Apollo Tyres Ltd. benchmarking: Perfomance to industry peers

Financial

	Apollo Tyres	Balkrishna Inds.	CEAT
Operational Metrics
Auto Ancillary Sector
Capacity Utilization - Tyres	n/a	n/a	n/a
Unclassified
R&D as a % of Total Sales	1.0 %	0.57 %	1.72 %
Financials
5 yr Average ROE	7.36 %	17.37 %	9.47 %
5yr average Equity Multiplier	2.18	1.53	2.62
5yr Average Asset Turnover Ratio	0.83	0.72	1.1
5yr Avg Net Profit Margin	4.08 %	16.01 %	3.41 %
Price to Book	2.01	4.29	3.23
P/E	35.71	30.65	32.74
5yr Avg Cash Conversion Cycle	35.97 Days	49.31 Days	-36.53 Days
Inventory Days	65.04 Days	56.3 Days	41.33 Days
Days Receivable	40.01 Days	51.31 Days	40.54 Days
Days Payable	86.09 Days	62.39 Days	118.78 Days
5yr Average Interest Coverage Ratio	3.75	82.61	2.94
5yr Avg ROCE	10.5 %	21.6 %	12.72 %
5yr Avg Operating Profit Margin	14.71 %	24.09 %	10.75 %
5 yr average Debt to Equity	0.41	0.33	0.5
5yr CAGR Net Profit	26.21 %	7.04 %	1.81 %
5yr Average Return on Assets	3.55 %	11.48 %	3.73 %
Shareholdings
Promoter Holding	36.95 %	58.29 %	47.21 %
Share Pledged by Promoters	0.07 %	0.0	0.0
Change in Promoter Holding (3 Yrs)	-0.39 %	0.0	0.0
Change in Mutual Fund Holding (3 Yrs)	5.18 %	7.24 %	9.94 %

Business

	Apollo Tyres	Balkrishna Inds.	CEAT
Product Wise Break-Up	Product Wise Break-Up Tyres 100.0 Government grants 0 Royalty income 0 Sale of scrap 0 Tubes and others 0 Automotive Tyres 0	-	Product Wise Break-Up Tyres 0 Government 0.94 Tubes 5.88 scrap 0.55 Royalty income 0.05 Tyres 92.51 Others 0.07
Location Wise Break-Up	Location Wise Break-Up Asia Pacific 61.78 Europe 23.65 North America 0 India 0 Rest of the World 0 Others 14.57	Location Wise Break-Up India 34.9 Rest of the World 0 Europe 38.4 North America 17.0 Asia Pacific 0 Others 9.7	Location Wise Break-Up India 81.0 Rest of the World 19.0 Europe 0 North America 0 Asia Pacific 0
OEM vs Aftermarket	OEM vs Aftermarket After market 75.0 OEM 25.0 OEMs 0	OEM vs Aftermarket After market 0 OEMs 0 OEM 25.2 Others 74.8	OEM vs Aftermarket After market 0 OEM 28.0 OEM 0 Others 72.0
Operating Profit Break-Up	Operating Profit Break-Up APMEA 83.19 Europe 9.45 Others 7.36	-	-
Customer Segment	Customer Segment Truck and Bus 42.0 4 Wheeler 35.0 Off Highway 11.0 Light Commercial Vehicles 7.0 ATV and lawn and garden 0 OTR 0 Agriculture 0 Speciality 0 Farm 0 Passenger Car/Utility Vehicles 0 LCV & LM 0 2/3 Wheeler 0 Truck and Buses 0 Others 5.0	Customer Segment Agricultural 58.9 Truck and Buses 0 4 Wheeler 0 Light Commercial Vehicles 0 ATV and lawn and garden 0 Truck and Bus 0 LCV & LM 0 Speciality 0 Passenger Car/Utility Vehicles 0 Farm 0 2/3 Wheeler 0 Off Highway 0 OTR 37.3 Others 3.8	Customer Segment Agriculture 0 Truck and Bus 30.0 4 Wheeler 0 Light Commercial Vehicles 0 ATV and lawn and garden 0 Truck and Bus 0 Light Commercial Vehicles 7.0 Speciality 0 4 Wheeler 21.0 Farm 0 2 & 3 Wheelers 27.0 Off Highway 15.0 OTR 0
Raw Material Break-Up	Raw Material Break-Up Rubber 49.17 Carbon Black 14.78 Chemicals 11.02 Fabric 10.72 Fabrics 0 Others 14.31	-	Raw Material Break-Up Rubber 47.42 Carbon Black 0 Chemicals 6.42 Fabric 7.42 Fabric 0 Others 38.74
Asset Break-Up	Asset Break-Up APMEA 61.4 Europe 32.63 Outside India 0 In India 0 India 0 Others 5.97	Asset Break-Up APMEA 0 India 0 India 99.66 Europe 0 Outside India 0.34	Asset Break-Up APMEA 0 India 98.26 In India 0 Europe 0 Outside India 0 Others 1.74

Apollo Tyres Ltd.

Apollo Tyres Ltd.

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