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Apollo Pipes - Expanding Horizons In The Fast-Growing Pipes Industry: Systematix Initiates Coverage

Through its extensive product offerings Apollo Pipes seeks to achieve 25% plus revenue CAGR over the next three years.

<div class="paragraphs"><p>Range of Apollo Pipes. (Source: Company website)</p></div>
Range of Apollo Pipes. (Source: Company website)

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. 

Systematix Research Report

Apollo Pipes Ltd. expanded the fastest among listed peers over FY18-22 at 12% volume and 28% revenue compound annual growth rate. Through its extensive product offerings (pipes to fittings, water tanks and bathware products), the company seeks to achieve 25% plus revenue CAGR over the next three years.

From a north focused company, Apollo Pipes’ plants are now located pan India with 125,200 million tonnes per annum total capacity (from 60,000 mtpa in FY18, mostly added in the non-northern markets).

Apollo Pipes will continue to lead industry performance (15%/16%/23%/27% CAGR in volume/revenue/Ebitda/profit after tax over FY22- 25E), in our view, through key long-term growth drivers, which involve-

  1. focusing on the high-margin value-added building product segment, and

  2. fulfilling pan India aspiration of setting up plants in all regions, and achieving higher capacity utilisation.

Click on the attachment to read the full report:

Systematix Apollo Pipes - Initiating Coverage.pdf

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