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