Capitaline

Results 27-Jan-22

Analysis

Apcotex Industries

PBT up 48%

Apcotex Industries standalone net sales increased 52.40% to Rs 250.80 crore in Q3FY22 compared to Q3FY21. Operating profit margin has declined from 14.75% to 13.52%, leading to 39.62% rise in operating profit to Rs 33.90 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 62.44% to 64.92%. Employee cost decreased from 7.23% to 5.53%. Other expenses rose from 15.91% to 16.02%.

Other income up 58.99% to Rs 2.21 crore. PBIDT rose 40.67% to Rs 36.11 crore. Provision for interest up 5.26% to Rs 0.8 crore. PBDT rose 41.75% to Rs 35.31 crore. Provision for depreciation rose 3.38% to Rs 3.67 crore.

Profit before tax grew 48.13% to Rs 31.64 crore. Provision for tax was expense of Rs 7.86 crore, compared to Rs 4.76 crore. Effective tax rate was 24.84% compared to 22.28%. Profit after tax rose 43.25% to Rs 23.78 crore.

Promoters’ stake was 58.15% as of 31 December 2021 ,compared to 58.15% as of 31 December 2020.

For year-to-date (YTD) results analysis

Net sales of Apcotex Industries have increased 92.08% to Rs 679.44 crore. Operating profit margin has jumped from 10.90% to 13.92%, leading to 145.46% rise in operating profit to Rs 94.60 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 62.35% to 67.24%. Employee cost decreased from 9.27% to 5.28%. Other expenses fell from 17.30% to 13.81%.

Other income up 42.57% to Rs 6.33 crore. PBIDT rose 134.83% to Rs 100.93 crore. Provision for interest fell 17.88% to Rs 2.48 crore.

PBDT rose 146.37% to Rs 98.45 crore. Provision for depreciation down 6.48% to Rs 10.53 crore. Profit before tax grew 206.34% to Rs 87.92 crore. Provision for tax was expense of Rs 20.01 crore compared to Rs 7.14 crore. Effective tax rate was 22.76% compared to 24.88%. Profit after tax rose 214.98% to Rs 67.91 crore.

Promoters’ stake was 58.15% as of 31 December 2021 compared to 58.15% as of 31 December 2020.

Full year results analysis

Net sales of Apcotex Industries have increased 9% to Rs 540.64 crore. Operating profit margin has jumped from 6.73% to 12.69%, leading to 105.39% rise in operating profit to Rs 68.58 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 70.16% to 62.22%. Employee cost increased from 7.90% to 8.09%. Other expenses rose from 15.24% to 16.82%.

Other income was up 9.27% to Rs 6.48 crore. Provision for interest was up 190.84% to Rs 3.81 crore. Loan funds declined from Rs 41.50 crore as of 31 March 2020 to Rs 11.09 crore as of 31 March 2021. Inventories declined from Rs 59.67 crore as of 31 March 2020 to Rs 55.83 crore as of 31 March 2021. Sundry debtors were higher at Rs 104.85 crore as of 31 March 2021 compared to Rs 89.07 crore as of 31 March 2020. Cash and bank balance declined from Rs 16.01 crore as of 31 March 2020 to Rs 15.02 crore as of 31 March 2021. Investments rose to Rs 82.38 crore as of 31 March 2021 from Rs 54.43 crore as of 31 March 2020.

Provision for depreciation increased 8.28% to Rs 14.51 crore. Fixed assets increased to Rs 155.66 crore as of 31 March 2021 from Rs 143.26 crore as of 31 March 2020. Intangible assets declined from Rs 0.97 crore to Rs 0.66 crore.

Profit before tax grew 130.56% to Rs 56.74 crore. Provision for tax was expense of Rs 12.58 crore, compared to Rs 7.98 crore. Effective tax rate was 22.17% compared to 32.43%.

Profit after tax increased 165.54% to Rs 44.16 crore.

Promoters’ stake was 58.17% as of 31 March 2021 compared to 58.02% as of 31 March 2020 .

Cash flow from operating activities increased to Rs 75.22 crore for year ended March 2021 from Rs 36.32 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 23.75 crore, compared to Rs 50.22 crore during the year ended March 2020.

The stock trades at Rs 392

Apcotex Industries : Standalone Results
Particulars	2112 (03)	2012 (03)	Var.(%)	2112 (09)	2012 (09)	Var.(%)	2103 (12)	2003 (12)	Var.(%)
Net Sales	250.8	164.57	52	679.44	353.72	92	540.64	495.98	9
OPM (%)	13.5	14.8		13.9	10.9		12.7	6.7
OP	33.9	24.28	40	94.6	38.54	145	68.58	33.39	105
Other Inc.	2.21	1.39	59	6.33	4.44	43	6.48	5.93	9
PBIDT	36.11	25.67	41	100.93	42.98	135	75.06	39.32	91
Interest	0.8	0.76	5	2.48	3.02	-18	3.81	1.31	191
PBDT	35.31	24.91	42	98.45	39.96	146	71.25	38.01	87
Depreciation	3.67	3.55	3	10.53	11.26	-6	14.51	13.4	8
PBT	31.64	21.36	48	87.92	28.7	206	56.74	24.61	131
Taxation	7.86	4.76	65	20.01	7.14	180	12.58	7.98	58
PAT	23.78	16.6	43	67.91	21.56	215	44.16	16.63	166
EPS (Rs)*	#	#		#	#		8.5	3.2
Notes
* EPS is on current equity of Rs 10.37 crore, Face value of Rs 2, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

Previous News

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