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Plastic products company Apollo Pipes announced Q1FY24 results:
- Sales volume higher by 47% to 21,219 tonnes from 14,406 tonnes in Q1FY23
- Revenue increased by 19% to Rs 260.3 crore compared to Rs 218.9 crore in Q1FY23
- EBITDA increased by 31% to Rs 26.2 crore as compared to Rs 20 crore in Q1FY23
- Net profit increased by 58% Rs 13.9 crore compared to PAT of Rs 8.8 crore in Q1FY23
Commenting on the company’s performance for Q1FY24, Sameer Gupta, Chairman cum Managing Director, Apollo Pipes said, “We have reported record quarterly sales volume during the quarter with a growth of 47% YoY to 21,219 tons and, on the back of resilient operational improvement and improved demand from consumers across segments. We continue to make strong inroads across cPVC, HDPE pipe, and value-added product segments. Moving on to the operational front, the management continues to keep a strong focus on value-added products on the building products side, which continue to gain traction. 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 towards optimally utilizing our capacities over the next coming years, which will also help augment sales volumes, going ahead. Looking ahead, the various pro-growth measures undertaken by the Government, 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."
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