APL Apollo Tubes Q4 Review - Strong Operating Performance: Systematix
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Systematix Research Report
APL Apollo Tubes Ltd.’s Q4 FY21 revenue/Ebitda/profit after tax grew 37%/72%/110% YoY to Rs 25.9 billion/Rs 2.1 billion/Rs 1.2 billion driven by better realisations (though below expectations) and cost control measures.
Revenue was 6% below our estimate of Rs 27.6 billion and Ebitda was above our expectation of Rs 2 billion.
Volumes grew 9% YoY to 435-kilo tonne and net sales realisation improved 26% YoY to Rs 59/kilogram.
The average hot-rolled coil price for the quarter was Rs 55,650/tonne (up 48% YoY).
Ebitda/tonne grew 58% YoY to Rs 4,742.
Excluding-Apollo Tricoat Tubes Ltd., Ebitda/tonne increased 60% YoY to Rs 4,218.
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