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Export slowdown due to de-inventorization in US and Europe
View Risks →Apar Industries Limited — Q1 FY24
APAR Industries reported a strong Q1 FY24 with consolidated revenue of INR 3,773 crore (+22% YoY), EBITDA of INR 369 crore (+54% YoY) at a margin of 9.8%, and PAT of INR 197 crore (+61% YoY).
bullish
high
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APAR Industries reported a strong Q1 FY24 with consolidated revenue of INR 3,773 crore (+22% YoY), EBITDA of INR 369 crore (+54% YoY) at a margin of 9.8%, and PAT of INR 197 crore (+61% YoY). Growth was volume-led across all three divisions, with exports contributing 53% of revenue (up from 42% YoY). The conductor division saw 27% volume growth, cables grew 52%, and the oil division posted 13% volume growth. Management highlighted a near-term slowdown in export markets due to de-inventorization in the US and Europe, but the domestic market remains robust with strong government-led infrastructure spending. Guidance for conductor EBITDA per ton remains at INR 25,000+ with tailwinds tapering over the next two quarters. A key risk is the potential for prolonged export weakness if interest rates remain high, delaying large US projects.
एपीएआर इंडस्ट्रीज ने पहली तिमाही में अच्छा प्रदर्शन किया। कंपनी की कुल कमाई 3,773 करोड़ रुपये रही, जो पिछले साल से 22% ज्यादा है। कंपनी ने 369 करोड़ रुपये का परिचालन लाभ कमाया, जो 54% बढ़ा। मुनाफा 197 करोड़ रुपये रहा, जो 61% ज्यादा है। तीनों डिवीजनों में बिक्री बढ़ी। निर्यात से 53% कमाई हुई। कंडक्टर डिवीजन की बिक्री 27%, केबल की 52% और तेल डिवीजन की 13% बढ़ी। अमेरिका और यूरोप में मांग कम होने से निर्यात धीमा हो सकता है, लेकिन भारत में सरकार के खर्च से मांग मजबूत है। कंपनी को उम्मीद है कि कंडक्टर पर मुनाफा 25,000 रुपये प्रति टन से ज्यादा रहेगा। अगर ब्याज दरें ऊंची रहीं तो निर्यात कमजोर रह सकता है।
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Read Transcript →Quarter Snapshot
Conductor EBITDA per ton
INR 38,740
+55% YoY
EBITDA per metric ton for conductors, post forex adjustments, was INR 38,740 in Q1 FY24.
Conductor order book
INR 5,356 crore
N/A
Order book remains robust at INR 5,356 crore, covering ~6-7 months of execution.
Cable EBITDA margin
11.4%
+380bps YoY
Cable division EBITDA margin improved to 11.4% from 7.6% in Q1 FY23.
Oil EBITDA per kl
INR 6,035
-15% YoY
Oil division EBITDA per kiloliter was INR 6,035, lower YoY due to a high base but in line with guidance.
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Guidance and risk preview
Management maintained guidance of ~10% volume growth in conductors for the full year, despite near-term export headwinds.
Management voluntarily highlighted that customers in the US and Europe are reducing inventory levels, leading to a temporary slowdown in export ord...
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