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.
Centrum Broking Report
APL Apollo Tubes Ltd. recorded better than expected Q4 FY21 Ebitda of Rs 2.07 billion (our estimate: Rs 1.8 billion) on account of higher premium/lower discounts.
Ebitda was down 11% QoQ primarily on account of lower volume as customers deferred demand amid rising commodity prices in January-February 2021.
The second wave of Covid-19 will affect volume again in Q1 FY22 but we remain positive on long term structural steel growth outlook and view the company to be a natural beneficiary with more than 50% market share.
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