APL Apollo Tubes Q4 Review - Profitability Intact: Centrum Broking

Aluminium tubes manufactured by APL Apollo Tubes Ltd. sit stacked on racks in companys warehouse (Source: Company website)

APL Apollo Tubes Q4 Review - Profitability Intact: Centrum Broking

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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.

Click on the attachment to read the full report:

Centrum Broking APL Apollo Tubes - Q4FY21 Result Update.pdf


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