Capitaline

Results 28-Oct-21

Analysis

Apcotex Industries

OPM down 170 bps to 12.9%

Apcotex Industries standalone net sales increased 88.28% to Rs 243.41 crore in Q2FY22 compared to Q2FY21. Operating profit margin has declined from 14.62% to 12.90%, leading to 66.14% rise in operating profit to Rs 31.40 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 60.53% to 70.63%. Employee cost decreased from 8.70% to 4.85%. Other expenses fell from 15.66% to 11.41%.

Other income up 101.18% to Rs 1.71 crore. PBIDT rose 67.65% to Rs 33.11 crore. Provision for interest fell 37.41% to Rs 0.87 crore. PBDT rose 75.60% to Rs 32.24 crore. Provision for depreciation down 12.22% to Rs 3.52 crore.

Profit before tax grew 100.14% to Rs 28.72 crore. Provision for tax was expense of Rs 6.46 crore, compared to Rs 2.72 crore. Effective tax rate was 22.49% compared to 18.95%.

Profit after tax rose 91.40% to Rs 22.26 crore.

Equity capital stood at Rs 10.37 crore as of 30 September 2021 to Rs 10.37 crore as of 30 September 2020. Per share face Value remained same at Rs 2.00.

Promoters’ stake was 58.20% as of 30 September 2021 ,compared to 58.12% as of 30 September 2020 .

For year-to-date (YTD) results analysis

Net sales of Apcotex Industries has increased 126.61% to Rs 428.63 crore. Operating profit margin has jumped from 8.14% to 14.16%, leading to 294.41% rise in operating profit to Rs 60.70 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 62.26% to 68.56%. Employee cost decreased from 11.17% to 5.14%. Other expenses fell from 17.98% to 12.56%.

Other income up 114.58% to Rs 4.12 crore. PBIDT rose 274.47% to Rs 64.82 crore. Provision for interest fell 25.66% to Rs 1.68 crore. PBDT rose 319.53% to Rs 63.14 crore. Provision for depreciation down 11.02% to Rs 6.86 crore.

Profit before tax grew 666.76% to Rs 56.28 crore. Provision for tax was expense of Rs 12.15 crore, compared to Rs 2.38 crore. Effective tax rate was 21.59% compared to 32.43%.

Profit after tax rose 789.72% to Rs 44.13 crore.

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 388

Apcotex Industries : Standalone Results
Particulars	2109 (03)	2009 (03)	Var.(%)	2109 (06)	2009 (06)	Var.(%)	2103 (12)	2003 (12)	Var.(%)
Net Sales	243.41	129.28	88	428.63	189.15	127	540.64	495.98	9
OPM (%)	12.9	14.6		14.2	8.1		12.7	6.7
OP	31.4	18.9	66	60.7	15.39	294	68.58	33.39	105
Other Inc.	1.71	0.85	101	4.12	1.92	115	6.48	5.93	9
PBIDT	33.11	19.75	68	64.82	17.31	274	75.06	39.32	91
Interest	0.87	1.39	-37	1.68	2.26	-26	3.81	1.31	191
PBDT	32.24	18.36	76	63.14	15.05	320	71.25	38.01	87
Depreciation	3.52	4.01	-12	6.86	7.71	-11	14.51	13.4	8
PBT	28.72	14.35	100	56.28	7.34	667	56.74	24.61	131
Taxation	6.46	2.72	138	12.15	2.38	411	12.58	7.98	58
PAT	22.26	11.63	91	44.13	4.96	790	44.16	16.63	166
EPS (Rs)*	#	#		#	#		8.52	3.21
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

Apcotex Industries fixes record date for final dividend
( Market Beat - Reports 19-May-23 19:50 )

Apcotex Industries
( Results - Analysis 28-Apr-22 08:26 )

Board of Apcotex Industries recommends Final Dividend
( Corporate News - 27-Apr-22 17:36 )

Apcotex Industries announces board meeting date
( Corporate News - 15-Jul-23 11:07 )

Apcotex Industries
( Results - Analysis 27-Jan-22 18:34 )

Board of Apcotex Industries recommends Interim Dividend
( Corporate News - 27-Jan-23 10:25 )

Board of Apcotex Industries recommends Final Dividend
( Corporate News - 28-Apr-23 10:29 )

Apcotex Inds drops after weak Q4 outcome
( Hot Pursuit - 28-Apr-23 11:37 )

Apcotex Industries standalone net profit rises 636.16% in the March 2021 quarter
( Results - Announcements 06-May-21 16:06 )

Apcotex Industries to discuss results
( Corporate News - 29-Sep-20 11:48 )

Board of Apcotex Industries recommends interim dividend
( Corporate News - 27-Jan-22 18:06 )