APL Apollo Tubes Ltd.

NSE: APLAPOLLO | BSE: 533758 | ISIN: INE702C01027 | Industry: Iron & Steel Products
| Expensive Performer
882.95 16.80 (1.94%)
NSE Jun 24, 2022 15:31 PM
Volume: 161.2K
 

APL Apollo Tubes Ltd.    
16 May 2022
882.95
1.94%
HDFC Securities
APL Apollo: APL Apollo Tubes' (APL) Q4 revenue increased 63% YoY/31% QoQ to INR42.1bn, led by strong volume growth (+26.7% YoY) and higher realisation (+28.5% YoY). Value-added products contributed to 63% of overall volume in Q4, vs 57% YoY, led by strong growth across Apollo Z rust proof (+47% YoY) and Apollo proof sheet segment (+242% YoY). EBITDA/ton, however, increased marginally by 1.7% YoY to INR4,823, vs INR4,742 YoY. Strong volume and improved realisation led to a 29% YoY rise in EBITDA to INR2.7bn, with margin contracting 167 bps YoY to 6.3% due to higher sale of general structures. PAT increased by 37% YoY to INR1,630mn, which was further supported by a fall in interest expenses. Given (1) the Raipur plant is beginning operation on high-value product, (2) increased mix of value-added products (75% in FY25), and (3) enhanced government infrastructure spending, we expect volume and EBITDA/ton to improve, going ahead. We revise our estimates by 11%/7% for FY23E/24E and revise our TP to INR1,142 (34xFY24 EPS), from INR1,113 earlier; retain BUY. CESC: CESC's consolidated PAT in Q4FY22 increased marginally by 3.7% YoY to INR4.5bn, as higher earnings in the Noida circle (from higher power demand) were offset by increased losses in the distribution franchisee (DF) business (a loss of INR270mn vs a profit of INR270mn YoY), given penalty waiver in Malegaon circle. Dhariwal profitability was lower due to a higher YoY base (from one-offs recovered in Q4FY21), while standalone PAT declined marginally by 4.1% YoY. The Dhariwal project has signed a three-year medium-term PPA for...
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APL Apollo Tubes Ltd. has an average target of 1103.83 from 6 brokers.
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