BSE: 517096 | NSE: APLAB | Electric Equipment | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Aplab Ltd is a below average quality company.
The key valuation ratios of Aplab Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Aplab Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -4.1% | -7.8% | -3.3% | -10% | 36.3% | 16.1% | 13.8% | 15.1% | 14.1% | 13% | - |
| Value Creation Index ⓘ | -1.3 | NA | NA | NA | NA | NA | NA | 0.1 | 0.0 | -0.1 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 74.3 | 71 | 72.1 | 61 | 53.2 | 51.6 | 53 | 51.4 | 51.5 | 49.5 | 53 |
| Sales YoY Gr. | - | -4.4% | 1.5% | -15.3% | -12.8% | -3% | 2.8% | -3.1% | 0.3% | -3.8% | - |
| Adj EPS ⓘ | -20.2 | -24.7 | -19.3 | -22.1 | -2.7 | -2.9 | -0.6 | 1.2 | 1.7 | 1.1 | 1.8 |
| YoY Gr. | - | NA | NA | NA | NA | NA | NA | NA | 48.7% | -38% | - |
| BVPS (₹) ⓘ | 16.7 | -7.8 | -25.1 | -45.3 | -37.1 | -36.7 | -36.3 | -20.8 | -19.8 | 6.5 | 8.3 |
| Adj Net Profit ⓘ | -14.5 | -17.7 | -13.9 | -15.9 | -2 | -2.1 | -0.4 | 1.2 | 1.7 | 1.2 | 2 |
| Cash Flow from Ops. ⓘ | -3.6 | -5.7 | 4.5 | -17.1 | -5.1 | -23.4 | -1 | 18.7 | -2.9 | -3.4 | - |
| Debt/CF from Ops. ⓘ | -20.1 | -14.7 | 18.4 | -4.1 | -13.9 | -3.1 | -70.2 | 2.5 | -17.4 | -7.7 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | -4.4% | -1.4% | -2.2% | -3.8% | ||||
| Adj EPS ⓘ | NA | NA | NA | -38% | ||||
| BVPSⓘ | -9.9% | NA | NA | NA | ||||
| Share Price | 13% | 81.8% | 57.7% | -4.5% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -74.6 | -550 | 117.6 | 62.8 | 6.6 | 7.8 | 1.6 | -4.9 | -8.5 | -24.4 | 24.3 |
| Op. Profit Mgn % ⓘ | -3.7 | -8.2 | -3.6 | -6.5 | -4.7 | 9.1 | 9.9 | 13.5 | 10.9 | 9.1 | 6.8 |
| Net Profit Mgn % ⓘ | -19.5 | -25 | -19.3 | -26 | -3.7 | -4 | -0.8 | 2.3 | 3.3 | 2.4 | 4.2 |
| Debt to Equity ⓘ | 6.1 | -14.9 | -4.5 | -2.2 | -2.6 | -2.7 | -2.8 | -2.3 | -2.5 | 2.6 | 0 |
| Working Cap Days ⓘ | 389 | 356 | 343 | 384 | 551 | 688 | 623 | 551 | 504 | 542 | 160 |
| Cash Conv. Cycle ⓘ | 244 | 171 | 118 | 102 | 89 | 153 | 142 | 143 | 233 | 312 | 9 |
Return on Equity has increased versus last 3 years average to 24.30%
Sales growth has been subdued in last 3 years -2.24%
Sales growth is not so good in last 4 quarters at 8.75%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 1.8 | -14.4 |
| TTM Sales (₹ Cr.) | 53.3 | 71.1 |
| BVPS (₹.) ⓘ | 8.3 | 0 |
| Reserves (₹ Cr.) ⓘ | -2 | -10 |
| P/BV ⓘ | 10.06 | 0.00 |
| PE ⓘ | 46.06 | 0.00 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 64.70 / 127.00 |
| All Time Low / High (₹) | 1.32 / 129.44 |
| Market Cap (₹ Cr.) | 104 |
| Equity (₹ Cr.) | 12.6 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 91.8 |
| Pledged * | 1.01 | 1.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 74 | 71 | 72 | 61 | 53 | 52 | 53 | 51 | 51 | 50 |
| Operating Expenses ⓘ | 77 | 77 | 75 | 65 | 56 | 47 | 48 | 44 | 46 | 45 |
| Manufacturing Costs | 5 | 5 | 5 | 6 | 5 | 5 | 5 | 6 | 6 | 7 |
| Material Costs | 44 | 45 | 42 | 30 | 26 | 19 | 23 | 19 | 17 | 16 |
| Employee Cost | 19 | 17 | 17 | 18 | 14 | 13 | 11 | 13 | 13 | 12 |
| Other Costs ⓘ | 9 | 11 | 11 | 11 | 11 | 9 | 8 | 7 | 10 | 9 |
| Operating Profit ⓘ | -3 | -6 | -3 | -4 | -2 | 5 | 5 | 7 | 6 | 5 |
| Operating Profit Margin (%) | -3.7% | -8.2% | -3.9% | -6.5% | -4.7% | 9.0% | 9.9% | 13.5% | 10.9% | 9.1% |
| Other Income ⓘ | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 0 | 1 | 1 |
| Interest ⓘ | 11 | 11 | 11 | 11 | 8 | 7 | 7 | 5 | 4 | 4 |
| Depreciation ⓘ | 2 | 2 | 2 | 1 | 1 | 1 | 0 | 0 | 0 | 0 |
| Exceptional Items ⓘ | 0 | 0 | 1 | 0 | 18 | 3 | 0 | -1 | -2 | -1 |
| Profit Before Tax ⓘ | -14 | -18 | -14 | -16 | 7 | 0 | 0 | 0 | 0 | 1 |
| Tax ⓘ | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -14 | -18 | -14 | -16 | 5 | 0 | 0 | 0 | 0 | 1 |
| PAT Margin (%) | -19.4% | -24.8% | -18.8% | -26.0% | 10.2% | 0.4% | -0.7% | 0.3% | 0.4% | 1.6% |
| Adjusted EPS (₹) | -20.1 | -24.5 | -18.9 | -22.1 | 7.5 | 0.3 | -0.5 | 0.2 | 0.2 | 0.7 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 12 | -6 | -18 | -33 | -27 | -26 | -26 | -21 | -20 | 10 |
| Share Capital ⓘ | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 10 | 10 | 14 |
| Reserves ⓘ | 7 | -11 | -23 | -38 | -32 | -31 | -31 | -31 | -30 | -4 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 70 | 72 | 66 | 70 | 70 | 71 | 72 | 48 | 50 | 26 |
| Long Term Debt | 7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short Term Debt | 62 | 72 | 66 | 70 | 70 | 71 | 72 | 48 | 50 | 26 |
| Trade Payables | 12 | 23 | 2 | 13 | 11 | 9 | 11 | 7 | 9 | 8 |
| Others Liabilities ⓘ | 33 | 42 | 77 | 64 | 58 | 49 | 43 | 42 | 46 | 36 |
| Total Liabilities ⓘ | 127 | 132 | 127 | 114 | 113 | 103 | 99 | 76 | 85 | 81 |
Fixed Assets | ||||||||||
| Gross Block | 80 | 80 | 80 | 40 | 30 | 4 | 20 | 23 | 24 | 24 |
| Accumulated Depreciation | 25 | 27 | 28 | 23 | 26 | 1 | 16 | 17 | 17 | 17 |
| Net Fixed Assetsⓘ | 55 | 53 | 52 | 17 | 4 | 4 | 3 | 6 | 7 | 7 |
| CWIP ⓘ | 0 | 0 | 0 | 1 | 2 | 4 | 4 | 1 | 0 | 0 |
| Investmentsⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventories | 33 | 19 | 12 | 14 | 13 | 16 | 15 | 15 | 25 | 29 |
| Trade Receivables | 18 | 20 | 18 | 6 | 19 | 19 | 15 | 18 | 30 | 23 |
| Cash Equivalents | -2 | 6 | 3 | 4 | 4 | 4 | 3 | 2 | 2 | 2 |
| Others Assetsⓘ | 22 | 33 | 43 | 73 | 70 | 57 | 58 | 34 | 21 | 19 |
| Total Assets ⓘ | 127 | 132 | 127 | 114 | 113 | 103 | 99 | 76 | 85 | 81 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | -4 | -6 | 4 | -17 | -5 | -23 | -1 | 19 | -3 | -3 |
| PBT ⓘ | -14 | -18 | -12 | -16 | 7 | 0 | 0 | 0 | 1 | 2 |
| Adjustment ⓘ | 1 | 1 | 2 | 14 | -10 | 1 | 1 | 0 | 0 | 0 |
| Changes in Working Capital ⓘ | 9 | 10 | 15 | -15 | -1 | -24 | -2 | 18 | -4 | -5 |
| Tax Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow From Investing Activity ⓘ | 3 | 0 | 0 | -2 | 10 | 32 | 0 | 0 | 0 | 0 |
| Capex | 0 | 0 | 0 | -1 | 11 | 32 | 0 | 0 | -1 | 0 |
| Net Investments | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 0 | 0 | 0 | 0 | -2 | 0 | 0 | 0 | 1 | 0 |
| Cash Flow From Financing Activityⓘ | -2 | 12 | -7 | 20 | -5 | -8 | 0 | -19 | 3 | 3 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 0 | 25 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Paid ⓘ | 0 | 0 | 0 | -10 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | -2 | 12 | -7 | 30 | -5 | -8 | 0 | -24 | 3 | -21 |
| Net Cash Flow ⓘ | -3 | 6 | -3 | 1 | 0 | 0 | -1 | -1 | 0 | 0 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -74.37 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| ROCE (%) | -4.06 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 13.03 |
| Asset Turnover Ratio | 0.56 | 0.58 | 0.59 | 0.51 | 0.47 | 0.48 | 0.53 | 0.59 | 0.64 | 0.6 |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | N/A | -1 | N/A | N/A | N/A | N/A | -3 | Working Capital Days |
| Receivable Days | 111 | 93 | 89 | 70 | 87 | 135 | 118 | 116 | 169 | 194 |
| Inventory Days | 164 | 127 | 72 | 75 | 92 | 103 | 108 | 109 | 142 | 200 |
| Payable Days | 51 | 75 | 71 | 91 | 167 | 184 | 153 | 168 | 169 | 195 |
Aplab Limited, incorporated in 1962 is recognized as a technology-driven professional company in business sectors like telecommunication, information technology, retail banking, retail fuel dispensing and power control & conditioning.
The company has four independent product divisions; test and measurement equipments, power conversion and UPS systems, self-service terminals for banking and petroleum sector.
Aplab enjoys worldwide recognition for the quality of its products, business integrity and innovative engineering skills.
Aplab provides a wide range of electronic products meeting the international standards for safety and reliability such as UL, VDE, etc.
The company’s manufacturing plants are located at Thane, Mumbai, Navi-Mumbai and Pune with a shop floor over 200,000 sq. ft.
Further, the company also has a manufacturing plant located in the SEZ near the Mumbai Airport that has a standard lab with equipment from Agilent, Yokogawa, Fluke, Marconi, etc, 3D CAD facilities for product design, automated pick and place surface mount PCB facility with optional inspection tools and quality-testing laboratory with environmental test chambers and Endurance testing facility.
Products
The company operates subsidiaries namely Intel Instruments & Systems Limited and Sprylogic Technologies Limited. The securities are listed on the stock exchanges at Mumbai, Delhi, Chennai and Pune.
Aplab’s sales and service centres are located at Agra, Ahmedabad, Bangalore, Bhopal, Bhuvaneshwar, Chandigarh, Chennai, Coimbatore, Gauhati, Goa, Hubli, Indore, Jaipur, Kochi, Kolkatta, Kannur, Lucknow, Ludhiana, Mumbai, Mysore, Madurai, Mangalore, Nagpur, Nashik, New Delhi, Patna, Pune, Raipur, Ranchi, Secunderabad, Surat, Trivandrum and Trichy.
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