 677 810 887 892 910

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

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
ROCE % 8% 11% 14% 18% 22% 17% 17% 11% 10%
Debtor Days 52 44 44 58 56 78 91 57 42 65
Inventory Turnover 1.57 1.80 1.93 1.91 2.37 1.90 1.60 1.63 1.15

Shareholding Pattern

Numbers in percentages

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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