In FY23, export revenue increased by 97% YoY backed by an improved mix of premium products. Segment-wise, cable increased by 64%, conductors segment increased by 67%, and the TSO segment grew by 31% on a yearly basis.

In Q1FY24, the revenue increased by 22% YoY to ₹3,773 crore, led by higher volumes with 92.1% increase in the cable division exports and 57.7% increase in the conductor segment. The upgrade also factors improvement in the debt coverage metrics, improved interest coverage and lower net debt/EBITDA at 3.13x (PY: 4.82x) as on March 31, 2023.

Established in 1958, Apar Industries, formerly known as Power Cables Private Limited, R is amongst the top three producers of conductors and speciality oils in the world. It is engaged in the manufacturing of TSO and transmission & distribution overhead conductors with a total installed capacity of 542,000 KL and 180,000 MT, respectively, as on March 31, 2023. In the conductor division, APAR caters to prominent customers like Power Grid Corporation of India, various state government entities, Larsen & Tuobro, and turnkey operators with whom it has a long-standing relationship. APAR also exports to major geographies with focus on Australia, South East Asia, Middle East, Latin America, North America and Africa among others and has presence in more than 140 countries.

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Apar Industries rating

From ₹1,200 to ₹5,801: This midcap stock surges 383% in a year