Apar Industries Ltd — Regulatory Filings 2021

Nov 1, 2021

SEC/0111/2021

1st November, 2021

BSE Ltd
Corporate Relationship Department,
271 h Floor, Phiroze Jeejeebhoy Towers,
Dalal Street,
Fort,
Mumbai - 400 001
Scrip Code : 532259
Kind Attn.: Corporate Relationship Dept.

Sub. : Investor Update

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,

We are sending herewith an Investor Update for the Second Quarter and Half Year ended 30¹ h September, 2021 of the Current Financial Year 2021-22 for the information of members and investors under the above regulations.

Thanking you,

Yours Faithfully, For APAR Industries Limited

~ (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, RC Dutt Road, Alkapuri, Vadodara · 390007, India +91 265 6178 700/ 6178 709 apar baroda@apar com www apar com CIN L91110GJ1989PLC012802

APAR Industries Ltd.

Q2 & H1 FY22 Investor Update

Safe Harbour

This presentation may have certain statements that may be "forward looking" including those relating to general business plans and strategy of APAR Industries Ltd., its outlook and growth prospects. The actual results may differ materially from these forwardlooking statements due to several risks and uncertainties which could include future changes or developments in APAR Industries Ltd. (APAR), the competitive environment, the company's ability to implement its strategies and initiatives, respond to technological changes as well as sociopolitical, economic and regulatory conditions in India.

All financial data in this presentation is obtained from the unaudited/audited financial statements and the various ratios are calculated based on these data. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, invitation or a solicitation of any offer, to purchase or sell, any shares of APAR and should not be considered or construed in any manner whatsoever as a recommendation that any person should subscribe for or purchase any of APAR's shares. None of the projection, expectations, estimates or prospects in this presentation should be construed as a forecast implying any indicative assurance or guarantee of future performance, nor that the assumptions on which such future projects, expectations, estimates or prospects have been prepared are complete or comprehensive .

This presentation is for information purposes only. This document and its contents should not be forwarded or delivered or transmitted in any manner to any person other than its intended recipients and should not be reproduced in any manner whatsoever. The recipients further represents and warrants that : (i) It is lawfully able to receive this presentation under the laws of the jurisdiction in which it is located, and / or any other applicable laws, (ii) It is not a U.S. person, (iii) This presentation is furnished to it, and has been received, outside of the United States, and (iv) It will not reproduce, publish, disclose, redistribute or transmit this presentation, directly or indirectly, into the United States or to any U.S. person either within or outside of recipient's organization.

Q2 FY22: Profitable momentum in a challenging environment

Consolidated Financials | Figures in INR crore

Revenue	EBITDA	PAT
2,272	128	57
Up 53% YoY	# Up 8% YoY Up 17% from Q2FY20	# Up 6% YoY Up 68% from Q2FY20
# Up 24% from Q2FY20	Margin at 5.6% 7.9% (Q2FY21) 6.0% (Q2FY20#)	Margin at 2.5% 3.6% (Q2FY21) 1.9% (Q2FY20# )

• Revenue up 24% over pre-COVID level (Q2FY20) driven by 67% YoY increase in domestic revenues.
• o Challenging international freight environment and inflationary commodity prices resulted in conscious postponement of order execution which impacted export volumes.
• o Exports contributed 37% to revenues versus 42% in Q2 FY21;
• EBITDA up 8% YoY and EBITDA margin stood at 5.6% compared to 7.9% in Q2FY21.
• Conductors' business saw greater proportion of higher value added products; Contribution at 58% versus 22% in Q2FY21.
• o EBITDA* per MT at historical high of INR 17,199 up 46% YoY.
• o Premium offerings constitute 67% of INR 1,846 crore order book.
• PAT up 6% YoY at INR 57 crore with 2.5% margin versus 3.6% in Q2 FY21.

H1 FY22: Strong recovery, PAT up 59% from pre-COVID levels

Consolidated Financials | Figures in INR crore

Revenue	EBITDA	PAT
4,093	266	119
Up 47% YoY	# Up 73% YoY Up 8% from H1FY20	# Up 292% YoY Up 59% from H1FY20
# Up 7% from H1FY20	Margin at 6.5% 5.5% (H1FY21) 6.4% (H1FY20#)	Margin at 2.9% 1.1% (H1FY21) 2.0% (H1FY20# )

• Revenue up 47% YoY and 7% over pre-COVID level (H1FY20).
• o Exports' sales volume and profitability affected due to freight and logistics costs/availability.
• o Exports contributed 39% to revenues versus 45% in H1FY21.
• EBITDA up 73% YoY to reach INR 266 crore with margin of 6.5%.
• PAT up 292% YoY and 59% from H1FY20# to reach INR 119 crore with 2.9% margin versus 2.0% in H1FY20#.
• o This is mainly due to 46% reduction in finance cost in H1FY22 to INR 66 crore versus INR 121 crore in H1FY20# resulting from lower interest costs and strict financial discipline.

pre-COVID level

1% 19% 8% 31% 41% Others Cables Lubricants (Auto & Industrial) Speciality Oils Conductors Segmental Mix | H1 FY22 Revenue

Business Performance

Conductors: Q2 FY22 Highlights

* After adjusting open period forex

Consolidated Financials

• Revenue up 71% YoY and 20% from pre-COVID level (Q2FY20).
• o Volumes impacted due to delay in order execution as the ongoing challenges of increased ocean freight, Aluminium premium & steel
• o Exports down 13% YoY and contributed 32% to revenues versus
• Higher value products (HEC + Copper Conductor + OPGW + CTC) contribution up to 58% from 22% in Q2FY21.
  • o HEC revenue up 248% YoY and 105% from Q2FY20# ; Contribution at 25% versus 12% in Q2FY21.
  • o Revenue from Copper conductor for Railways up 868% YoY and 44% from Q2FY20# as the backlog orders from Q1FY22 got executed after clearances; Contribution at 26% versus 5% in
• EBITDA* per MT at INR 17,199 up 46% YoY.
• New order inflow of INR 877 crore, up 9% YoY.
  • o Slowed down especially from exports due to high freight costs and conscious effort to have reduced sales cycle.
  • o HEC order inflow at INR 240 crore, contributing 27% to order
  • o Copper conductor for Railways order inflow at INR 226 crore, contributing 26% to order inflow.

Conductors: H1 FY22 Highlights

Revenue INR 1,759 crore Up 32% YoY	Volume 51,092 MT Down 22% YoY	 H1FY20#. Revenue up 32% YoY but down 8% from Exports down 21% YoY and contributed 37% to revenues versus 55% in H1FY21.  Higher Value products (HEC + Copper Conductor + OPGW + CTC) contribution up to 50% from 31% in H1FY21.
EBITDA	EBITDA per MT	o HEC contributed 20% to revenues versus 13% in H1FY21. o Copper conductor for Railways contributed 23% to revenues versus 14% in H1FY21.
INR 85 crore Up 38% YoY	INR 16,657 Up 78% YoY	 EBITDA per MT, post forex adjustment up 76% YoY as management remained focus on value versus volume during challenging environment.
Margin at 4.8%, up 24 bps YoY EBITDA post adj*	EBITDA* per MT	 H1 order inflow of INR 2,428 crore, up 116% YoY.  Order book at INR 1,846 crore, compared to INR 1,698 crore as on 30 September 2020.
INR 81 crore Up 37% YoY Margin at 4.6%, up 17 bps YoY	INR 15,932 Up 76% YoY	o HEC order book at INR 956 crore. o Order book of Copper Conductor for Railways at INR 144 crore. o OPGW order book at INR 101 crore.  Retendering/ new budget allocation pending from inflation in project costs resulting in lower order book.

pre-COVID level

* After adjusting open period forex Consolidated Financials

Investor Update | Q2 FY22 7

Speciality Oils & Lubricants: Q2 FY22 Highlights

Revenue INR 895 crore	Volume 1,13,981 KL 1,13,897 (Q2FY21)	 Revenue stable Q2FY21.	up 49% YoY and 57% from pre-COVID level (Q2FY20) with volumes. Exports contributed 46% to revenues versus 41% in
Up 49% YoY			Hamriyah plant's capacity utilisation up at 108% from 98% in Q2FY21.
EBITDA	EBITDA per KL	 volume	Speciality Oils revenue up 52% YoY driven by base oil prices but growth remained muted:
INR 56 crore	INR 4,942	o	White Oil's volume down 6% YoY with lower exports as high freight prices pushed export customers to buy locally or from regions
Down 23% YoY	Down 23% YoY		where freight-transit period is lower.
Margin at 6.3% (12.2% in Q2FY21)		o	Transformer Oil's volume remain flat due to subdued domestic demand in distribution transformers although transmission side still
EBITDA post adj*	EBITDA* per KL		remains reasonably strong. No immediate visibility on distribution transformers' demand improvement.
INR 60 crore	INR 5,258	
Down 20% YoY	Down 20% YoY	EBITDA from	per KL post adj. remains above INR 5,000 level and is up 85% pre-COVID level (Q2FY20).
Margin at 6.7% (12.4% in Q2FY21)		 Export	business affected in many strategic/high volume markets due to abnormal increase in freight costs. Especially affects Hamriyah operations which are export oriented.

* After adjusting open period forex Consolidated Financials

Speciality Oils & Lubricants: H1 FY22 Highlights

Revenue INR 1,727 crore Up 81% YoY	Volume 2,28,459 KL Up 30% YoY	 Revenue up 81% YoY and 45% from pre-COVID level (Q2FY20).
EBITDA	EBITDA per KL	Exports contributed 47% to revenues versus 44% in H1FY21.  Hamriyah plant's capacity utilisation up at 114% from 76% in H1FY21.
INR 146 crore	INR 6,381	 Speciality Oils revenue up 89% YoY.
Up 79% YoY Margin at 8.5%, down 10 bps	Up 37% YoY	o White Oil's volume up 29% YoY. o Transformer Oil's volume up 25% YoY.
YoY		 EBITDA per KL post adj. up 41% YoY to INR 6,334.
EBITDA post adj*	EBITDA* per KL
INR 145 crore	INR 6,334
Up 83% YoY Margin at 8.4%, up 12 bps YoY	Up 41% YoY

Lubricants: Q2 & H1 FY22 Highlights

2 2	Revenue	Volume
Y F	INR 211 crore	16,822 KL
2 Q	Up 39% YoY	Up 5% YoY
2 2	Revenue	Volume
Y F	INR 371 crore	30,818 KL
1 H	Up 59% YoY	Up 27% YoY

Note: Above numbers are given only for analytical purpose. These numbers are already included in Slide 8 & 9 in Speciality Oils & Lubricants performance.

• Revenues up 39% YoY and 59% from pre-COVID level (Q2FY20).
• o Industrial Oil volumes up 12% YoY.
• o Automotive volumes growth remained flat for the quarter versus Q2FY21.
• o OEM sales affected from slower production, agriculture based products demand subdued.
• Industrial volumes up 38% YoY; Automotive volumes up 23% YoY largely from the base effect of Q1FY21.
• Strategic focus on agri lube segment continue to drive volume growth in the automotive segment though offtake slowed in Q2FY22.
• Expect a better performance in H2 with strong monsoons.

Cables: Q2 FY22 Highlights

Revenue EBITDA

INR 425 crore

INR 18 crore

Up 66% YoY

Up 62% YoY Margin at 4.2%, down 10 bps YoY

EBITDA post adj*

INR 17 crore

Up 55% YoY Margin at 4.1%, down 30 bps YoY

• Revenue up 66% YoY on a lower base and 15% over Q2FY20# but volumes remain similar to pre-COVID levels.
• o Continued focus on international business resulted in Exports contributing 29% to revenues versus 12% in Q2FY21.
• Domestic demand continues to be subdued. Payment issues with customers persists especially in EPC & Solar segment.
• EBITDA margin post forex adjustment down 30 bps YoY to 4.1% due to competitive domestic environment across all Cables, higher ocean freight rates & inflationary factors including steel & polymer prices.
• Expect to close FY22 with higher volumes with increased uptick in Q3 & Q4 driven by strong traction from Exports business.

pre-COVID level

Cables: H1 FY22 Highlights

Revenue EBITDA

INR 824 crore

INR 44 crore

Up 63% YoY

Up 125% YoY Margin at 5.3%, up 147 bps YoY

EBITDA post adj*

INR 42 crore

Up 129% YoY Margin at 5.1%, up 148 bps YoY

• Revenue up 63% YoY albeit on a lower base and 8% over H1FY20#, but volumes stood lower than pre-COVID levels.
• o Exports revenues up 100% YoY with conscious effort to tap into overseas opportunities and contributed 24% to revenues versus 20% in H1FY21.
• Domestic market environment remained competitive from lower demand in B2B and B2G segments.
• EBITDA post adjustment down 55% from H1FY20# to INR 42 crore and EBITDA* margin stood at 5.1%.
• The volumes are expected to pick up in H2FY22 but inflationary pressures would continue to affect the margins in near-term in LT/HT cables.
• Expect better offtake from Railways Loco-Coach factories and Defence establishments in H2FY22 improving sales in the Elastomeric cables.

pre-COVID level

Company Overview

APAR Industries: Tomorrow's solutions today

Largest global aluminum & alloy conductors' manufacturer

3rd

Largest global manufacturer of Transformer oils

Cables manufacturer for renewables in India

Leveraging global network

Multi-year relationships with Indian & global majors. Global presence.

Exporting to 125 countries.

Leading the innovation curve

Vast range of technologically advanced products. All products developed with in-house R&D. Intellectual Property for most products. Global leader in key segments.

Well-diversified across industries & segments

APAR today

• targets: Power Transmission & Distribution (T&D) and Renewable Energy sectors through Conductors, Cables and Transformer oils (T-oils).
• Railways through Copper Catenary Conductors, XLPE & Elastomeric cables & Harnesses.
• Defence through Elastomeric Cables & Specialty Cables.
• Automotive by Auto Lubes and Automotive Cables.
• Telecom through Optical Fiber Cables (OFC).

Segmental Mix of FY21 Revenue ¹⁸⁰ thousand MT capacity.

Conductors

• One of the largest global manufacturers.
• Pioneered turnkey solutions for reconductoring with HEC, live line installation with OPGW.
• 1st to develop copper-magnesium conductors as per R.D.S.O. specification.

Cables

• One of the world's largest manufacturers of specialized cables.

• 1 in domestic renewables.

• 1st Indian player to create guidance OFC for torpedoes & tether cables for surveillance systems.

Specialty Oils

• 540 thousand KL capacity (including lubricants).
• 3rd largest global manufacturer of T-oils.
• 1st globally to supply the entire range of T-oils compliant to new corrosive Sulphur standards.
• 1st in India to have T-oils approved for ultra high voltage transformers.

Lubricants (Auto & Industrial)

• A leading domestic player in auto lubes.
• Licensing agreement for auto lubes from ENI, Italy for ENI brand.
• Over 150 BIS-certified grades.
• 1st in India to create affordable, high-quality products for the injection moulding industry.

Extensive global presence driving exports

Export revenues up 3.2% YoY, contributed 41.3% to FY21

revenues.

• Present in 125 countries with a focus on Southeast Asia, Middle East, Africa & South America.
• Hub and spoke manufacturing & distribution model for specialty oils allows efficient delivery cycles to global transformer OEMs across Asia, Africa and Australia.
• New geographies in North America/Latin America added for conductor exports.
• Plants strategically located close to ports.
• Al-Hamriyah, Sharjah plant enabled fulfilment of global orders during lockdown in India.

Conductors – One of the largest global manufacturers

Strong leadership & competitive edge

1.8 lakh MT p.a. capacity

FY21 revenue of INR 2,908 crore, 6.6% FY17-FY21

CAGR

• Largest manufacturer in India.
• Pioneer in aluminium alloy rod & conductors.
• Technology tie-up with CTC-Global, USA, for ACCC conductors.
• One of the first to test successfully 765KV & 800KV conductors in India.
• Supplies to all top 25 global turnkey operators and leading utilities.
• Manufacturing since 1958.

Strategic focus on higher-value products (32.6% in FY21)

Adj. EBITDA* per MT at INR 17,197 in Q2 FY22

INR 344 crore invested in FY15-FY21

• Jharsuguda, Odisha plant (Sep'16). Logistical benefits with proximity to smelters, capture growing generation capacity in eastern India.
• Aluminium rod facility at Lapanga, Orissa.
• Agreement with Hindalco for sourcing molten metal, cost saving of INR 1,000 / MT.
• New products launched Copper conductor for Railways, Optical Ground Wire (OPGW) & CTC for transformer industry (Q1 FY20).

Specialty Oils & Lubricants – 3rd largest in Transformer-Oils globally

Strong leadership & competitive edge

Leading domestic player in auto lubes.

FY21 revenue of INR 2,364 crore, 8.6% FY17- FY21CAGR.

5.42 lakh KL capacity.

• Preferred supplier to over 80% of its Specialty Oil customers in India.
• Manufacturing since 1958, 400+ different types of Specialty Oils.
• Pioneer in transformer oils in India 60% market share in power transformer oil & 40% in distribution transformer oil in India.
• Only Indian company to win new business to supply all major HVDC projects with transformer oils in FY18 & FY19.
• In Auto lubes since 2007.

Strategic focus on higher-value products

INR 208 crore invested in FY15-FY21

Lubricants (Auto lubes & industrial oils) contributed 9.5% to Company's FY21 revenues.

• Al-Hamriyah, Sharjah plant (1 lakh KL capacity, Jan'17). Proximity to customers in Middle East & East Africa. New avenues for bulk exports.
• Expanded T-Oils capacity and range ((including 765KV & 800KV HVDC).
• Doubling Industrial & Automotive blending and automated packing capacity.
• Licensing agreement for auto lubes from ENI, Italy for ENI brand.
• New R&D facility at Rabale.

Cables - Largest domestic player in renewables

Strong leadership & competitive edge

60% share in domestic wind sector

FY21 revenue of INR 1,270 crore, 10.1% FY17-FY21

CAGR.

• Launched India's most advanced E-beam facility.
• Largest & most innovative Indian supplier to the Nuclear Power industry.
• One of the widest ranges of medium-voltage & low-voltage XLPE cables, elastomeric cables, fibre optic cables and speciality cables.
• One of the largest cable exporters, a leader in CATV/ broadband fibre optic cables.
• In cables since 2008 (Uniflex acquisition)

Strategic focus on higher-value products

INR 265 crore invested in FY15-FY21

• Green-field Khatalwad plant for E-beam Elastomeric Cables, OFC Cables, others.
• High-voltage power cables using the latest CCV technology in FY18.
• HT expansion in Umbergaon and LT consolidation in Khatalwad.
• Debottlenecking of HT/LT cable capacity at Umbergaon plant in Q4FY19.
• New product MVCC launched in FY20.
• Exploring new opportunities in MVCC, harnesses, more products for Railways, pressure tight cables, 66KV cables & contracts.

Strong financial performance sustained over the years

1,699 2,162

Consolidated Revenue Exports contribution at 41% in FY21 EBITDA & margin

1,727

Conductors revenue Specialty Oils & Lubricants revenue Cables revenue

crore

Consolidated Financials | Figures in INR

2,630 2,311 2,364

FY17 FY18 FY19 FY20 FY21 H1FY22

Strong industry growth drivers

• India's GDP growth estimated at 9.5% for FY22 (RBI)
• Moody's upgrades India's rating outlook to 'stable' from 'negative'
• India's electricity demand growth for 2021-22 has been revised from 8% to 8.5% by ICRA

Economic Recovery Pullback in Automotive Industry Telecom Industry

Tractor sales expected to touch record high volumes of 930,000 in FY22 (CRISIL Research)

Indian Railways accelerating

100% Railways electrification by Dec 2023 of all Indian Railways Broad Gauge routes.

Bharat Net: World's largest rural broadband access project

Renewable Energy

• The RE sector is expected to achieve its target of capacity addition in 2021 and India is on track to achieve 450 GW - installed capacity from renewable energy by 2030.
• The Govt. of India is working on a comprehensive policy on Energy Storage for large scale integration of renewable energy with the country's power system.

Indian Power Sector Update

• Short-term loans in the works for power Discoms: Centre is working to offer quick short-term loans to power distribution companies to help clear their dues to power plants and transmission charges in time.
• Progress in 13th 5-year Plan: Added 6,586 ckms of AC transmission lines (down 15% YoY) and 33,923 MVA of AC substations transformation capacity (up 81% YoY) in H1 FY22.
• Power Grid capex: FY22 capex target of INR 7,500 crore and capitalization of INR 17,000 crore, out of which INR 10,000 crore for real-time electricity market projects.

Annexure

Q2 FY22: Consolidated Profit & Loss Statement

Particulars	Q2FY22	Q2FY21	% Chg YoY	Q1FY22	% Chg QoQ	H1FY22	H1FY21	% Chg YoY
Gross sales	2,255.3	1,475.7	53%	1,803.1	25%	4,058.4	2,756.6	47%
Other Operating Income	6.7	10.1	-34%	6.6	2%	13.3	18.0	-26%
Total Operating Income	2,262.0	1,485.8	52%	1,809.6	25%	4,071.6	2,774.6	47%
Total Expenditure	2,141.5	1,369.0	56%	1,680.4	27%	3,822.0	2,620.8	46%
Cost of Raw Materials	1,771.1	1,080.8	64%	1,365.3	30%	3,136.5	2,115.9	48%
Employees Cost	41.1	41.1	0%	43.4	-5%	84.5	81.7	3%
Other Expenditure	329.3	247.0	33%	271.7	21%	601.0	423.2	42%
Transfer to Capital Asset	-	-	NM	-	NM	-	-	NM
Profit from operations before other income, finance costs and exceptional items	120.5	116.8	3%	129.2	-7%	249.7	153.8	62%
Other Income	11.8	5.2	125%	12.1	-3%	23.9	7.6	216%
EBITDA	132.3	122.0	8%	141.3	-6%	273.6	161.4	70%
Depreciation	24.2	23.1	5%	23.9	1%	48.1	45.9	5%
EBIT	108.1	98.9	9%	117.4	-8%	225.4	115.5	95%
Interest & Finance charges	31.0	29.6	5%	38.3	-19%	69.3	76.7	-10%
PBT	77.1	69.4	Investor Update Q2 FY22 11%	79.1	-3%	156.2	38.7	23 303%

Q2 FY22: Financials

Key Ratios	Q2FY22	Q2FY21	Q1FY22	H1FY22	H1FY21
EBITDA Margin	5.8%	8.2%	7.8%	6.7%	5.8%
Net Margin	2.5%	3.6%	3.4%	2.9%	1.1%
Total Expenditure/ Total Net Operating Income	94.7%	92.1%	92.9%	93.9%	94.5%
Raw Material Cost/ Total Net Operating Income	78.3%	72.7%	75.4%	77.0%	76.3%
Staff Cost/ Total Net Operating Income	1.8%	2.8%	2.4%	2.1%	2.9%
Other Expenditure/ Total Net Operating Income	14.6%	16.6%	15.0%	14.8%	15.3%

Capital Employed	30-Sep-21	30-Jun-21	31-Mar-21	31-Dec-20
Conductors	336.9	434.1	506.8	492.0
Transformer and Speciality Oils	597.9	528.6	582.6	546.4
Power/Telecom Cable	801.3	473.8	439.3	521.2
Others	179.2	409.3	262.8	261.2
Total	1,915.4	1,845.9	1,791.5	1,820.8

Q2 FY22: Consolidated Segment Analysis

Segment	Q2FY22	Q2FY21	% Chg YoY	Q1FY22	% Chg QoQ	H1FY22	H1FY21	% Chg YoY
Revenue
Conductors	1,080.6	629.8	72%	679.5	59%	1,760.1	1,334.9	32%
Transformer & Specialty Oils	888.1	600.6	48%	831.7	7%	1,719.8	952.2	81%
Power & Telecom Cables	425.2	255.8	66%	399.8	6%	824.9	505.3	63%
Others/Unallocated	16.0	12.3	30%	10.6	52%	26.6	15.2	75%
Total	2,409.9	1,498.5	61%	1,921.6	25%	4,331.5	2,807.6	54%
Less: Inter - Segment Revenue	147.9	12.7	1063%	112.0	32%	259.9	33.1	686%
Revenue from Operations	2,262.0	1,485.8	52%	1,809.6	25%	4,071.6	2,774.6	47%
Segment Results before Interest and Tax
Conductors	50.3	31.2	61%	19.0	165%	69.2	45.8	51%
Transformer & Specialty Oils	54.7	69.8	-22%	85.6	-36%	140.3	74.6	88%
Power and Telecom Cables	10.8	3.9	180%	18.7	-42%	29.5	5.7	420%
Others/Unallocated	1.0	1.0	-6%	0.6	70%	1.5	0.6	175%
Total	116.7	105.9	10%	123.8	-6%	240.5	126.7	90%
Less : Finance costs (net)	31.0	29.6	5%	38.3	-19%	69.3	76.7	-10%
Less : Unallocable expenditure net of income	8.6	7.0	24%	6.4	35%	15.1	11.2	34%
Profit before Tax	77.1	69.4	11%	79.1	-3%	156.2	38.7	303%
Segment Results – % to Segment Revenue
Conductors	4.7%	5.0%		2.8%		3.9%	3.4%
Transformer & Specialty Oils	6.2%	11.6%		10.3%		8.2%	7.8%
Power and Telecom Cables	2.5%	1.5%		4.7%		3.6%	1.1%
Total	4.8%	7.1%		6.4%		5.6%	4.5%
Segment contribution- as % to total revenue	Q2FY22	Q2FY21		Q1FY22		H1FY22	H1FY21
Conductors	44.8%	42.0%		35.4%		40.6%	47.5%
Transformer & Specialty Oils	36.9%	40.1%		43.3%		39.7%	33.9%
Power and Telecom Cables	17.6%	17.1%		20.8%		19.0%	18.0%

Consolidated Balance Sheet Statement as on Sep 30, 2021 Figures in INR crore

Sr.No	Particulars	As at 30.09.2021	As at 31.03.2021
A	Assets
1	Non-Current assets
	a) Property, Plant and Equipment	818.7	819.1
	b) Right-of-use asset	56.2	57.0
	c) Capital work-in-progress	17.9	28.7
	d) Other Intangible assets	1.6	1.8
	e) Intangible assets under development	-	-
	f) Financial Assets
	i) Investments	0.4	0.4
	ii) Trade receivables	10.8	7.7
	iii) Loans	1.0	0.9
	iv) Derivative assets	9.6	4.3
	v) Other financial assets	12.2	12.5
	g) Non current Tax Assets (net)	14.6	15.7
	h) Other non-current assets	21.5	8.4
	Sub-total- Non-Current assets	964.4	956.4
2	Current assets
	a) Inventories	1,937.7	1,562.7
	b) Financial Assets
	i) Investments	83.9	60.0
	ii) Trade receivables	2,048.8	1,861.3
	iii) Cash and Cash equivalents	176.8	209.3
	iv) Bank balances other than (iii) above	11.8	12.4
	v) Loans	0.9	0.8
	vi) Derivatives assets	107.9	24.2
	vii) Other financial assets	16.5	16.1
	c) Other current assets	253.5	295.7
	Sub-total-Current assets	4,637.8	4,042.6
	Total - Assets	5,602.2	4,999.0

Sr.No	Particulars	As at 30.09.2021	As at 31.03.2021
B	Equity And Liabilities
1	Equity
	a) Equity Share capital	38.3	38.3
	b) Other Equity	1,483.7	1,361.3
	Total Equity	1,522.0	1,399.5
2	Non-Current liabilities
	a) Financial Liabilities
	i) Borrowings	214.8	191.6
	ii) Lease liabilities	54.7	55.1
	iii) Other financial liabilities	3.1	3.1
	iv) Derivative liabilities	-	0.7
	b) Provisions	11.2	8.1
	c) Deferred tax liabilities (Net)	32.0	20.2
	Sub-total-Non-Current liabilities	315.7	278.8
3	Current liabilities
	a) Financial Liabilities
	i) Borrowings	131.8	72.6
	ii) Trade and other payables	3,360.3	3,038.1
	iii) Lease liabilities	5.7	5.5
	iv) Other financial liabilities	33.7	18.1
	v) Derivatives liabilities	83.5	46.9
	b) Other current liabilities	133.0	124.9
	c) Provisions	1.7	3.2
	d) Current tax liabilities (net)	14.8	11.3
	Sub-total-Current liabilities	3,764.5	3,320.6
	Total - Equity And Liabilities	5,602.2	4,999.0

Consolidated Cash Flow Statement for the half year ended Sep 30, 2021

Particulars	H1FY22	H1FY21
Cash flow from operating activities
Profit before tax	156.2	38.7
Adjustments for
Depreciation on property, plant and equipments	43.8	41.7
Amortisation of Right of use assets	3.8	3.8
Amortisation of intangible assets	0.5	0.4
(Gain)/loss on sale of property, plant and equipment	-0.4	0.0
Foreign currency translation reserve	1.5	-1.1
Finance costs	40.3	59.7
Finance income	-2.5	-2.5
Provision for doubtful debts made / (written back / reversed)	8.4	-5.2
Unrealised exchange loss/(gain)	6.8	-7.3
Profit on sale of investments	-4.0	-0.1
Movement in working capital
(Increase) / decrease in trade and other receivables	-244.0	370.1
(Increase) / decrease in inventories	-375.0	262.1
Increase / (decrease) in trade and other payables	422.8	-860.1
Tax paid	-33.6	-1.5
Net cash generated by / (used in) operating activities	24.7	-101.4

Particulars	H1FY22	H1FY21
Cash flow from investing activities
Acquisition of property, plant and equipment	-45.3	-14.7
Acquisition of intangibles	-0.4	-0.2
Proceeds from sale of property, plant and equipment	0.2	0.1
(Purchase) / Sale of investments (net)	-19.3	0.1
Sale / (purchase) of investment in associate	0.0	-0.4
Net cash generated by / (used in) investing activities	-64.7	-15.2
Cash flow from financing activities
Proceeds/(repayments) from short-term borrowings - net	40.7	158.3
Proceeds/(repayments) of long-term borrowings - net	39.5	-19.3
Repayment of Lease Liabilities	-3.2	-2.7
Interest received/(paid) - net	-32.6	-65.7
Dividend Payment (incuding Dividend Distribution tax)	-36.3	-0.1
Net cash (used in) / generated by financing activities	7.9	70.4
Net increase / (decrease) in cash and cash equivalents	-32.1	-46.2
Effect of exchanges rate changes on cash and cash equivalents	-0.4	0.1
Cash and cash equivalents at the beginning of the period	209.3	176.2
Cash and cash equivalents at the end of the period	176.8	130.2

Shareholding Pattern

As on September 30, 2021 Outstanding shares – 3,82,68,619

Others, 14.50%		Major Non-Promoter Shareholders	Shareholding (%)
		HDFC Trustee company	8.69
		L & T Mutual Fund Trustee Ltd	4.21
		Nippon Life India Trustee Ltd.	3.39
	Promoter,	Raiffeisen -Eurasien-Aktien	1.83

Contact us

For any Investor Relations queries, please contact:

Sanjaya Kunder APAR Industries Ltd Phone: +91 22 67800400 Email: sr.kunder@apar.com

Nitesh Kumar Phone: +91 98915 70250 nitesh.kumar@four-s.com

Seema Shukla Phone: +91 124 425 1443 seema@four-s.com

Safe Harbor:

This presentation may have certain statements that may be "forward looking" including those relating to general business plans and strategy of APAR Industries Ltd., its outlook and growth prospects. The actual results may differ materially from these forward-looking statements due to several risks and uncertainties which could include future changes or developments in APAR Industries Ltd.(APAR), the competitive environment, the company's ability to implement its strategies and initiatives, respond to technological changes as well as sociopolitical, economic and regulatory conditions in India.

All financial data in this presentation is obtained from the unaudited /audited financial statements and the various ratios are calculated based on these data. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, invitation or a solicitation of any offer, to purchase or sell, any shares of APAR and should not be considered or construed in any manner whatsoever as a recommendation that any person should subscribe for or purchase any of APAR's shares. None of the projection, expectations, estimates or prospects in this presentation should be construed as a forecast implying any indicative assurance or guarantee of future performance, nor that the assumptions on which such future projects, expectations, estimates or prospects have been prepared are complete or comprehensive .

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