Capitaline

Results 29-Jul-21

Analysis

Apcotex Industries

Sales up 209% on low base

Apcotex Industries standalone net sales increased 209.44% to Rs 185.23 crore in Q1FY22 compared to Q1FY21. Operating profit margin of the company stood at 15.8% compared to negative of 7.2%. Raw material cost as a % of total sales (net of stock adjustments) decreased from 66.26% to 66.11%. Employee cost decreased from 16.87% to 5.48%. Other expenses fell from 24.79% to 13.89%.

Other income was up 27.27% to Rs 2.38 crore. Provision for interest decreased 8.05% to Rs 0.8 crore. Provision for depreciation was down 9.46% to Rs 3.35 crore. Provision for tax was debit of Rs 5.69 crore, compared to credit of Rs 0.34 crore. Effective tax rate was 20.65% compared to 4.85%. Net profit stood at Rs 21.86 crore compared to loss of Rs 6.67 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 342

Apcotex Industries : Standalone Results
Particulars	2106 (03)	2006 (03)	Var.(%)	2103 (12)	2003 (12)	Var.(%)
Net Sales	185.23	59.86	209	540.64	495.98	9
OPM (%)	15.8	-7.2		12.7	6.7
OP	29.32	-4.31	LP	68.58	33.39	105
Other Inc.	2.38	1.87	27	6.48	5.93	9
PBIDT	31.7	-2.44	LP	75.06	39.32	91
Interest	0.8	0.87	-8	3.81	1.31	191
PBDT	30.9	-3.31	LP	71.25	38.01	87
Depreciation	3.35	3.7	-9	14.51	13.4	8
PBT	27.55	-7.01	LP	56.74	24.61	131
Taxation	5.69	-0.34	PL	12.58	7.98	58
PAT	21.86	-6.67	LP	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
( Results - Analysis 27-Jan-22 18:34 )

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

Apcotex Industries to announce Quarterly Result
( Corporate News - 10-Oct-23 11:24 )

Apcotex Industries schedules board meeting
( Corporate News - 21-Jan-21 17:10 )

Apcotex Industries to conduct board meeting
( Corporate News - 21-Feb-18 11:47 )

Apcotex Industries schedules board meeting
( Corporate News - 16-May-20 10:25 )

Apcotex Industries to hold board meeting
( Corporate News - 26-Apr-18 14:39 )

Apcotex Industries
( Results - Analysis 04-Feb-14 17:15 )

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

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

Apcotex Industries standalone net profit rises 114.69% in the June 2018 quarter
( Results - Announcements 28-Jul-18 15:24 )