Apollo Pipes reported 145% jump in net profit to Rs 16.33 crore in Q3 FY21 as against Rs 6.66 crore in Q3 FY20.
Sales volume rose 7% to 11,445 tons in Q3 December 2020 as against Rs 10,712 tons in Q3 December 2019. Revenue from operations during the quarter increased by 28% year-on-year (YoY) to Rs 128.1 crore.
EBITDA surged 138% to Rs 25.5 crore in the third quarter from Rs 10.7 crore in the same period last year. EBITDA margin was at 20% in Q3 December 2020 as against 11% in Q3 December 2019.
Profit before tax in Q3 FY21 stood at Rs 22.29 crore, up by 163% from Rs 8.47 crore in Q3 FY20. Tax outgo was in Q3 December 2020 was Rs 6 crore as against Rs 1.8 crore in Q3 December 2019.
Commenting on the company's performance for Q3 FY2021, Sameer Gupta, managing director, Apollo Pipes, said: "We have reported an encouraging performance during the quarter led by a robust uptick in consumption in the domestic markets.
During the quarter, our sales volume grew by 7% to 11,445 MTPA, driven by a healthy contribution from the cPVC, HDPE pipe and value-added product segment of Fittings.
Cost-optimization measures and improved contribution from the high-margin fittings segment further resulted in a better gross margin performance during the quarter.
From an operational standpoint, our existing manufacturing facilities at Dadri, Ahmedabad and Tumkur are operating at steady utilization levels and we remain confident of further improving it to the optimal levels in the quarters ahead.
I am also happy to share that the plan to operationalize our Greenfield facility at Raipur is advancing well and we remain on track to commission this facility by March 2021. We are also progressing on our brownfield expansion plans at the three plants of Dadri, Ahmedabad and Tumkur.
In addition, our latest range of Water Storage Tanks are seeing strong acceptance in the domestic market and accordingly, we have already doubled the capacity for this product at our plant in Sikandarabad (Dadri) and also commissioned 1 unit at Tumkur. So, on the whole, the planned capacity additions should enable us to deliver improved sales momentum, going forward."
Apollo Pipes is a piping solution provider. The company's product profile includes over 1,000 product varieties of cPVC, uPVC, and HDPE pipes, Water storage tanks, PVC taps, fittings and solvents. The products cater to an array of industrial applications such as agriculture, water management, construction, infrastructure, and telecom ducting segments.
The scrip fell 1.20% to Rs 734.35 on Friday.
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