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Recommendation: With the Raipur plant moving to positive operating leverage and EBITDA spreads likely to improve further in future, we maintain our BUY rating on the stock.
APL Apollo’s (APL) Q4FY23 EBITDA was 2% and 13% ahead of street and our estimates, respectively. Key takeaways: 1) sales volume touched a record 650kte (up 18% YoY) on higher shipments across segments; 2) profitability improved in all segments driven by favourable costs and higher volumes.
APL Apollo’s (APL) Q3FY23 EBITDA was 6% and 13% ahead of street and our estimates, respectively. Key takeaways: 1) Record sales volume of 605kte (up 50% YoY) on higher shipments across segments.