Muted Q4, new plant commission and momentum in auto sector to drive growth Higher RM costs have a sinking effect on profitability Apollo's standalone net sales grew by 10.6% yoy and 8.3% qoq to 25.9bn. The yoy growth came on the back of 9% blended volume growth, out of which the PCR segment contributed 20%, while TB segment remained flat. OEM segment (30% of sales in Q4) grew at a higher rate than replacement. In the first three quarters of FY17, the company had taken price cuts, but since the beginning of Q4, the NR prices have gone up by 13%, to adjust for which the company has taken price hikes of 5-6% in April. Hence, at the EBITDA levels, profits fell by 26%...