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.
ICICI Securities Report
APL Apollo Tubes Ltd. continues to chart a lead role in catalysing steel tubes market in India.
Strong growth guidance along with increasing added mix (70-75% by FY25E) along with intense efforts towards market creation are clear earnings triggers.
Underlying business return on capital employed are already at 50%, and should reflect in the print as four million tonne per annum volume run-rate is achieved.
We expect APL Apollo Tubes’ market share gains to accelerate with the commissioning of the new Raipur plant.
Current business environment is offering a counter-cyclical investment opportunity, in our view, with 20-25% gap between flat and long steel products hindering volume growth for APL Apollo Tubes, an environment which is expected to normalise in the medium term.
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