Apollo Tricoat Stock Jumps To A Record High As Sales Volumes Surge
Shares of Apollo Tricoat Tubes Ltd. jumped to an all-time high after the steel tubes and pipe maker reported record sales volumes in the quarter ended December.
The company’s overall sales volume rose 54% year-on-year to 72,604 tonnes in the October-December period, according to an exchange filing. Sequentially, the rise was 19%.
How the company’s home improvement products fared in the third quarter: (year-on-year)
Apollo Signature sales volumes rose 41% to 28,058 tonnes
Apollo Chaukhat sales volumes rose 84% to 16,310 tonnes
Apollo Elegant sales volumes up 245% to 27,158 tonnes
Apollo Plank sales volumes up 48% to 1,078 tonnes
The company operates two manufacturing facilities in Karnataka and Uttar Pradesh with a total capacity of 3.5 lakh tonnes.
Its parent APL Apollo Tubes Ltd. reported a 1% year-on-year rise in overall sales volumes for the October-December period at 4,85,579 tonnes. Apollo Tubes has also increased its share in the structural steel tubes market to 50% from 40% since March 2020, according to a separate exchange filing.
Shares of Apollo Tricoat Tubes rose as much as 3.6% to Rs 889 apiece. The stock is up for the third straight day. The two analysts tracking the stock recommend a ‘buy’.