BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
IDBI Capital Report
APL Apollo Tubes Ltd. reported strong improvement in profitability for Q1 FY22; its Ebitda was a strong beat to our forecast.
The company’s Ebitda/tonne jumped to Rs 6,825 (up 129% YoY, up 44% QoQ) driven by-
strong demand,
better product mix and
higher contribution from high-margin Apollo Tricoat products.
Despite 14% QoQ fall in volumes, APL Apollo’s Ebitda jumped 23% QoQ to Rs 2.5 billion and net profit was higher by 24% QoQ to Rs 1.5 billion.
We raise our margin estimates for FY22/FY23 given strong margin improvement in Q1 FY22 and anticipated higher demand.
Overall our FY22/FY23 Ebitda estimates are higher by 10%/12%, respectively.
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