Dynamic Levels Apar Industries - Business Standardbsmedia.business-standard.com/_media/bs/data/market-reports/equi… · Plastic Elastomers, Printing Inks, Hot Melt Adhesives, Metal

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Report By: Surbhi Bagaria – [email protected]

Page 2 Source: Company, www.dynamiclevels.com

Apar Industries Ltd- Growing Potential of Power sector

Apar Industries Ltd 3

Business Lines 4

Company Financials 6

Segment Wise Revenue 11

Peer Comparison 12

Shareholding Pattern 13

Industry Outlook 14

Uday- Govt’s Inititative 16

Apar Valuation & Investment Rationale 17


Apar Industries Ltd.

Apar operates in the diverse fields of electrical, metallurgical and chemical engineering. Over the years, it has evolved into a diversified USD 850 million conglomerate offering value added products and services in the areas of power transmission conductors and petroleum specialty products. Entered automotive lubricant manufacture under a license agreement with eni S.p.A, Italy, in 2007, to produce and market high-end automotive and industrial lubricants under the Agip brand in India; eni is the world’s eighth-largest automotive lubricants manufacturer with a diverse product range catering to passenger and commercial vehicles.

Dynamic Levels is positive on the prospects on Apar Ind as:

Leading manufacturer of electrical & telecommunication cables in India

Wide range of industrial lubricants for diverse applications

The name that leads worlds tracks

Solution provider to polymer industry

Diversified global presence in over 100 countries

Fourth largest transformer oil manufacturer in the world

Third largest aluminum & alloy conductor manufacturer in the world.

CMP Rs 550 Target: 630 FY16P/E: 13.29

COMPANY PROFILE OF APAR IND

Date of Incorporation

28-Sep-1989

Date of Listing 10-May-1995

Management

Name Designation

N K Thingalaya Director F B Virani Director

Suyash Saraogi Director

Nina Kapasi Director

C N Desai MD

Kushal N Desai MD &CEO

N D Desai Non Executive Chairman

Rajesh Sehgal Non ED

Registered Office Address

301, Panorama Complex,R. C. Dutt Road,390007,Vadodra,Gujarat,India

Website

http://www.apar.com

BROAD INDUSTRY

Electric Equipment ADM 20.05 MARKET CAP (RS. CR.)

2086.14

FV/BV 10/223.20 Avg Vol 34458 Life time HIGH/LOW (RS.)

634/1.95

GROUP Apar Group NSE CODE APARINDS 52 WEEK HIGH/LOW (RS.)

634/350

LTP (RS.) 540 INST.INVESTORS (%)

20.07 PROMOTERS (%)

58.21


Business Lines:

Speciality Oils & Lubricants Apar’s Specialty Oil business has a wide range of products which falls under four major categories: Transformer oils, White Oils & Liquid Paraffins, Industrial/ Automotive Oils and Process Oils which include Speciality Oils for Rubber & Tyre, EPM & EPDM Polymers, Thermo Plastic Elastomers, Printing Inks, Hot Melt Adhesives, Metal Working Fluids and Low PCA oils applications marketed under the ‘POWEROIL’ brand name. Apar is the pioneer in manufacturing Transformer oils in India. The POWEROIL brand of transformer oil was launched in 1968 under Technical collaboration with Sunoil Company, USA, the then global leader in Naphthenic based products. Since then POWEROIL has become synonymous with Transformer Oil. Apar has market leadership in all its product categories and particularly so in transformer oils. Today Apar is like 4th largest manufacturer and marketer of Transformer Oils globally.

ALUMINIUM & ALLOY CONDUCTORS: Being the largest exporter of aluminium conductors from India, Apar has earned superior brand recognition and approval status among customers and utilities in India and other developing economies. It is recognized as a registered export house by the Indian Ministry of Commerce and the winner of Star & Best Performer Award for last three consecutive years from EEPC INDIA. The Company has presence in more than 100 countries including US, European countries, African countries, CIS Countries etc. Apar enjoys the reputation of being a reliable long-term supplier in a market marked by fluctuating raw material availability and cost spikes. It supplies to all the top turnkey operators in the world and also to all the leading utilities in Asia and Africa.

ELECTRICAL & TELECOM CABLES Apar’s Uniflex Cables Division is a leading manufacturer of Electrical & Telecommunication cables in India and has been serving its customers since the year 1981 with its wide range of cables. The cable division has two plants located at Umbergaon and at Khatalwada, both in Gujarat State of India, approximately 150 kms from Mumbai and is well equipped with advanced manufacturing and testing facilities. The Company has set up an Electron Beam Irradiation facility at Khatalwada with two Electron Beam accelerators of 1.50 MeV and 3.0 MeV with suitable under-beam handling systems for a wide range of cables and other products like Heat Shrink Tubes and components, PE Pipes, Sterlization of Medical products, Gems and Diamonds, Laminated tubes, HDPE pipes up to 200mm, Reprocessing of PTFE, Packaging and Foam PE sheets etc.


AUTOMOTIVE LUBRICANTS

APAR AUTOMOTIVE DIVISION has been created for marketing of the world-renowned eni brand of lubricants. "eni" is the brand of eni S.p.A. of Italy, an Italian industrial giant with a group turnover that exceeds € 100 billion. With interests that span across the gamut of petroleum activities, from exploration, production, refining and marketing,the Group is the biggest industrial group in Italy and amongst the largest in the world. Manufacturing & Marketing of automotive, industrial, marine and aviation lubricants is one of the foremost activity of the Refining & Marketing division of eni. With presence in over 70 countries, the Group offers 400 plus variants of lubricants to its end consumers. In order to provide the best solutions to the complex needs of modern engines, the Group works closely with major automotive manufacturers across the world. eni brand is recognized internationally for its high focus on technology drawn from its long experience and the investment of millions of dollars for the development of high quality lubricants.

POLYMERS Aparprene Thermoplastic Elastomer (TPE) materials combine the

functional performance and properties of Thermoset rubbers with

the process ability of thermoplastics. TPEs permit fabrication of

“rubber-like” articles with the speed, efficiency, and economy of

injection molding, extrusion, blow molding to create durable, long-

lasting parts

Aparprene Provides Good sealing flexibility performance. Cost effective. Excellent aging resistance. Weight reduction. Available in natural as well as black colour. Various hardness range from shore A 40 to Shore D 50. Excellent chemical resistance. Injection/Blow/Extrusion Mouldable

Benefits of Aparprene versus Thermoset Rubber Lower part costs — thinner wall sections plus lower density Simplified processing — no mixing or vulcanization steps, Less Cycle

time Recyclable scrap and parts Colorable


Company Financials:

Quarterly Result June’16 March’16 % Growth

Total Income From

Operations 1081.89 1325.04

P/L Before Other Inc.,

Int., Excpt. Items & Tax 100.45 80.78 24.35

Net Profit/Loss For the

Period 45.62 36.88

Equity Share Capital 38.50 38.50 23.69

EPS 11.85 9.58 23.69

PAT Margin (%) 4.21 2.78 51.43

Annual Result FY 2016 FY 2015 % Growth

Total Income From

Operations 5009.95 5010.97

P/L Before Other

Inc., Int., Excpt.

Items & Tax

317.95 210.20 47.41%

Net Profit/Loss For

the Period 156.98 47.86 228.80%

Equity Share Capital 38.50 38.50 0.00%

PBITOE Margin (%) 6.34 4.19 48.49%

PAT Margin (%) 3.13 0.95 234.38%


Balance Sheet (In Mn) FY 2016 FY 2015 FY 2014

Equity Share Capital 38.5 38.5 38.47

Total Share Capital 38.5 38.5 38.47

Reserves and Surplus 820.77 691.31 657.75

Total Reserves and Surplus 820.77 691.31 657.75

Total Shareholders Funds 859.27 729.81 696.22

Minority Interest 1.71 1.21 1.82

NON-CURRENT LIABILITIES

Long Term Borrowings 83.7 94.79 70.13

Deferred Tax Liabilities [Net] 31.27 27.44 22.46

Other Long Term Liabilities 2.28 2.19 6.65

Long Term Provisions 3.54 4.01 3.07

Total Non-Current Liabilities 120.79 128.43 102.31

CURRENT LIABILITIES

Short Term Borrowings 263.8 386.67 707.99

Trade Payables 1405.51 1573.01 1367.26

Other Current Liabilities 139.1 121.03 98.07

Short Term Provisions 2.38 15.76 24.32

Total Current Liabilities 1810.79 2096.47 2197.64

Total Capital And Liabilities 2792.56 2955.92 2997.99

ASSETS

NON-CURRENT ASSETS

Tangible Assets 385.08 369.48 334.92

Intangible Assets 12.77 3.36 3.11

Capital Work-In-Progress 56.11 10.24 18.08

Fixed Assets 453.96 383.08 356.11

Goodwill On Consolidation 0 21.72 20.65

Long Term Loans And Advances 76.55 44.79 45.32

Total Non-Current Assets 530.51 449.59 422.08

CURRENT ASSETS

Current Investments 109.07 5.26 1.5

Inventories 774.89 944.25 1017.04

Trade Receivables 1088.84 1267 1103.57

Cash And Cash Equivalents 136.96 100.47 230.61

Short Term Loans And Advances 147.17 150.73 174.84

OtherCurrentAssets 5.12 38.62 48.35

Total Current Assets 2262.05 2506.33 2575.91

Total Assets 2792.56 2955.92 2997.99

CONTINGENT LIABILITIES, COMMITMENTS

Contingent Liabilities 174.72 118.11 316.91

BONUS DETAILS

Bonus Equity Share Capital 8.08 8.08 8.08

CURRENT INVESTMENTS

Current Investments Quoted Market Value 109.24 5.59 1.6


Cash Flow ( In Mn) FY 2013 FY 2014 FY 2015

Net Profit/Loss Before Extraordinary Items And Tax 220.65 72.47 128.53

Net CashFlow From Operating Activities 413.51 298.43 -632.03

Net Cash Used In Investing Activities -152.24 -59.3 -11.73

Net Cash Used From Financing Activities -224.78 -369.27 -180.56

Net Inc/Dec In Cash And Cash Equivalents 36.49 -130.14 -824.32

Cash And Cash Equivalents Begin of Year 100.47 230.61 1054.93

Cash And Cash Equivalents End Of Year 136.96 100.47 230.61


Ratios FY 2016 FY 2015 FY 2014

Basic EPS (Rs.) 40.78 12.44 17.88

Cash EPS (Rs.) 50.56 20.49 24.87

Book Value (Rs.) 198.56 165.43 157.72

Dividend / Share (Rs.) 6.5 3.5 5.25

Revenue From Operations/Share (Rs.) 1301.29 1301.55 1165.38

PBDIT / Share (Rs.) 93.25 64.83 71.84

PBIT / Share (Rs.) 83.46 56.77 64.86

PBT / Share (Rs.) 55.3 17.72 26.73

Net Profit / Share (Rs.) 40.77 12.43 17.88

PROFITABILITY RATIOS

PBDIT Margin (%) 7.16 4.98 6.16

PBIT Margin (%) 6.41 4.36 5.56

PBT Margin (%) 4.24 1.36 2.29

Net Profit Margin (%) 3.13 0.95 1.53

Return on Net worth / Equity (%) 20.53 7.51 11.33

Return on Capital Employed (%) 18.2 6.25 9.7

Return On Assets (%) 5.92 1.67 2.35

Long Term Debt / Equity (X) 0.07 0.14 0.11

Total Debt / Equity (X) 0.42 0.75 1.28

Asset Turnover Ratio (%) 189.21 175.88 153.27

LIQUIDITY RATIOS

Current Ratio (X) 1.22 1.15 1.13

Quick Ratio (X) 0.79 0.7 0.67

Inventory Turnover Ratio (X) 6.55 5.39 4.44

Dividend Payout Ratio (NP) (%) 15.93 28.14 29.36

Dividend Payout Ratio (CP) (%) 12.85 17.07 21.11

Earning Retention Ratio (%) 84.07 71.86 70.64

Cash Earning Retention Ratio (%) 87.15 82.93 78.89

COVERAGE RATIOS

Interest Coverage Ratio (%) 2.12 1.46 1.71

Interest Coverage Ratio (Post Tax) (%) 1.75 1.32 1.48

VALUATION RATIOS

Enterprise Value (Cr.) 2012.79 1868.59 1107.55

EV / Net Operating Revenue (X) 0.4 0.37 0.24

EV / EBITDA (X) 5.61 7.49 4.01

Market Cap / Net Operating Revenue (X) 0.35 0.28 0.12

Retention Ratios (%) 84.06 71.85 70.63

Price / BV (X) 2.33 2.24 0.91

Price / Net Operating Revenue (X) 0.35 0.28 0.12

Earnings Yield 0.08 0.03 0.12



Segment Wise Revenue

Segment Revenue June-16 Mar-16 Dec-15 Sep-15

Power Cables 172 195 206 134

Transformers 408 415 435 457

Conductors, Cables 499 715 542 654

Others 9 6 7 9

Total 1087 1331 1190 1254

Less: Intra Segment Revenue 5 6 4 3

Net Sales /Income from Operation 1082 1325 1186 1251

Segment Results June-16 Mar-16 Dec-15 Sep-15

Power Cables 9.83 5.41 13.46 4.29

Transformers 55.57 36.97 41.38 54.56

Conductors, Cables 42.07 45.64 25.09 28.77

Less: Other Unallocable expenditure net of Unallocable Income 4.67 7.45 -36.82 6.52

Others 0.84 0.66 0.59 0.19

Total 108.31 88.68 80.52 87.81

Less-Interest 34.23 28.31 36.18 44.64

Add-Interest Expense Total Profit Before Tax 69.41 52.92 81.16 36.65

Capital Employed June-16 Mar-16 Dec-15 Sep-15

Power Cables 275.38 209.48 279.19 277.45

Transformers 278.02 265.88 313.34 319.03

Conductors, Cables 158.68 517.82 506.06 346.36

Others -712.08 140.77 38.61 52.99

Total Capital Employed in Company 2,954.75 1,133.95 1,137.20 995.83


Peer Comparison

COMPANY NAME NPM(%) AVERAGE 3-YEARS

RONW(%) AVERAGE 3-YEARS

Apar Industries 3.21 2.04 18.94 12.86 Emco Ltd. -1.19 -0.95 0 0 Bharat Bijlee -5.57 -2.93 0 0 IMP Powers 0.78 0.76 2.76 2 Accurate Transfo 0.42 0.55 1.54 2.49

Valuation

COMPANY NAME CURRENT

PRICE(RS.) P/E P/BV MCAP/REVENUES

Apar Industries 560.6 13.26 2.51 0.42 Emco Ltd. 30 -16.95 0.43 0.22 Bharat Bijlee 773 -12.83 1.65 0.72 IMP Powers 83.8 27.21 0.73 0.22 RTS Power Corpor 30.1 20.07 0.54 0.14

Financial Comparison

COMPANY NAME REVENUES (RS CR.)

3- YEAR CAGR(%)

PBDIT (RS CR.)

3- YEAR CAGR(%) PAT (RS

CR.) 3- YEAR

CAGR(%)

Apar Industries 5,080.03 2.98 177.5 4.63 162.79 14.13

Emco Ltd. 970.88 4.17 -8.99 0 -11.57 0

Bharat Bijlee 610.89 -5.23 -34.43 0 -34.05 0

IMP Powers 331 5.45 3.72 -27.42 2.6 -27.79

Accurate Transfo 200.08 -3.26 1.16 -47.95 0.85 -47.7

Proportionate Distribution (%)

Particulars Total Apar

Industries Emco Ltd. Bharat Bijlee

IMP

Powers

Accurate

Transfo

Revenue 7,192.88 70.63% 13.50% 8.49% 4.60% 2.78%

PBDIT 138.96 127.73% -6.47% -24.78% 2.68% 0.84%

PAT 120.62 134.96% -9.59% -28.23% 2.15% 0.71%


Shareholding Pattern

Shareholding Pattern Jun-16 Mar-16 Dec-15 Sep-15 Jun-15

Promoter and Promoter Group (%) 58.21 58.21 58.21 62.46 62.46

Indian 58.21 58.21 57.22 62.46 62.46

Foreign NIL NIL 0.98 NIL NIL

Institutions (%) 20.07 19.72 19.64 15.29 15.47

FII 9.24 8.42 NIL 6.46 6.31

DII 10.83 11.30 19.64 8.83 9.16

Non Institutions (%) 21.72 22.08 22.15 21.91 22.07

Bodies Corporate NIL NIL NIL 14.88 14.51

Others 21.72 22.08 22.15 7.03 7.56

Custodians NIL NIL NIL NIL NIL

Total no. of shares (cr.) 3.85 3.85 3.85 3.85 3.85

Institutions have increasing their stake in FY16 every quarter

Mutual Funds Holding

Scheme Name Value (Rs.

Cr)

Holding %

JUN 16 MAY 16 APR 16

Reliance Diversified Power 72.28 4.50 4.24 4.16

Birla Sun Life Dividend Yield 2.06 0.20 0.18 1.33

HDFC Monthly Income Plan 1.07 0.38 0.35 0.34

Goldman Sachs India Equity Fund 0.27 0.58 0.52 0.51

BOI AXA Manufacturing & Infra 0.21 2.23

Sahara Power and Natural Reso 0.09 4.16 3.91 3.89

Goldman Sachs CNX 500 Fund 0.01 0.02 0.02


Industry Outlook:

FY16 was a pivotal year for the Indian power sector, which saw the government setting the stage for the next round of initiatives to move the sector forward. With strong focus on 24x7 power for all, revival of Discoms through UDAY, amendments to the national tariff policy and strong capital expenditure in Transmission and Distribution (transmission projects worth Rs. 1 lakh Crores were launched in the year), India’s power sector is well poised for take-off. As the benefits of these measures gradually percolate down, Apar, with 70% of its revenue coming from the power sector, and a leading presence in India’s Transmission & Distribution (T&D) sector stands to strongly benefit. Apar is the fourth-largest transformer oil manufacturer in the world and among the world’s top five largest conductor manufacturers. The company is a leading player in cables, largest in cables for Renewable sector. Apart from being a market leader in India, the Company has a formidable global presence, exporting to over 100 countries. The company has built a strong basket of futuristic value added products focussed on increasing efficiency in T&D. Already the government has announced its emphasis on building high-quality T&D infrastructure with a shift in favour of efficient transmission structures. Apar’s in-house R&D initiatives and strategic tie-ups with global firms, such as CTC Global, USA, and ENI S.p.A, Italy, have resulted in a portfolio of new technology products like extra-high voltage transformer oils, high temperature conductors, Elastomeric, E-Beam and optical fibre cables (OFC). During the year, the Company bagged Four awards: Indian Wind Energy Forum Excellence Award for Outstanding Achievements and Leadership in the Wind industry; Indian Rooftop Solar Summit (IRSS) 2016 Award for Outstanding Contribution in the Development of the Rooftop Solar Industry; the First Few Intelligence Business Award as the Solar Cable Company of the Year and for development of New Conductor viz High Temperature Low Sag by Power Grid Corporation India Ltd. The awards are in recognition to the Company’s extensive R&D efforts. Their leadership across businesses, higher-value-added product offerings, strong global presence, technical capabilities and continued focus on R&D, coupled with industry opportunities like turnaround of discoms, expected shift towards high-efficiency T&D network and increased investment in the renewables sector & railways will lead to Apar’s profitable growth, going forward.


Global scenario

The global power sector is expected to attract investments worth $19.7 trillion from 2015 to 2040. In line with the 2°C climate change goal, concerted efforts are being made to reduce the environmental consequences of power generation. Renewable energy investment witnessed a new world record in 2015 with investment of $286 billion flowing into green energy projects and is expected to account for half of the additional global power generation overtaking coal around 2030 to become the largest power source. Increasing global energy production over the past decade has led to the rising need for expanding T&D networks globally. It has been estimated that new T&D infrastructure would require a cumulative investment of $1.9 trillion by 2024 to meet the growing energy demands. This includes substations, power lines, and associated equipment and new technology. The power transformer market is projected to reach $29.9 billion by 2020, from $20.7 billion in 2015, at a CAGR of 7.6%. The global low voltage cable & accessories market is projected to grow to $147.3 billion at a CAGR of 7.0% from 2015 to 2020. The year gone by saw commodity driven economies like Australia, South Africa, other parts of Africa and the Middle East facing a cash crunch due to fall in commodity prices. These economies have huge need for T&D Investment; however the cash crunch has led to a curtailment or delay of investment spending. However, keeping these factors in mind, Apar has been strategically focusing on the domestic market in the short to medium term. India’s path to power India’s power sector is expected to receive investments of about $250 billion over the next 5 years to catch up and keep pace with electricity demand, which is increasing at 5% per annum. With renewable energy being a thrust area, the government has set an ambitious plan to add 175 GW of renewable energy generation capacity with addition of 100GW under Solar and 60 GW under wind energy by 2022 at total investment of $120 billion. Transmission segment is expected to see investment of $50 billion.


UDAY - Government’s flagship initiative to fix the Weakest link in the Indian Power Sector: The Ujwal Discom Assurance Yojna or UDAY aspires to financially turn around distribution companies by: a) Reducing the interest cost of discoms, b) Improving the operational efficiencies of discoms, c) Lowering the cost of power, and d) Enforcing financial discipline on discoms through state finances. Under UDAY, states will take over 75% of the outstanding debt of discoms as on 30th September, 2015, over the next two years, and will issue non-SLR, including state development bonds to the respective financial institutions (FIs) holding the discom debt. The expected rate of interest on these bonds will be 8-9% versus 13-15% on existing debt, savings of Rs. 15,000 Crores per year for the discoms. The future losses of the discoms will be taken over and funded by the states progressively from 5% in FY18 to 50% by FY21. Conductors: The market for Electrical Conductors is expected to grow at 13.5% till 2018. During FY17, 7,500 MW of inter-regional transmission capacity, along with about 19,436 circuit km (ckm) of transmission lines and 3,934 MW HVDC terminal capacity are expected to be added, so as to reach the targets specified in the 12th Plan. It is estimated that during the 13th Plan period, about 62,800 circuit kilometres (ckm) of transmission lines of 400 kV and above voltage level transmission systems would be required. Transformers: Transformer orders of around Rs. 13,070 Crores are expected to materialize in FY17. To achieve the targets specified in the 12th Plan, a total of 25,852 MVA of AC transformation capacity and 7,500 MW of HVDC systems are estimated to be added in FY17. During the 13th Plan period, ~1,28,000 MVA of transformation capacity of the 400 kV and above voltage level & 15,000 MW of HVDC terminal capacity is planned to be added. Cables: The market has been growing steadily and is expected to touch Rs. 57,200 Crores by 2018. The wire and cables market in India comprises nearly 40% of the electrical industry. The industry is growing at a CAGR of 15% as a result of growth in the power and infrastructure segments. Rollout of 3G and broadband on a pan-India basis and revival of distribution companies will be important drivers of growth. Auto Lubes: FY16 ended on a positive note for the automobile industry, with all the segments – cars, two-wheelers, CVs and tractors – posting good growth in the month of March. The Society of Indian Automobile Manufacturers (SIAM) has forecast a positive outlook for overall sales across vehicle categories for 2016-17 motorcycle sales are forecast to grow between 0-3% compared to decline in FY16, Passenger vehicle sales are projected to grow between 6-8%. Industry experts expect low fuel prices, benign interest rates and benefits from the 7th Pay Commission to drive four-wheeler volumes.


Apar Valuations & Investment Rationale:

UDAY - Government’s flagship initiative will be a game changer for Power sector Companies.

Apar, with 70% of its revenue coming from the power sector, and a leading presence in India’s Transmission &

Distribution (T&D) sector stands to strongly benefit.

India’s path to power India’s power sector is expected to receive investments of about $250 billion over the

next 5 years to catch up and keep pace with electricity demand, which is increasing at 5% per annum.

With renewable energy being a thrust area, the government has set an ambitious plan to add 175 GW of

renewable energy generation capacity with addition of 100GW under Solar and 60 GW under wind energy by

2022 at total investment of $120 billion. Transmission segment is expected to see investment of $50 billion.

The power transformer market is projected to reach $29.9 billion by 2020, from $20.7 billion in 2015, at a CAGR

of 7.6%. The global low voltage cable & accessories market is projected to grow to $147.3 billion at a CAGR of

7.0% from 2015 to 2020. Passenger vehicle sales are projected to grow between 6-8%. Industry experts expect low fuel prices, benign

interest rates and benefits from the 7th Pay Commission to drive four-wheeler volumes.

The market has been growing steadily and is expected to touch Rs. 57,200 Crores by 2018. The wire and cables

market in India comprises nearly 40% of the electrical industry. The industry is growing at a CAGR of 15% as a

result of growth in the power and infrastructure segments.

Transformer orders of around Rs. 13,070 Crores are expected to materialize in FY17. The market for Electrical Conductors is expected to grow at 13.5% till 2018. Apar has entered into strategic technology alliance with several international players. Presence across about

80 countries in the Middle East, ASEAN, the Americas, Africa, Europe and Australia.

The consolidated EPS stood at 11.8 as compared to 9.5 QoQ which is a growth of 24.2% and growth of 64.8% YoY.

Accounts for about 50% of the Indian transformer oils market and about 22% of its aluminium conductor

market. Largest aluminium conductor exporter from India.

Apar’s Uniflex- Cables division is a leading manufacturer of Electrical & Telecommunication cables in India, has been serving its customers since the year 1981 with its wide range of cables. The plants located at Umbergaon and Khatalwada, in Gujarat State, India, are well equipped with advance manufacturing & testing facilities.

We initiate coverage on Apar Industries Ltd as a BUY @550 with a target of Rs 630 representing a

potential upside of 15% from the buy price. Apar is trading at a PE of 13.29

https://www.dynamiclevels.com/en/apar-industries-share-price


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DYANMIC/its Associates/ Research Analyst/ his Relative have served as an officer, director or employee of the subject company? No

DYANMIC/its Associates/ Research Analyst/ his Relative have been engaged in market making activity for the subject company? No

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