 "APL Apollo Tubes surges 9%, hits 52-week high on strong Q3 results")
Shares of APL Apollo Tubes surged 9 per cent to Rs 2,213 on the BSE on Monday after reporting a strong performance in the December quarter during which its consolidated net profit zoomed over 6-fold to Rs 83.2 crore from Rs 12.9 crore in the year-ago quarter. The stock of the country’s leading branded steel tubes manufacturer was trading at its 52-week high level on the BSE.
The company’s net revenues rose 25 per cent year-on-year (YoY) to Rs 2,116 crore on the back of strong volume growth. Sales volume increased 52 per cent YoY to 4.80 lakh tons from 3.14 lakh tons.
Earnings before interest, tax, depreciation and amortisation (EBITDA) more than doubled to Rs 165 crore compared to Rs 62 crore in the previous year's quarter. EBITDA per ton stood at Rs 3,440/ ton against Rs 1,981/ton in corresponding quarter of previous fiscal.
The management said that healthy volume growth during the quarter was led by strong demand across product categories. Strong volume contribution from Apollo Tricoat also assisted overall volume growth during the quarter.
The company is well positioned to benefit from the recovery in the operating environment and looks forward to delivering healthy results in the upcoming quarters. Overall, the company remains confident of delivering healthy sales volume growth in FY20 & FY21, it said.
At 09:29 am, the stock was trading 7 per cent higher at Rs 2,180 on the BSE. In comparison, the S&P BSE Sensex was down 0.67 per cent at 41,334 points. A combined 70,517 equity shares have changed hands on the counter on the NSE and BSE so far.
The company’s net revenues rose 25 per cent year-on-year (YoY) to Rs 2,116 crore on the back of strong volume growth. Sales volume increased 52 per cent YoY to 4.80 lakh tons from 3.14 lakh tons.
Earnings before interest, tax, depreciation and amortisation (EBITDA) more than doubled to Rs 165 crore compared to Rs 62 crore in the previous year's quarter. EBITDA per ton stood at Rs 3,440/ ton against Rs 1,981/ton in corresponding quarter of previous fiscal.
The management said that healthy volume growth during the quarter was led by strong demand across product categories. Strong volume contribution from Apollo Tricoat also assisted overall volume growth during the quarter.
The company is well positioned to benefit from the recovery in the operating environment and looks forward to delivering healthy results in the upcoming quarters. Overall, the company remains confident of delivering healthy sales volume growth in FY20 & FY21, it said.
At 09:29 am, the stock was trading 7 per cent higher at Rs 2,180 on the BSE. In comparison, the S&P BSE Sensex was down 0.67 per cent at 41,334 points. A combined 70,517 equity shares have changed hands on the counter on the NSE and BSE so far.
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