Apar Industries Limited · NSE:APARINDS
Apar Industries — Q2 FY24 Earnings Presentation
27 slides from Apar Industries's earnings presentation, Oct 26, 2023
Slide 1: Exchange filing cover letter: Investor Update Q2FY24
SEC/2610/2023 By E-Filing October 26, 2023 National Stock Exchange of India Limited BSE Limited “Exchange Plaza”, Corporate Relations Department, C-1, Block G, Phiroze Jeejeebhoy Towers, Bandra- Kurla Complex, Dalal Street, Bandra (E), Fort, Mumbai – 400 051. Mumbai - 400 001. Scrip Symbol : APARIND
Slide 2: Earnings Call Update Q2 & H1 FY24
EARNINGS CALL UPDATE Q2 & H1 FY24
Slide 3: Q2 FY24: Healthy momentum continues
Q2 FY24: Healthy momentum continues with Revenues growing 21% and PAT growing 69% ** Revenue EBITDA PAT 21% YoY 58% YoY 69% YoY INR 3,926 INR 374 * INR 174 crores crores crores Margin at 9.5% up 220 bps YoY Margin at 4.4% up 120 bps YoY o Q2 FY24 revenue up 21% YoY with volume-led growth across all
Slide 4: H1 FY24: Historically high half-year revenue
H1 FY24: Historically high half-year revenue Revenue EBITDA PAT 22% YoY 56% YoY 65% YoY INR 7,699crore INR 743 crore INR 371 crore Margin at 9.6% up 210 bps YoY Margin at 4.8% up 130 bps YoY o H1 FY24 revenue up 22% YoY with growths coming in from all the three business divisions on the back Segment
Slide 5: Conductors: Q2 FY24 highlights
Conductors: Q2 FY24 highlights Revenue Volume EBITDA 35% YOY 79% YOY 73% YOY INR 1,943 crores 54,074 MT INR 212 crores INR 123 crore (Q2 FY23) Margin at 10.9%; 8.5% (Q2 FY23) EBITDA per MT EBITDA post adj* EBITDA* per MT 3% YOY 78% YOY 0.3% YOY INR 39,160 INR 211 crores INR 39,007 INR 40,531 (Q2 FY2
Slide 6: Conductors: H1 FY24 highlights
Conductors: H1 FY24 highlights Revenue Volume EBITDA 24% YOY 51% YOY 87% YOY INR 3,717 crore 99,639 MT INR 388 crore INR 207 crore (H1 FY23) Margin at 10.4%; 6.9% (H1 FY23) EBITDA per MT EBITDA post adj* EBITDA* per MT 24% YOY 97% YOY 31% YOY INR 38,968 INR 387 crore INR 38,885 INR 31,380 (H1 FY23)
Slide 7: Speciality Oils & Lubricants: Q2 FY24 highlights
Speciality Oils & Lubricants : Q2 FY24 highlights Revenue Volume EBITDA 2% YOY 18% YOY 14% YOY INR 1,199 crores 1,33,788 KL INR 66 crores INR 58 crores (Q2 FY23) Margin at 5.5%; 4.9% (Q2 FY23) EBITDA per KL EBITDA post adj* EBITDA* per KL 3% YOY 18% YOY 0.3% YOY INR 4,909 INR 61 crores INR 4,562 INR
Slide 8: Speciality Oils & Lubricants: H1 FY24 highlights
Speciality Oils & Lubricants : H1 FY24 highlights Revenue Volume EBITDA 7% YOY 16% YOY 18% YOY INR 2,397 crore 2,64,442 KL INR 144 crore INR 175 crore (H1 FY23) Margin at 6.0%; 7.8% (H1 FY23) EBITDA per KL EBITDA post adj* EBITDA* per KL 29% YOY 14% YOY 26% YOY INR 5,431 INR 139 crore INR 5,275 INR
Slide 9: Lubricants: Q2 FY24 highlights
Lubricants : Q2 FY24 highlights Revenue Volume 15% YOY 7% YOY INR 181 crores 17,769 KL o Revenue is down by 15% in Q2 FY24 vs Q2 FY23 o Industrial volume is down 7% YoY, Automotive volume is up by 14% YoY Note: Above numbers are given only for analytical purpose. These numbers are already included i
Slide 10: Lubricants: H1 FY24 highlights
Lubricants : H1 FY24 highlights Revenue Volume 0.2%YOY 2% YOY INR 423 crore 34,918 KL o Revenue is flat on YoY basis o Industrial volume up 2% YoY , Automotive volume up 2% YoY. Note: Above numbers are given only for analytical purpose. These numbers are already included in Slide 7 in Specialty Oils
Slide 11: Cables: Q2 FY24 highlights
Cables : Q2 FY24 highlights Revenue EBITDA EBITDA post adj* 16% YOY 38% YOY 40% YOY INR 882 crores INR 99 crores INR 98 crores INR 72 crores (Q2 FY23) INR 70 crores (Q2 FY23) Margin at 11.2%; 9.4% (Q2 FY23) Margin at 11.1%; 9.2% (Q2 FY23) o Revenue up 16% v/s LY. Exports contribute 50.5% of sales in
Slide 12: Cables: H1 FY24 highlights
Cables : H1 FY24 highlights Revenue EBITDA EBITDA post adj* 32% YOY 69% YOY 76% YOY INR 1,849 crore INR 208 crore INR 208 crore INR 123 crore (H1 FY23) INR 118 crore (H1FY23) Margin at 11.3%; 8.8% (H1 FY23) Margin at 11.3%; 8.5% (H1 FY23) o Revenue up by 32% YoY due to increase in Elastomeric produc
Slide 13: H1 FY24 Division-wise EBITDA to PAT
H1 FY24 Division-wise EBITDA to PAT Particulars Oil Conductor Cable Others Total EBITDA pre-open period forex (Note 1) 144 388 208 7 748 Open period forex (Note 2) 4 1 0 0 5 EBIDTA post open period forex 140 387 208 7 743 Finance cost (ex open period forex) (Note 3) 45 76 33 (0) 154 Unallocable fore
Slide 14: Annexures
ANNEXURES
Slide 15: Q2 FY24: Consolidated Profit & Loss Statement
Q2 FY24: Consolidated Profit & Loss Statement Particulars Q2 FY24 Q2 FY23 % Chg YoY Q1 FY23 % Chg QoQ Gross sales 3,894.0 3,215.8 21.1% 3,741.2 4.1% Other Operating Income 32.0 19.1 67.5% 31.8 0.6% Total Operating Income 3,926.0 3,234.9 21.4% 3,773.0 4.1% Total Expenditure 3,576.2 3,009.0 18.8% 3,42
Slide 16: Q2 FY24: Consolidated Segment Analysis
Q2 FY24: Consolidated Segment Analysis Segments Q2 FY24 Q2 FY23 % Chg YoY Q1 FY24 % Chg QoQ Revenue Conductors 1,943.3 1,438.9 35.1% 1,774.2 9.5% Transformer & Specialty Oils 1,198.6 1,175.8 1.9% 1,198.0 0.1% Power & Telecom Cables 882.3 761.6 15.8% 966.8 (8.7%) Others/Unallocated 29.2 23.5 24.3% 28
Slide 17: Q2 FY24: Consolidated Segment Analysis
Q2 FY24: Consolidated Segment Analysis Segment Q2 FY24 Q2 FY23 % Chg YoY Q1 FY24 % Chg QoQ Segment Results before Interest and Tax Conductors 207.0 113.3 82.7% 170.5 21.4% Transformer & Specialty Oils 59.8 51.6 15.8% 72.7 (17.7%) Power and Telecom Cables 90.6 63.8 42.0% 101.9 (11.1%) Others/Unalloca
Slide 18: Q2 FY24: Financials
Q2 FY24: Financials Key Ratios Q2 FY24 Q2 FY23 Q1 FY24 EBITDA Margin 9.5% 6.6% 8.9% Net Margin 4.5% 3.2% 5.3% Total Expenditure/ Total Net Operating Income 91.8% 93.6% 91.6% Raw Material Cost/ Total Net Operating Income 76.5% 76.2% 76.1% Staff Cost/ Total Net Operating Income 1.9% 1.6% 1.8% Other Ex
Slide 19: H1 FY24: Consolidated Profit & Loss Statement
H1 FY24: Consolidated Profit & Loss Statement Particulars H1 FY24 H1 FY23 % Chg YoY Gross sales 7,635.2 6,299.2 21.2% Other Operating Income 63.8 28.9 120.8% Total Operating Income 7,699.0 6,328.1 21.7% Total Expenditure 7,003.1 5,864.8 19.4% Cost of Raw Materials 5,826.8 4,789.1 21.7% Employees Cos
Slide 20: H1 FY24: Consolidated Segment Analysis
H1 FY24: Consolidated Segment Analysis Segment H1 FY24 H1 FY23 % Chg YoY Revenue Conductors 3,717.5 2,987.1 24.5% Transformer & Specialty Oils 2,396.7 2,236.7 7.2% Power & Telecom Cables 1,849.0 1,399.4 32.1% Others/Unallocated 58.2 54.1 7.6% Total Revenue 8,021.3 6,677.2 20.1% Less: Inter - Segment
Slide 21: H1 FY24: Consolidated Segment Analysis
H1 FY24: Consolidated Segment Analysis Segment H1 FY24 H1 FY23 % Chg YoY Segment Results before Interest and Tax Conductors 377.5 190.7 98.0% Transformer & Specialty Oils 132.5 164.2 (19.3%) Power and Telecom Cables 192.6 108.2 78.0% Others/Unallocated 6.4 1.7 276.5% Total 708.9 464.8 52.5% Less : F
Slide 22: H1 FY24: Financials
H1 FY24: Financials Key Ratios H1 FY24 H1 FY23 EBITDA Margin 9.5% 7.6% Net Margin 4.9% 3.6% Total Expenditure/ Total Net Operating Income 91.0% 92.7% Raw Material Cost/ Total Net Operating Income 76.3% 76.0% Staff Cost/ Total Net Operating Income 1.8% 1.6% Other Expenditure/ Total Net Operating Inco
Slide 23: Consolidated Balance Sheet Statement as on Sept 30, 2023
Consolidated Balance Sheet Statement as on Sept 30, 2023 Particulars H1FY24 FY23 Particulars H1FY24 FY23 ASSETS EQUITY AND LIABILITIES Non-current assets Equity Property, Plant and Equipment 939.63 884.42 Equity share capital 38.27 38.27 Right-of-use asset 64.42 64.95 Other equity 2,425.06 2,198.12
Slide 24: Consolidated Cash Flow Statement as on Sept 30, 2023
Consolidated Cash Flow Statement as on Sept 30, 2023 Particulars H1FY24 H1FY23 Cash flow from operating activities Profit before tax 500.46 296.55 Adjustments for - Depreciation / amortisation 55.40 50.98 - (Gain)/loss on sale of property, plant and equipment 0.05 (0.05) - Interest costs 130.34 99.1
Slide 25: Shareholding Pattern
SHAREHOLDING PATTERN
Slide 26: Market performance and shareholding structure
Market performance and shareholding structure APAR has been consistently outperforming market 500 327% 400 300 200 55% 100 16% 0 Apar Capital Goods Sensex Chart has been rebased to 100 As on September 30, 2023 Outstanding shares – 3,82,68,619 12.0% Major Non-Promoter Shareholders Shareholding (%) 1.
Slide 27: Thank You
For Institutional enquiries Mr. Ramesh Iyer CFO & Investor Relations Mr. Ambesh Tiwari / Mr. Mohit Joshi Contact No : +91 22 67800400 Contact No : +91 84248 93404 / +91 99302 06777 E-mail – ramesh.iyer@apar.com E-mail – ambesh@s-ancial.com/ mohit@s-ancial.com #215, Shiv Shakti Industrial Estate, 2Nd