Apollo Pipes Announced Q1FY23 Result :
- Sales volume higher by 38% YoY to 14,406 Tons
- EBITDA increased by 15% YoY to Rs. 20.0 crore
- PAT remained flat YoY at Rs. 8.8 crore
- Sales Volume higher by 38% to 14,406 tons from 10,402 tons
- Revenue higher by 59% to Rs. 218.9 crore compared to Rs.137.6 crore
- EBITDA higher by 15% to Rs. 20.0 crore as compared to Rs.17.4 crore
- Net Profit after Tax was flat at Rs. 8.8 crore
Commenting on the Company’s performance for Q1FY23, Mr. Sameer Gupta, Managing Director, Apollo Pipes said, “We have reported a robust performance Y-o-Y during the quarter albeit lower base. Our sales volume increased by 38% YoY to 14,406 tons driven by a healthy contribution from the cPVC, HDPE pipe and valueadded product segment of Fittings. The Q-o-Q performance was impacted because the industry witnessed channel de-stocking due to correction in global PVC prices. The company incurred a capex of Rs 36 crores during Q1FY23 towards enhancement of capacities, debottlenecking and adding balancing equipment majorly into cPVC, HDPE pipes and fittings.
The management continue to keep strong focus on value added products on the building products side, which continue to gain traction. The impact of improved capacity in earlier quarter has a visible growth. We remain confident that our value-added offerings like fittings, solvents, bath fittings, adhesives, taps and faucets will enhance our reach and strengthen sales, going forward. In addition, we are aiming towards optimally utilizing our capacities over the next coming years, which will also help augment sales volumes, going ahead.
Looking ahead, various Government initiatives, especially in the rural, infrastructure and agricultural space should lead to better demand and consumption of our products in the domestic market over the medium-tolonger term. I would like to state that we are continuously working towards enhancing our presence across existing and new high-potential geographies. As we further improve our operation/capacity utilization of Raipur plant, we are confident to open up the untapped and high potential markets of Central and Eastern India supported by the expected positive trend in industrial growth for 2022-23 and years ahead.”