APL Apollo Tubes rose 3.81% to Rs 1,418.50 at 11:45 IST on BSE after consolidated net profit rose 49.96% to Rs 41.24 crore on 11.2% rise in total revenue to Rs 1317.57 crore in Q4 March 2017 over Q4 March 2016.
The result was announced on Saturday, 20 May 2017.Meanwhile, the S&P BSE Sensex was up 155.01 points, or 0.51%, to 30,619.93. The S&P BSE Mid-Cap index was down 36.64 points, or 0.25%, to 14,607.36.
On the BSE, 426 shares were traded in the counter so far, compared with an average volume of 19,664 shares in the past one quarter. The stock hit a high of Rs 1,424.90 and a low of Rs 1,380 so far during the day. The stock hit a record high of Rs 1,550 on 3 May 2017. The stock hit a 52-week low of Rs 814 on 29 September 2016.
The stock had outperformed the market over the past one month till 19 May 2017, rising 13% compared with the 3.85% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 24.56% as against Sensex's 7.01% rise.
The mid-cap company has an equity capital of Rs 23.59 crore. Face value per share is Rs 10.
APL Apollo Tubes said that the board of directors of the company recommended a dividend of Rs 12 per share for the financial year ended 31 March 2017.
Sales Volume (excluding trading & scrap) stood at 2.34 lakh tons in Q4 March 2017 compared to 2.62 lakh tons in Q4 March 2016. Impact of demonetization combined with high base in the corresponding quarter last year led to subdued volume performance.
Commenting on the company's performance for Q4 & FY 2017, Sanjay Gupta, Chairman, APL Apollo said that the year ended 31 March 2017 (FY 2017) has been a difficult year for the company with the company facing external market challenges including demonetization and volatile steel prices, which significantly impacted volumes in the second half. However, the company made an exceptional start to the new fiscal by registering strong volumes in the month of April.
The company remains focused on further increasing this momentum in the coming quarters and is confident of delivering over 20% volume growth in FY 2018. The company recently established greenfield facility in an under penetrated market like Raipur will also support aggressive growth plans over the next 2 years, he added.
APL Apollo Tubes is one of the leading branded steel tubes manufacturer.
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