Apollo Pipes Ltd Share Price

Q2FY23 Quarterly Result Announced for Apollo Pipes Ltd.

Plastic products  Apollo Pipes announced Q2FY23 results:

• Q2FY23 vs Q2FY22
  • Sales volume higher by 7% to 15,465 tonnes from 14,518 tonnes
  • Revenue decreased by 1% to Rs 207 crore compared to Rs 208 crore
  • EBITDA at Rs 2.5 crore as compared to Rs 26 crore
  • Net loss at Rs 4.8 crore compared to PAT of Rs 14.1 crore
• H1FY23 vs H1FY22
  • Sales volume higher by 20% to 29,871 tonnes from 24,920 tonnes
  • Revenue increased by 23% to Rs 426 crore compared to Rs 346 crore
  • EBITDA decreased by 48% to Rs 23 crore as compared to Rs 48 crore
  • PAT at Rs 4 crore compared to PAT of Rs 23 crore

Sameer Gupta, Managing Director, Apollo Pipes, said, “The financial results for the quarter had a severely adverse impact due to sharp correction in PVC prices, against higher price inventory of raw material and finished crudes. The silver lining is that correction in commodity rates could further improve demand from consumers across segments. We continue to make strong inroads across cPVC, HDPE pipe and value-added product segments to report a sales volume growth of 7% YoY to 15,465 tons. The PVC scenario continues to remain a bit challenging with a continuous influx of lower-cost imports, however, the company is well positioned to sail through this trough of the cycle, as it has a strong balance sheet.

The management continues to keep a strong focus on value-added products on the building products side, which continue to gain traction. The impact of improved capacity in the earlier quarter has a visible growth. We remain confident that this product along with our other 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 to optimally utilise our capacities over the coming years, which will also help augment sales volumes.

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 to longer 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 utilisation of the 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.”

Result PDF