Nuvama remains upbeat on APL Apollo Tubes after its recent interaction with the company's top management, reiterating a 'Buy' rating with a target price of ₹2,093, valued at 36x Q2FY28E EPS
Analysts at Nuvama noted that APL Apollo launched its new 'SG Premium' product line at around ₹49,500 per tonne to counter competition from secondary steel players.
Around 9:30 AM, APL Apollo Tubes shares continued to trade lower, down 3.46 per cent at ₹1,630 per share. In comparison, BSE Sensex was trading 0.51 per cent lower at 81,764.21 levels.
APL Apollo's stock was quoting at ₹1,699, up 2.18 per cent after the company reported strong fourth quarter results
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As per the channel Check, APL's growth momentum is likely to remain, aided by customers shifting from refurbished steel to hot-rolled coil (HRC) structural steel tubes
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An analysis by IIFL Securities, shows APL Apollo could see inflows worth $195 mn from passive trackers, followed by Tata Motors ($134 mn) and Lodha ($128 mn)
The steel tube maker's consolidated profit rose 35% to Rs 203 crore in the second quarter, but missed analysts' average estimate of Rs 222 crore, according to LSEG data
According to reports, the promoter was to sell stake close to 1 per cent stake via block deals.
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Apollo Z, the company's rust-proof structures segment and its second-biggest business, posted a 7% drop in sales volume
Apollo Tyres on Thursday said its consolidated net profit has declined by 61 per cent to Rs 113 crore for the fourth quarter ended March. The company had reported a consolidated net profit of Rs 287 crore in the January-March quarter of 2020-21 fiscal. Revenue from operations rose by 11 per cent to Rs 5,578 crore, as against Rs 5,026 crore in the fourth quarter of FY21, Apollo Tyres said in a statement. For the year ended March 31, 2022, the tyre major said its net profit increased by 82 per cent to Rs 639 crore, as compared to Rs 350 crore in 2020-21. Revenue from operations rose by 20 per cent to Rs 20,948 crore, as against Rs 17,397 crores in FY21, the company said. "The unprecedented rise in input costs in FY22, have taken a toll on our margins, despite our internal cost control measures, and multiple rounds of price corrections undertaken in different product categories," Apollo Tyres Chairman Onkar Kanwar noted. The robust demand witnessed by the company's European operatio
APL Apollo said Q3FY22 sales volume of 402,729 tons declined QoQ due to channel de-stocking in anticipation of steel price correction and extended monsoons, which impacted the construction activity.