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Results
27-Jan-22
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Analysis
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Apcotex Industries
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PBT up 48%
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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
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Particulars
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2112 (03)
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2012 (03)
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Var.(%)
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2112 (09)
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2012 (09)
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Var.(%)
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2103 (12)
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2003 (12)
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Var.(%)
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Net Sales
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250.8
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164.57
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52
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679.44
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353.72
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92
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540.64
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495.98
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9
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OPM (%)
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13.5
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14.8
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13.9
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10.9
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12.7
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6.7
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OP
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33.9
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24.28
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40
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94.6
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38.54
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145
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68.58
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33.39
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105
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Other Inc.
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2.21
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1.39
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59
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6.33
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4.44
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43
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6.48
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5.93
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9
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PBIDT
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36.11
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25.67
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41
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100.93
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42.98
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135
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75.06
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39.32
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91
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Interest
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0.8
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0.76
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5
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2.48
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3.02
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-18
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3.81
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1.31
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191
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PBDT
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35.31
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24.91
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42
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98.45
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39.96
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146
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71.25
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38.01
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87
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Depreciation
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3.67
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3.55
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3
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10.53
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11.26
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-6
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14.51
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13.4
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8
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PBT
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31.64
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21.36
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48
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87.92
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28.7
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206
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56.74
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24.61
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131
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Taxation
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7.86
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4.76
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65
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20.01
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7.14
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180
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12.58
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7.98
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58
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PAT
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23.78
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16.6
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43
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67.91
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21.56
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215
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44.16
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16.63
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166
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EPS (Rs)*
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#
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#
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#
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#
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8.5
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3.2
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Notes
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* EPS is on current equity of Rs 10.37 crore, Face value of Rs
2, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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