IDBI Capital: APL Apollo Tubes Q2 Review - Margin Beat; Market Share Gains Continue 
A worker paints code numbers onto steel tubes. (Photographer: Dhiraj Singh/Bloomberg)

IDBI Capital: APL Apollo Tubes Q2 Review - Margin Beat; Market Share Gains Continue 

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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.

IDBI Capital Report

APL Apollo Tubes Ltd. reported better than expected profitability for Q2 FY21 as its Ebitda was 7% higher than our estimate.

It reported strong sales volume at 481 kilotonne (up 31% YoY). Ebitda/tonne at Rs 3,514 (up 78% YoY) was 13% better than our forecast.

Ebitda jumped 135% YoY to Rs 1.7 billion. Interest cost declined by 41% to Rs 159 million as debt fell to Rs 3 billion in H1 FY21 from Rs 8 billion as of FY20.

Net profit jumped 54% YoY to Rs 921 million.

Click on the attachment to read the full report:

IDBI Capital APL Apollo Tubes Q2FY21 Result Update.pdf

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