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Apar’s FY-23 Revenue Soars 54.05% YoY to Over 14,000 Cr.

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Apar Industries Limited [NSE: APARINDS, BOM: 532259], an Indian manufacturer of conductors, specialty oils, and cables, has announced its financials for the quarter and year ended 31st March 2023.

Apar Industries’ Standalone Financial Figures FY23

Apar’s standalone revenue from operation for the quarter ended 31st March 2023 stood at Rs. 3,809.34 crore. The company’s Profit After Tax (PAT) for the Q4 FY23 was reported as Rs. 234.82 crore.

For the year ended 31st March 2023, Apar clocked Rs. 13,167.34 crore as its standalone revenue from operations and Rs. 602.66 crore as its PAT.

Earnings Per Share (EPS) of the company was Rs. 61.36 on a standalone basis for Q4 of FY-23, and Rs. 157.48 for the entire 2022-23 financial year.

Apar’s Consolidated Financial Results

YoY Comparison of Apar’s Financials: Q4 FY-22 vs. Q4 FY-23 & FY-22 vs. FY-23

Comparison of Apar’s Financials: Q4 FY22 vs Q4 FY23 vs Q3 FY23 & FY22 vs FY23

Comparing Apar’s Q4 consolidated financials on a Year-over-Year (YoY) basis, a healthy increase of 35.72% in top line is evident. The company clocked Rs. 4,088.58 crore as its revenue from operations during Q4 of FY-23 against Rs. 3,012.45 crore earned during the corresponding quarter in FY-22.

For Q4 of FY-23, Apar’s PAT was Rs. 242.73 crore, which 2.94 times the company’s Q4 PAT in FY-22, which was Rs. 82.61 crore.

Further, the company stated Rs. 63.43 as its EPS during the closing quarter of FY-23 as against Rs. 21.59 for Q4 of FY-22. This reflects an increase of 193.79%, meaning that Apar’s Q4 EPS in FY-23 was 2.94 times of what it was in FY-22.

Comparison of Apar’s EPS: Q4 FY22 vs Q4 FY23 vs Q3 FY23 & FY22 vs FY23

Considering the entire financial year, Apar’s FY23 revenue from operations stood at Rs. 14,352.15 crore, which is remarkably higher by 54.05% as compared to its FY-22 revenue of Rs. 9,316.57 crore.

PAT of the company also grew by a staggering 148.40% YoY from FY-22 to FY-23. For the recently concluded FY-23, Apar’s PAT was Rs. 637.72 crore, which is 2.48 times its FY-22 PAT of Rs. 256.73 crore.

Comparing the company’s EPS for the entire year on a YoY basis, we see an impressive increase of 148.38% to Rs. 166.64 in FY-23 from Rs. 67.09 in FY-22.

QoQ Comparison of Apar’s Financial Numbers: Q3 FY-23 vs. Q4 FY-23

Quarter-over-Quarter (QoQ) analysis of Apar’s financials shows that the company’s revenue remained almost the same from Q3 to Q4 of FY-23, increasing slightly by 3.80% from Rs. 3,938.92 crore.

However, there was a significant QoQ increase of 42.87% in the company’s PAT from Rs. 169.90 crore reported for the quarter ended 31st December 2022.

Apar Industries’ FY23 Segment-Wise Revenue

Comparison of Apar’s Financials: Q4 FY22 vs Q4 FY23 vs Q3 FY23 & FY22 vs FY23

Conductors: This segment accounts for the greatest share in Apar’s total revenue. During Q4 of FY-23 and for the entire FY-23, this segment brought in 51.88% and 48.86% of Apar’s total revenue respectively.

For the quarter ended 31st March 2023, Apar’s revenue from conductors stood at Rs. 2,121.31 crore, as against Rs. 1,503.36 crore in Q4 of FY-22. This reflects an YoY increase of 41.10%.

Further, a QoQ increase of 11.17% is evident from Apar’s Q3 conductors revenue of Rs. 1,908.09 crore.

For the entire financial year, Apar’s conductor segment revenue rocketed by 66.96% to Rs. 7,013.05 crore in FY-23 from Rs. 4,200.43 crore in FY-22.

Transformer and Speciality Oils: This segment contributed Rs. 1,179.39 crore to Apar’s top line in Q4 of FY-22, and Rs. 4,656.69 crore during the entire 2022-23 fiscal.

Analysing the revenue from this segment on a YoY basis, a 28.09% jump in the Q4 revenue and a 31.39% increase in the annual revenue is evident. For the quarter ended 31st March 2022, Apar’s transformer and specialty oils revenue was Rs. 920.77 crore, while for FY-22 the company’s revenue from this segment stood at Rs. 3,544.19 crore.

However, on a QoQ basis, there was a slight decline of 4.98% in revenue from this segment from Rs. 1,241.23 crore clocked during Q3 of the recently concluded fiscal.

Power / Telecom Cable: Apar Industries clocked Rs. 942.97 crore from its cable segment in Q4 of FY-23. This reflects a YoY increase of 38.13% from the company’s Rs. 682.65 crore revenue from this segment earned during Q4 of FY-22.

Comparing it to the companys’ Rs. 921.09 crore cable revenue for Q3 of FY-23, a slight increase of 2.38% QoQ is evident.

For the entire financial year, Apar’s power/telecom cable business brought in Rs. 3,263.45 crore to the company’s revenue in FY-23, as against Rs. 1,993.74 crore during FY-22. Therefore, annual segmental revenue from Apar’s cable business has risen by 63.68% from FY-22 to FY-23.

Company’s Insights on its Financial Performance

As per Apar’s earnings presentation for Q4 FY-23, the company’s YoY growth in Q4 was mainly volume-led. Further, Apar stated that during the last quarter of FY-23, exports brought in 52.7% of the company’s revenue. Cable export revenue in Q4 of FY-23 increased by 164% YoY, and conductor business of the company recorded an 81% increase in Q4 export revenue from FY-22 to FY-23.

Considering the entire year, the share of exports in the company’s revenue mix was 48.7% in FY-23 against 38.1% in FY-22.

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.