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Consolidated Standalone

Apollo Tyres

₹480.8 2.5 | 0.5%

Market Cap ₹30536 Cr.

Stock P/E 17.0

P/B 2.3

Current Price ₹480.8

Book Value ₹ 212.2

Face Value 1

52W High ₹559.9

Dividend Yield 0.94%

52W Low ₹ 359

Edit Ratio

Apollo Tyres Research see more...

Overview Inc. Year: 1972Industry: Tyres & Allied

Apollo Tyres Limited is engaged in manufacturing and sale of automotive tires. The Company's segments are in India, Europe and Others. The Indian section includes manufacturing and sales operations via India. The European section includes production and income operations via the plant on the Netherlands in conjunction with its subsidiaries. The Others segment consists of the subsidiary in the United Arab Emirates, South Africa, Thailand and different operating subsidiaries. The Company manufactures tires, tubes and flaps. The Company markets its products below manufacturers: Apollo and Vredestein.

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Apollo Tyres Share Price

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Peer Comparison

Apollo Tyres Quarterly Results

#(Fig in Cr.) Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
Net Sales 5077 5707 5578 5942 5956 6423 6247 6245 6280 6595
Other Income 29 17 37 11 7 7 17 36 25 18
Total Income 5106 5724 5615 5953 5963 6429 6264 6280 6305 6614
Total Expenditure 4439 4965 4952 5252 5244 5509 5249 5193 5120 5387
Operating Profit 667 760 664 700 719 920 1015 1087 1185 1226
Interest 104 108 128 118 132 142 139 135 133 123
Depreciation 340 344 375 344 349 354 372 362 360 368
Exceptional Income / Expenses -4 -1 0 0 0 0 23 -13 -12 -15
Profit Before Tax 219 307 160 238 238 424 526 576 680 721
Provision for Tax 45 83 47 61 59 145 99 179 206 224
Profit After Tax 174 223 114 177 179 279 427 397 474 497
Adjustments 0 0 -0 0 0 0 0 0 0 0
Profit After Adjustments 174 224 113 177 179 279 427 397 474 497
Adjusted Earnings Per Share 2.7 3.5 1.8 2.8 2.8 4.4 6.7 6.2 7.5 7.8

Apollo Tyres Profit & Loss

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 12799 13412 12815 11849 13180 14843 17549 16350 17397 20948 24568 25367
Other Income 119 122 54 68 152 114 123 24 129 123 41 96
Total Income 12918 13534 12869 11917 13332 14957 17672 16374 17526 21071 24609 25463
Total Expenditure 11357 11551 10879 9846 11317 13175 15573 14392 14579 18353 21235 20949
Operating Profit 1561 1983 1990 2071 2015 1782 2099 1982 2947 2718 3374 4513
Interest 323 293 189 101 118 177 199 300 463 465 551 530
Depreciation 397 411 388 427 462 593 813 1138 1315 1400 1419 1462
Exceptional Income / Expenses 17 -47 -82 48 0 0 -200 0 -608 -6 23 -17
Profit Before Tax 859 1232 1331 1591 1436 1012 888 543 561 848 1427 2503
Provision for Tax 245 227 353 468 337 288 208 67 211 209 323 708
Profit After Tax 614 1005 978 1123 1099 724 680 476 350 639 1105 1795
Adjustments -1 0 0 0 -0 0 0 -0 0 0 0 0
Profit After Adjustments 613 1005 978 1123 1099 724 680 476 350 639 1105 1795
Adjusted Earnings Per Share 12.2 19.9 19.2 22.1 21.6 12.7 11.9 8.3 5.5 10.1 17.4 28.2

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 17% 15% 11% 7%
Operating Profit CAGR 24% 19% 14% 8%
PAT CAGR 73% 32% 9% 6%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 30% 30% 20% 11%
ROE Average 9% 6% 6% 13%
ROCE Average 11% 8% 7% 14%

Apollo Tyres Balance Sheet

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 3401 4575 5042 6605 7290 9777 10040 9930 11443 11752 12878
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 1653 714 334 649 2156 3700 4166 5148 4786 4408 3790
Other Non-Current Liabilities 629 668 624 892 1330 1619 1570 2414 2863 2776 2609
Total Current Liabilities 3597 4030 3676 4848 6019 6720 6327 7945 9140 10449 8010
Total Liabilities 9280 9986 9676 12994 16795 21816 22104 25437 28232 29386 27287
Fixed Assets 4313 4593 4382 5214 6692 10403 11754 15448 16420 17591 17653
Other Non-Current Assets 555 269 446 1778 3523 2756 2508 2276 1736 1139 776
Total Current Assets 4412 5124 4849 6002 6580 8657 7841 7713 10076 10656 8859
Total Assets 9280 9986 9676 12994 16795 21816 22104 25437 28232 29386 27287

Apollo Tyres Cash Flow

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 153 324 644 586 228 19 481 461 633 971 870
Cash Flow from Operating Activities 1275 1645 1412 2122 902 1720 1071 2517 2447 2154 2134
Cash Flow from Investing Activities -594 -119 -750 -2283 -2952 -3863 -996 -2796 -2344 -1172 -476
Cash Flow from Financing Activities -505 -1208 -684 -255 1895 2321 -62 472 152 -1081 -1692
Net Cash Inflow / Outflow 176 319 -22 -415 -155 178 13 194 255 -100 -34
Closing Cash & Cash Equivalent 324 644 586 228 19 481 462 633 890 870 835

Apollo Tyres Ratios

# Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 12.15 19.94 19.21 22.06 21.59 12.65 11.88 8.33 5.51 10.06 17.39
CEPS(Rs) 20.05 28.09 26.83 30.45 30.67 23.01 26.09 28.22 26.22 32.09 39.74
DPS(Rs) 0.5 0.75 2 2 3 3 3.25 3 3.5 3.25 4.5
Book NAV/Share(Rs) 67.2 90.49 99 129.69 143.15 170.85 175.45 173.53 180.13 184.99 202.72
Core EBITDA Margin(%) 10.49 12.93 14.02 15.58 13.15 11.05 11.26 11.98 16.2 12.39 13.57
EBIT Margin(%) 8.59 10.6 11 13.16 10.96 7.88 6.19 5.16 5.89 6.27 8.05
Pre Tax Margin(%) 6.25 8.56 9.63 12.38 10.13 6.71 5.06 3.32 3.23 4.05 5.81
PAT Margin (%) 4.47 6.98 7.08 8.74 7.76 4.79 3.87 2.91 2.01 3.05 4.5
Cash Profit Margin (%) 7.35 9.84 9.89 12.06 11.02 8.72 8.5 9.87 9.57 9.73 10.27
ROA(%) 6.71 10.43 9.94 9.91 7.38 3.75 3.1 2 1.3 2.22 3.9
ROE(%) 19.75 25.29 20.37 19.29 15.83 8.49 6.86 4.77 3.28 5.51 8.97
ROCE(%) 20.1 24.93 24.65 23.67 16.46 9.46 7.35 5.3 5.93 7.34 10.87
Receivable days 28.75 26.15 26.44 29.02 28.49 30.98 28.59 25.16 24.34 29.9 33.72
Inventory Days 53.47 51.96 50.79 52.79 59.05 67.58 66.86 74.68 68.45 65.11 63.76
Payable days 46.63 49.27 51.69 69.25 75.58 76.45 74.08 87.99 99.38 93.39 85.84
PER(x) 6.86 7.99 8.76 7.93 9.66 21.76 18.66 9.53 40.58 19.01 18.39
Price/Book(x) 1.24 1.76 1.7 1.35 1.46 1.61 1.26 0.46 1.24 1.03 1.58
Dividend Yield(%) 0.6 0.47 1.19 1.14 1.44 1.09 1.47 3.78 1.56 1.7 1.41
EV/Net Sales(x) 0.51 0.67 0.71 0.83 1.04 1.34 0.98 0.65 1.06 0.82 1.02
EV/Core EBITDA(x) 4.18 4.53 4.56 4.76 6.81 11.12 8.21 5.33 6.27 6.35 7.43
Net Sales Growth(%) 5.31 4.79 -4.45 -7.54 11.24 12.62 18.23 -6.83 6.4 20.41 17.28
EBIT Growth(%) 38.44 29.11 -0.34 11.32 -8.17 -23.42 -8.65 -22.37 21.42 28.17 50.65
PAT Growth(%) 48.94 63.74 -2.73 14.87 -2.11 -34.15 -6.08 -29.91 -26.49 82.36 72.98
EPS Growth(%) 49.45 64.06 -3.69 14.87 -2.13 -41.39 -6.08 -29.93 -33.79 82.35 72.98
Debt/Equity(x) 0.78 0.35 0.22 0.23 0.47 0.48 0.51 0.68 0.56 0.53 0.43
Current Ratio(x) 1.23 1.27 1.32 1.24 1.09 1.29 1.24 0.97 1.1 1.02 1.11
Quick Ratio(x) 0.66 0.76 0.84 0.84 0.65 0.85 0.69 0.57 0.74 0.62 0.55
Interest Cover(x) 3.66 5.2 8.05 16.74 13.21 6.71 5.47 2.81 2.21 2.82 3.59
Total Debt/Mcap(x) 0.63 0.2 0.13 0.17 0.32 0.3 0.4 1.49 0.45 0.51 0.28

Apollo Tyres Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 37.34 37.34 37.34 37.34 37.34 37.34 37.34 37.34 37.34 37.36
FII 19.66 19.43 20.71 21.64 22.76 22.28 23.33 22.02 17.88 18.07
DII 19.96 20.12 19.03 19.55 18.82 19.43 18.87 19.39 23.67 23.64
Public 23.04 23.1 22.91 21.46 21.07 20.95 20.45 21.25 21.1 20.93
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Debtor days have improved from 93.39 to 85.84days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 37.36%.
  • Company has a low return on equity of 6% over the last 3 years.
  • The company has delivered a poor profit growth of 8% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Apollo Tyres News

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