APL Apollo Tubes (APAT) reported muted sales volume of 679KMT (up 4%YoY and 12% QoQ) in 4QFY24, led by channel de-stocking due to steelprice corrections. Further, EBITDA/MT declined ~17% YoY to ~INR4,132,due to higher rebates and discounts offered by APAT to counter theinventory destocking.