APL Apollo Tubes (APL) results were broadly in line with our expectations. Net sales increased 25.8% YoY to Rs20 bn mainly led by strong volume growth (+52.6% YoY to 0.5 mn tonnes) partially offset by lower realization (-17.5% YoY to Rs42,489/tonne) due to lower steel prices. EBITDA jumped 171% YoY to Rs1.6 bn as EBITDA/ tonne improved 77.6% YoY to Rs3,342. Net profit jumped nearly 4.7x YoY to Rs742 mn. The company...