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ICICI Securities Report
We visited APL Apollo Tubes Ltd.'s Murbad, Maharashtra facility and met with multiple APL distributors.
Murbad was Lloyds steel plant, which APL acquired in CY10 for a cash consideration of Rs 400 million with a capacity of 90,000te.
The same has been ramped up to 0.35 metric tonne per annum over past seven years, with the introduction of direct forming technology and cold rolling and Galva capacity. We witnessed, firsthand, the increased capacity turns that DFT allows (~8 hours of conventional rolling time to ~1 hour of DFT rolling, including HR slitting).
Distributors re-iterated the well-known reasons behind APL gaining ~ 50% share in the structural tubes market in India.
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