Apar Industries Ltd — Earnings Release 2024

May 14, 2024

- SEC/1405/2024 By E Filing May 14, 2024

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National Stock Exchange of India Limited “Exchange Plaza”, C-1, Block G, Bandra- Kurla Complex, Bandra (E), Mumbai – 400 051. Scrip Symbol : APARINDS Kind Attn.: Listing Department	BSE Limited Corporate Relations Department, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai - 400 001. Scrip Code : 532259 Kind Attn. : Corporate Relationship Department

Sub. : Investor Update for Q4FY24

Ref.: Regulation 30 and all other applicable regulations, if any, of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time.

__________

Dear Sir / Madam,

We are enclosing herewith an Investor Update (Earnings Call Update) for the Fourth Quarter and Financial Year ended March 31, 2024 (2023-24) for the information of members and investors under the above regulations.

Thanking you,

Yours Faithfully,

For APAR Industries Limited

Digitally signed by SANJAYA SANJAYA RAJU KUNDER RAJU KUNDER Date: 2024.05.14 14:22:28 +05'30'

(Sanjaya Kunder)

Company Secretary

Encl. : As Above

APAR Industries Limited

Corporate Office : APAR House, Corporate Park, V. N. Purav Marg, Chembur, Mumbai - 400 071, India +91 22 2526 3400/6780 0400 corporate@apar.com www.apar.com Regd. Office: 301/306, Panorama Complex, R. C. Dutt Road, Alkapuri, Vadodara - 390007, India +91 265 6178 700/6178 709 apar.baroda@apar.com www.apar.com CIN: L91110GJ1989PLC012802

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A scending P assionately, A chieving R esponsibly EARNINGS CALL UPDATE – May 2024

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Q4 FY24: Revenue growth 9%, high US revenue in base LY. Sales growth ex-US 29.8%, healthy operating margins continues

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9% YoY
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Revenue

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INR
4,455
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3% YoY
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EBITDA

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INR 457 crores
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3% YoY
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PAT
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INR 236 crores

crores

Margin at 10.3% down 60 bps YoY

Margin at 5.3% down 60 bps YoY

• Domestic demand continues to be strong offsetting lower US sales caused by customers de-inventorising. Global sales ex-US grew by 29.8% YoY.

Segmental Mix Q4 FY24 Revenue

• Export mix at 39.0% versus 53.0% in LY Q4

• EBITDA up 3% YoY despite a higher base in last year

• Conductor business EBIDTA post forex at INR 48,453 per MT due to execution of high margin orders in the quarter

• Cable business EBITDA stood at 11.4%.

• Oil business recorded EBITDA post forex at INR 4,251 per KL.

• PAT down 3% YoY due to high base LY with 5.3% margin versus 5.9% in Q4 FY23

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Lubricants Others,
0.7%
(Auto & Industrial),
5.2%
Cables, 23.3%
Conductors,
50.0%
Speciality Oils,
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Speciality Oils,
20.8%
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• EBITDA post open period forex excluding interest income, corporate unallocable expenditure

2

Earnings Call Update – May 2024

12M FY24: All time high yearly Revenue and PAT

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EBITDA

Revenue

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13% YoY
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24% YoY
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INR crore
1,632
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INR crore 16,153

Margin at 10.1% up 90 bps YoY

• 12M FY24 revenue up 13% YoY with growths coming in from all the three business divisions on the back of higher volumes.

• Export mix is 45.2% in versus 48.8% in 12M FY23

o EBITDA up 24% YoY :

• Conductor business recorded EBIDTA at INR 42,141 per MT due to healthy mix of premium products.

• Oil business recorded with EBITDA at INR 5,746 per KL with strong growth in transformer oils

• Cable business recorded EBITDA at 11.4% of sales due to higher sales of elastomeric cables

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PAT
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29% YoY
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INR 825 crore
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Margin at 5.1% up 70 bps YoY

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Segmental Mix 12M FY24 Revenue
Others,
Lubricants
0.7%
(Auto &
Industrial), 5.6%
Cables,
22.9%
Conductors,
47.7%
Speciality Oils,
23.1%
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• PAT was up 29% YoY to reach INR 825 crore with 5.1% margin versus 4.4% in 12M FY23

• EBITDA post open period forex excluding interest income, corporate unallocable expenditure

3

Earnings Call Update – May 2024

Conductors: Q4 FY24 highlights

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Volume

Revenue

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14% YOY
INR crores MT
2,328 56,299
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10% YOY
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EBITDA

3% YOY

INR 272 crores INR 282 crore (Q4 FY23) Margin at 11.7%; 13.3% (Q4 FY23)

EBITDA per MT

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15% YOY
INR
48,343
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INR 56,925 (Q4 FY23)

EBITDA post adj*

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5% YOY
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INR 273 crores INR 287 crore (Q4 FY23) Margin at 11.7%; 13.5% (Q4 FY23)

16% YOY

EBITDA* per MT

INR 48,453

INR 58,006 (Q4 FY23)

• Revenue up 10% YoY; volume up 14% v/s LY. Robust demand for AL-59 and premium conductors contributing to the revenue growth

• Exports mix at 40.3% to revenues v/s 53.5% LY. Export market for conventional conductor is affected due to adverse competition, higher freight cost due to red sea, low demand from US

• Premium products share (HEC + Copper Conductor + OPGW + CTC ) 48.9% in Q4 FY24

• HEC contributed 24.5% in Q4 FY24.

• EBITDA* per MT at INR 48,453 at high levels on the back of premiumisation

• New order inflow of INR 3,018 crore, up 31% YoY. Premium products contribute 57.5%

*After adjusting open period forex, before unallocable expenditure (net of income)

• Robust order book at INR 6,885 crore with 44.8% share from premium products. Export contributes 37% of total order book

4

Earnings Call Update – May 2024

Conductors: 12M FY24 highlights

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Revenue

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15% YOY
INR crore
8,031
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Volume
MT
2,06,633
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29% YOY

EBITDA

22% YOY

INR 873 crore INR 716 crore (12M FY23) Margin at 10.9%; 10.2% (12M FY23)

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5% YOY
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EBITDA per MT

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23% YOY
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EBITDA post adj*

4% YOY

EBITDA* per MT

INR 42,248

INR 44,700 (12M FY23)

INR 871 crore INR 706 crore (12M FY23) Margin at 10.8; 10.1% (12M FY23)

INR 42,141

INR 44,113 (12M FY23)

• Revenue up 15% YoY on the back of higher exports and premiumisation. During the year, domestic deliveries of aluminium & • Exports mix at 44.9% of revenue v/s 46.5% in 12M FY23

HTLS conductors and Rod was in a good demand

• Premium products share (HEC + Copper Conductor + OPGW + CTC ) 44.8 % in 12M FY24

• HEC contributed 21.6% in 12M FY24

• EBITDA* per MT at INR 42,141 remains strong on the back of good mix of premium products and exports.

• New order inflow of INR 9,372 crore, up 20.4% YoY. Premium products contribute 47.5%

• Robust order book at INR 6,885 crore with 44.8% share from premium products. Export contributes 37% of total order book

*After adjusting open period forex, before unallocable expenditure (net of income)

5

Earnings Call Update – May 2024

Speciality Oils & Lubricants : Q4 FY24 highlights

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3% YOY
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Revenue

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5% YOY
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Volume

24% YOY

EBITDA

INR crores 1,210

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KL
1,37,090
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INR 57 crores INR 46 crores (Q4 FY23) Margin at 4.7%; 3.9% (Q4 FY23)

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18% YOY
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EBITDA per KL

20% YOY

EBITDA post adj*

15% YOY

EBITDA* per KL

INR 4,176

INR 3,533 (Q4 FY23)

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INR 58 crores
INR 49 crores (Q4 FY23)
Margin at 4.8%; 4.1% (Q4 FY23)
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INR
4,251
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INR 3,702 (Q4 FY23)

• Revenue is up 3% on YoY basis. Volume is up 5% YoY. Export contributed 43.9% to revenue v/s 45.4% in LY Q4

• Global transformer oil volume up 22% v/s Q4 LY

• EBITDA post forex adjustment* was at INR 4,251 per KL which is up 15% on the back of low margin profile in last year

• Profitability for the quarter was partly affected due to higher weighted average cost of inventory due to delay in shipments in previous quarter

*After adjusting open period forex, before unallocable expenditure (net of income)

6

Earnings Call Update – May 2024

Speciality Oils & Lubricants : 12M FY24 highlights

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4% YOY
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Revenue

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11% YOY
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Volume

27% YOY

EBITDA

INR crore 4,837

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KL
5,37,862
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INR 315 crore INR 248 crore (12M FY23) Margin at 6.5%; 5.3% (12M FY23)

15% YOY

EBITDA per KL

33% YOY

EBITDA post adj*

20% YOY

EBITDA* per KL

INR 5,854

INR 309 crore

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INR
5,746
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INR 5,094 (12M FY23)

INR 232 crore (12M FY23) Margin at 6.4%; 5.0% (12M FY23)

INR 4,773 (12M FY23)

o Revenue up 4% YoY; volume up by 11% v/s 12M FY23. Export contributed 45.8% to revenue v/s 44.8% in LY 12M FY23 o Global Transformer oil volume up 15% v/s Q4 LY

o EBITDA post forex adjustment came at INR 5,746 per KL up 20% YoY

*After adjusting open period forex, before unallocable expenditure (net of income)

7

Earnings Call Update – May 2024

Lubricants : Q4 FY24 highlights

Volume

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Revenue
4% YOY
INR 241 crores
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3% YOY KL 17,813

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• Revenue is up by 4% in Q4 FY24 vs Q4 FY23

o Industrial volume is up 16.7% YoY, Automotive volume is down by 11.0% YoY

Note : Above numbers are given only for analytical purpose. These numbers are already included in Slide 62 in Specialty Oils & Lubricants performance

8

Earnings Call Update – May 2024

Lubricants : 12M FY24 highlights

Volume

Revenue 6%YOY INR 944 crore

1% YOY KL 70,625

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o Revenue is up 6% on YoY basis

o Industrial volume up 4.0%, Automotive volume remains flat

Note: Above numbers are given only for analytical purpose. These numbers are already included in Slide 63 in Specialty Oils & Lubricants performance

9

Earnings Call Update – May 2024

Cables : Q4 FY24 highlights

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Revenue

EBITDA

EBITDA post adj*

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15% YOY
INR crores
1,086
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7% YOY

INR 124 crores INR 115 crores (Q4 FY23) Margin at 11.4%; 12.2% (Q4 FY23)

6% YOY

INR 123 crores INR 117 crores (Q4 FY23) Margin at 11.4%; 12.4% (Q4 FY23)

• Strong demand in domestic business. Overall revenue is up 15% on YoY due to high base of US sales in LY and strong headwinds in current quarter. Global sales ex- US up 51.8%

• Exports contribute 24.7% of sales in Q4 FY24 versus 52.8% in Q4 FY23. Export mix is lower on account of slowdown in US and Europe

• EBITDA, post forex adjustment continue to record double-digit margin at 11.4% v/s 12.4% in LY

• Robust order book at INR 1,436 crore.

*After adjusting open period forex, before unallocable expenditure (net of income)

10

Earnings Call Update – May 2024

Cables : 12M FY24 highlights

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Revenue

EBITDA

EBITDA post adj*

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18% YOY
INR crore
3,859
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26% YOY

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INR 439 crore
INR 348 crore (12M FY23)
Margin at 11.4%; 10.7% (12M FY23)
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27% YOY

INR 438 crore INR 344 crore (12M FY23) Margin at 11.4%; 10.5% (12M FY23)

• Revenue up by 18% YoY due to increase in Elastomeric products. Global sales ex-US grew 44.8% v/s 12M FY23.

• Export Mix is 38.3% of sales in 12M FY24 versus 50.8% in 12M FY23.

• Consolidating on strong domestic demand from elastomeric cables (renewables, railways, telecom etc.), domestic revenue up by 45% YOY;

• o EBITDA, post forex adjustment at 11.4% versus 10.5% in 12M FY23.

• Robust order book at INR 1,436 crore.

*After adjusting open period forex, before unallocable expenditure (net of income)

11

Earnings Call Update – May 2024

12M FY24 Division-wise EBITDA to PAT

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Particulars Oil Conductor Cable Others Total
EBITDA pre-open period forex (Note 1) 315.3 873.0 439.3 13.2 1,640.8
Open period forex (Note 2) 5.8 2.2 1.0 0.1 9.2
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Particulars EBITDA pre-open period forex (Note 1)	Oil 315.3	Conductor 873.0	Cable 439.3	Others 13.2	Total 1,640.8
Open period forex (Note 2)	5.8	2.2	1.0	0.1	9.2
EBIDTA post open period forex	309.5	870.8	438.2	13.1	1,631.6
Finance cost (ex open period forex) (Note 3)	91.4	178.1	68.6	0.0	338.2
Unallocable forex loss (Note 4)	0.3	0.4	0.6	-	1.4
EBDTA	217.7	692.3	369.0	13.1	1,292.0
Unallocable expenses, net of unallocable other income	24.6	22.5	23.2	-	70.4
Depreciation	26.8	45.2	42.5	1.1	115.7
PBT	166.2	624.5	303.2	11.9	1,105.9
Tax	44.4	157.1	76.2	3.0	280.7
PAT	121.7	467.5	227.0	9.0	825.1
EPS YTD	31.3	120.2	58.4	2.3	212.1

Notes:-

• (1) Profit before tax + Depreciation + Finance cost – Interest income + Unallocable expense net of unallocable other income

• (2) Included in the finance cost in the published results

• (3) Finance cost (ex open period forex) is after net of interest income on surplus funds

• (4) Included in the unallocable expenditure as per the published result

12

Earnings Call Update – May 2024

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ANNEXURES

Q4 FY24: Consolidated Profit & Loss Statement

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Particulars Q4 FY24 Q4 FY23 % Chg YoY Q3 FY24 % Chg QoQ
Gross sales 4,432.6 4,053.3 9.4% 3,986.0 11.2%
22.5 31.0 (27.3%) 22.6 (0.1%)
Other Operating Income
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Particulars Gross sales	Q4 FY24 4,432.6	Q4 FY23 4,053.3	% Chg YoY 9.4%	Q3 FY24 3,986.0	% Chg QoQ 11.2%
Other Operating Income	22.5	31.0	(27.3%)	22.6	(0.1%)
Total Operating Income	4,455.1	4,084.3	9.1%	4,008.5	11.1%
Total Expenditure	4,033.8	3,660.4	10.2%	3,603.5	11.9%
Cost of Raw Materials	3,440.5	3,084.6	11.5%	3,077.7	11.8%
Employees Cost	77.9	70.0	11.3%	72.9	6.9%
Other Expenditure	515.3	505.8	1.9%	452.9	13.8%
Profit from operations before other income, finance costs and exceptional items	421.3	423.9	(0.6%)	405.0	4.0%
Other Income	32.8	10.7	207.9%	20.9	56.9%
EBITDA	454.2	434.6	4.5%	426.0	6.6%
Depreciation	31.5	27.3	15.4%	28.8	9.1%
EBIT	422.7	407.3	3.8%	397.1	6.4%
Interest & Finance charges	101.1	79.1	27.8%	112.8	(10.4%)
PBT	321.6	328.2	(2.0%)	284.3	13.1%
Tax Expense	85.4	85.5	(0.1%)	66.7	28.0%
Net Profit	236.2	242.7	(2.7%)	217.6	8.6%

14

Earnings Call Update – May 2024

Q4 FY24: Consolidated Segment Analysis

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Segment Q4 FY24 Q4 FY23 % Chg YoY Q3 FY24 % Chg QoQ
Revenue
2,328.0 2,121.3 9.7% 1,985.5 17.3%
Conductors
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Segment Revenue	Q4 FY24	Q4 FY23	% Chg YoY	Q3 FY24	% Chg QoQ
Conductors	2,328.0	2,121.3	9.7%	1,985.5	17.3%
Transformer & Specialty Oils	1,210.3	1,175.1	3.0%	1,239.6	(2.4%)
Power & Telecom Cables	1,085.8	943.0	15.1%	924.0	17.5%
Others/Unallocated	33.7	25.5	32.1%	31.4	7.2%
Total	4,657.9	4,264.9	9.2%	4,180.5	11.4%
Less: Inter - Segment Revenue	(202.8)	(180.6)	12.3%	(172.0)	17.9%
Revenue from Operations	4,455.1	4,084.3	9.1%	4,008.5	11.1%

Segment contribution- as % to total revenue	Q4 FY24	Q4 FY23	Q2 FY24
Conductors	50.0%	49.7%	47.5%
Transformer & Specialty Oils	26.0%	27.6%	29.7%
Power and Telecom Cables	23.3%	22.1%	22.1%

15

Earnings Call Update – May 2024

Q4 FY24: Consolidated Segment Analysis

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Segment Q4 FY24 Q4 FY23 % Chg YoY Q3 FY24 % Chg QoQ
Segment Results before Interest and Tax
Conductors 270.8 275.1 -1.5% 209.2 29.5%
Transformer & Specialty Oils 51.3 40.6 26.2% 108.1 -52.6%
Power and Telecom Cables 114.2 107.1 6.5% 98.3 16.1%
Others/Unallocated 2.5 1.5 73.7% 3.1 -17.7%
Total 438.8 424.3 3.4% 418.6 4.8%
Less : Finance costs (net) (101.1) (79.1) 27.8% (112.8) -10.4%
Less : Unallocable expenditure net of income (16.1) (17.0) -5.2% (21.5) -25.1%
Profit before Tax 321.6 328.2 -2.0% 284.3 13.1%
Segment Results – % to Segment Revenue
Conductors 11.6% 13.0% 10.5%
Transformer & Specialty Oils 4.2% 3.5% 8.7%
Power and Telecom Cables 10.5% 11.4% 10.6%
Total 9.4% 9.9% 10.0%
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16

Earnings Call Update – May 2024

Q4 FY24: Financials

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	Key Ratios		Q4 FY24		Q4 FY23		Q3 FY24
	EBITDA Margin		10.2%		10.6%		10.6%
	Net Margin		5.3%		5.9%		5.4%
	Total Expenditure/ Total Net Operating Income		90.5%		89.6%		89.9%
	Raw Material Cost/ Total Net Operating Income		77.2%		75.5%		76.8%
	Staff Cost/ Total Net Operating Income		1.7%		1.7%		1.8%
	Other Expenditure/ Total Net Operating Income		11.6%		12.4%		11.3%
	Capital Employed		Q4 FY24		Q4 FY23		Q3 FY24
	Conductors		2,021.3		1,058.2		1,404.4
	Transformer and Speciality Oils		944.7		798.8		948.7
	Power/Telecom Cable		1,318.8		611.0		987.0
	Others		-1.9		94.3		764.2
	Total		4,282.8		2,562.3		4,104.3

17

Earnings Call Update – May 2024

12M FY24: Consolidated Profit & Loss Statement

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Particulars 12M FY24 12M FY23 % Chg YoY
Gross sales 16,045.1 14,257.8 12.5%
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Particulars Gross sales	12M FY24 16,045.1	12M FY23 14,257.8	% Chg YoY 12.5%
Other Operating Income	107.8	78.5	37.4%
Total Operating Income	16,153.0	14,336.3	12.7%
Total Expenditure	14,630.7	13,109.4	11.6%
Cost of Raw Materials	12,540.0	11,076.2	13.2%
Employees Cost	288.9	220.5	31.0%
Other Expenditure	1,801.8	1,812.6	(0.6%)
Profit from operations before other income, finance costs and depreciation	1,522.3	1,226.9	24.1%
Other Income	85.8	37.5	129.2%
EBITDA	1,608.1	1,264.4	27.2%
Depreciation	115.7	104.3	10.9%
EBIT	1,492.4	1,160.1	28.7%
Interest & Finance charges	386.6	305.5	26.5%
PBT	1,105.8	854.6	29.4%
Tax Expense	280.7	216.8	29.5%
Net Profit	825.1	637.7	29.4%

18

Earnings Call Update – May 2024

12M FY24: Consolidated Segment Analysis

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Segment 12M FY24 12M FY23 % Chg YoY
Revenue
Conductors 8,031.0 7,013.1 14.5%
Transformer & Specialty Oils 4,836.9 4,640.8 4.2%
Power & Telecom Cables 3,858.9 3,263.5 18.2%
Others/Unallocated 123.3 107.3 14.9%
Total Revenue 16,850.1 15,024.6 12.1%
Less: Inter - Segment Revenue (697.1) (688.3) 1.3%
Revenue from Operations 16,153.0 14,336.3 12.7%
Segment contribution- as % to total revenue 12M FY24 12M FY23
Conductors 47.7% 46.7%
Transformer & Specialty Oils 28.7% 30.9%
Power and Telecom Cables 22.9% 21.7%
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19

Earnings Call Update – May 2024

12M FY24: Consolidated Segment Analysis

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Segment 12M FY24 12M FY23 % Chg YoY
Segment Results before Interest and Tax
Conductors 857.5 682.5 25.6%
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Segment Segment Results before Interest and Tax	12M FY24	12M FY23	% Chg YoY
Conductors	857.5	682.5	25.6%
Transformer & Specialty Oils	291.8	225.1	29.6%
Power and Telecom Cables	405.1	316.8	27.9%
Others/Unallocated	12.0	6.8	77.0%
Total	1566.4	1231.2	27.2%
Less : Finance costs (net)	(386.6)	(305.5)	26.5%
Less : Unallocable expenditure net of income	(73.9)	(71.1)	4.0%
Profit before Tax	1105.8	854.6	29.4%
Segment Results – % to Segment Revenue
Conductors	10.7%	9.7%
Transformer & Specialty Oils	6.0%	4.8%
Power and Telecom Cables	10.5%	9.7%
Total	9.3%	8.2%

20

Earnings Call Update – May 2024

12M FY24: Financials

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Key Ratios	12M FY24	12M FY23
EBITDA Margin	10.0%	8.9%
Net Margin	5.1%	4.5%
Total Expenditure/ Total Net Operating Income	90.6%	91.4%
Raw Material Cost/ Total Net Operating Income	77.6%	77.3%
Staff Cost/ Total Net Operating Income	1.8%	1.5%
Other Expenditure/ Total Net Operating Income	11.2%	12.6%

Capital Employed	12M FY24	12M FY23
Conductors	2,021.3	1,091.9
Transformer and Speciality Oils	944.7	565.6
Power/Telecom Cable	1,318.8	701.9
Others	-1.9	27.8
Total	4,282.8	2,387.2

21

Earnings Call Update – May 2024

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SHAREHOLDING PATTERN

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Market performance and shareholding structure

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APAR has been consistently outperforming market

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300
168%
250
200
77%
25%
150
100
Apar Capital Goods Sensex
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Chart has been re-based to 100
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As on March 31, 2024
Outstanding shares – 4,01,68,315
10.8%
0.9%
Promoter
FII/FPI
18.9%
DII
57.8% Corporate Bodies
Others
11.6%
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Major Non-Promoter Shareholders	Shareholding (%)
HDFC Trustee Company Limited	3.52
DSP Flexi Cap Fund	2.75
Nippon Life India Trustee Limited	2.72
Axis Mutual Fund Trustee Limited	2.59

23

Earnings Call Update – May 2024

Address : APAR house, Bldg no. 4 & 5, Corporate Park, V.N. Purav Marg, ChemburMumbai- 400 071. India

For Institutional enquiries Mr. Amey Gogate Investor Relations Contact No : +91 22 67800400 E-mail – amey.gogate@apar.com For Investor Grievances Mr. Sanjaya Kunder Contact No : +91 22 67800400 E-mail – sr.kunder@apar.com

Mr. Ambesh Tiwari Contact No : +91 84248 93404 E-mail – ambesh@s-ancial.com #215, Shiv Shakti Industrial Estate, 2Nd Floor, J R Boricha Marg, Lower Parel, Mumbai - 400011

Thank You