Key Financial Performance (Consolidated)

  • Revenue: ₹6,591 crore, representing 29.1% year-on-year growth
  • Domestic Revenue: Growth of 36.8%
  • Export Revenue: Growth of 12.4%
  • Export Mix: 27.5% of total revenue (vs. 31.6% previous year)
  • EBITDA: ₹814 crore, representing 62.7% year-on-year growth
  • EBITDA Margin: 12.4% (vs. 9.8% previous year)
  • PAT: ₹467 crore, representing 77.7% year-on-year growth
  • PAT Margin: 7.1% (200 basis points improvement)
  • Management noted this represents the highest quarterly sales and profit in company history

Division-wise Performance

Conductor Division
  • Revenue: ₹3,338 crore (19.9% YoY growth)
  • Volume: Down 6.7% YoY due to aluminum price surge affecting customer manufacturing clearances
  • Domestic Revenue: Up 19.3%
  • Export Revenue: Up 22.2%
  • Export Mix: 20.5%
  • Premium Segment Contribution: 50.3% of division revenue (vs. 43.7% previous year)
  • EBITDA: ₹285 crore (14% YoY growth)
  • EBITDA per ton: ₹53,418 (vs. ₹43,688 previous year)
  • Pending Order Book: ₹10,190 crore with export proportion of 56.8%
  • New Orders Received: ₹5,245 crore in quarter (exports contributed 65.8%)
  • Includes two major overseas utility orders exceeding ₹2,800 crore with multi-year delivery schedules
  • Achieved all-time highest reconducting installations
  • Received approval from major US utility for OPGW with 144 counts
Oil Division
  • Revenue: ₹1,701 crore (34.7% YoY growth)
  • Volume: 129,085 kL (down 13.7% YoY)
  • India Volume: Down only 4.4% despite supply chain challenges
  • Domestic Transformer Oil: Volumes reduced 6.2%
  • Global Transformer Oil: Volumes down 8%
  • Auto Oil: Volumes grew 6.6%
  • Industrial Lubricant: Volumes grew 12.1%
  • Provision: ₹94 crore made for inventory valuation following accounting standards
  • EBITDA: ₹329 crore (214% YoY growth)
  • EBITDA per kL: ₹25,482 (vs. ₹7,004 previous year)
  • UAE facility operations affected by Hamriyah port closure due to geopolitical situation
Cable Division
  • Revenue: ₹1,838 crore (29.5% YoY growth)
  • Domestic Revenue: Grew 59.9%
  • Export Revenue: Down 13.7%
  • Export Mix: 27.6%
  • US Revenue: Grew 2.5% YoY
  • EBITDA: ₹194 crore (36.7% YoY growth)
  • EBITDA Margin: 10.6% (60 basis points improvement)
  • Pending Order Book: ₹1,925 crore (vs. ₹1,653 crore previous year)
  • Received approvals for copper cables from Meta, Microsoft, and Google for US data centers
  • Now participating in RFQs for both aluminum and copper cables in US market

Operational Highlights

  • Company navigated challenging external environment including US-Iran war impact, logistics difficulties, and manpower shortages in May
  • Demonstrated strong risk management and execution discipline
  • Capacity utilization ranges between 80-90% across different product categories
  • Working capital maintained at 45-50 days
  • Company reduced inventory levels in oil division to manage price volatility

Market Developments

  • US market dynamics discussed: 66% copper, 33% aluminum cable market
  • Section 232 tariffs: 50% duty on aluminum products including conductors
  • Section 301 tariffs: 10% duty mentioned for certain products
  • US conductor market: 70% locally produced, 30% import market where APAR participates
  • Data center cable approvals enable participation in higher-value copper cable segments

Management Commentary

  • Manufacturing clearances delayed for conventional conductors due to aluminum price surge
  • Premium products continued normal execution
  • US conductor orders affected by temporary Section 232 implementation confusion
  • Metal price volatility affected customer purchasing behavior
  • Company following all accounting standards for inventory valuation
  • Capex investments ongoing to address high capacity utilization