Apar Industries Limited [NSE: APARINDS, BOM: 532259], a major Indian player in the conductors, cables, and speciality oils manufacturing space, has announced its financial results for Q1 of FY-24.
Apar’s Share Price Gains 3.5% After Announcement of Results, Volume of Shares Traded Increases
Apar’s share price jumped by 3.53% the day after the company’s Q1 FY-24 results were announced.
Further, volume of shares of the company traded after announcement of its Q1 FY-24 results soared remarkably. On the day of announcement of results, there were 441,000 share trades as compared to 38,000 share trades a day earlier.
Apar Industries has been performing steadily, and its revenue has grown at a Compound Annual Growth Rate (CAGR) of 19.3% from FY-18 to FY-23.
Apar Industries’ Standalone Q1 FY-24 Financials
Apar reported Rs. 3,505.65 crore as its standalone income from operations for Q1 of FY-24, and a corresponding PAT of Rs. 193.38 crore for the same period.
Earnings Per Share (EPS) of the company stood at Rs. 50.53 for the quarter ended 30th June 2023.
Apar’s Consolidated Q1 FY-24 Financial Results
YoY Comparison of Apar’s Financial Figures: Q1 FY-24 vs. Q1 FY-23
Apar’s consolidated revenue from operations rose by 21.98% to Rs. 3,773.01 crore in Q1 of FY-24 from Rs. 3,093.23 crore clocked during Q1 of FY-23.
Correspondingly, the company’s Q1 PAT soared remarkably by 61.22% to Rs. 197.43 crore in FY-24 from Rs. 122.46 crore in FY-23.
Further, Apar’s consolidated EPS for Q1 of FY-24 was Rs. 51.59 against Rs. 32 during Q1 of FY-23.
QoQ Comparison of Apar Industries’ Financials: Q1 FY-24 vs. Q4 FY-23
On a Quarter-over-Quarter (QoQ) basis, Apar’s revenue from operations slid by 7.72% from Rs. 4,088.58 crore logged during Q4 of FY-23. PAT of the company also fell by 18.66% from Rs. 242.73 crore reported for Q4 of FY-23.
Apar’s Segment-wise Revenue Comparison
Revenue in Cr.
Conductors: This segment usually contributes the most to Apar’s gross revenue (revenue before the deduction of inter-segmental revenue). In Q1 FY-24, conductors brought in Rs. 1,774.23 crore, i.e., 44.71% of the company’s consolidated gross revenue. YoY, there was an increase of 14.60% in Apar’s conductor’s segment revenue from Rs. 1,548.22 crore clocked during Q1 of FY-23.
Transformer and Specialty Oils: Apar’s transformer and specialty oil business brought in Rs. 1,198.04 crore of its gross revenue in Q1 of FY-24, which reflects a jump of 12.62% on a YoY basis. The company had reported a top line of Rs. 1,063.79 crore from this business vertical for Q1 of FY-23.
Power / Telecom Cables: Apar’s Q1 revenue from its power/telecom cables business recorded a remarkable YoY growth of 51.58% to Rs. 966.75 crore in FY-24 from Rs. 637.80 crore in FY-23.
Exports Contribute 53% to the Company’s Q1 FY-24 Revenue, Increase Across Business Segments
Apar’s July 2023 corporate presentation states that exports contributed 53% to the company’s total Q1 FY-24 revenue. In comparison, during Q1 of 2022-23, exports brought in 42.2% of the company’s total revenue.
Further, the company stated that Q1 exports across all of its business segments increased substantially YoY. The company’s Q1 conductors exports in FY-24 increased to 1.6 times that in FY-23. In the cables segment, Q1 FY-24 exports doubled as compared to those during Q1 FY-23, while Apar’s specialty oils & lubricants vertical registered a Year-over-Year (YoY) 26% increase in Q1 exports during FY-24.
About Apar Industries Ltd.: Apar Industries Ltd. was founded in 1958, and has its presence in over 125 countries as a supplier of conductors, transmission cables, specialty oils, polymers, and lubricants. The company had reported a consolidated top line of Rs. 14,272.63 crore for the year ended 31st March 2023.