Apar Industries delivered a strong Q2 FY24 with consolidated revenue of INR 3,926 crore (+21% YoY), EBITDA of INR 374 crore (+58% YoY), and PAT of INR 174 crore (+69% YoY).
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Distributors in the US and Europe are reducing inventory levels, leading to slower order inflows for cables and conductors. This could persist for several months, impacting near-term export revenue.
medium · management_commentaryA major base oil supplier faced refinery issues, forcing Apar to buy from the spot market at higher prices, compressing oil division margins. While normalized in September, residual impact may spill into Q3.
medium · management_commentaryInterest costs rose sequentially due to higher discounting, increased volumes, and rising interest rates. Management expects stabilization but higher rates could persist.
low · analyst_questionAnalyst raised concerns about Chinese competitors gaining share in US transformer markets. Management deflected, citing high duties on Chinese products, but did not provide detailed competitive analysis.
low · analyst_question