APL Apollo Tubes Q3 Review - Lower Volumes Impact Operating Performance: Motilal Oswal
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Motilal Oswal Report
APL Apollo Tubes Ltd. reported subdued operating performance. This was particularly weighed by decline in volumes by 17% YoY due to channel de-stocking and demand being deferred in Infra and other sectors.
Ebitda/metric tonne grew 5% YoY to Rs 5,023 on a higher mix of value added products.
Operating performance was in line with our estimates. We maintain our FY23E/FY24E earnings estimate as APL Apollo Tubes is expected to maintain its growth trajectory on a strong demand outlook.
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