APL Apollo Tubes excels with the highest quarterly sales volume in Q2FY24

Indian benchmark indices opened the trading session on a notably higher note, marking a rebound following an extended period of decline, fuelled by substantial gains in the consumer durables, banking, and information technology sectors. Despite a strong start to the trading session, broader indices exhibited a significant decline, falling behind the performance of the main indices.

APL Apollo Tubes Ltd, one of the top gainers in the BSE Midcap category, drew attention as investors took notice of the company’s Q2FY24 sales volume performance. In Q2FY24, the company achieved a remarkable sales volume of 674,761 tons, marking the highest quarterly sales volume ever reported by the company. Furthermore, for H1FY24, the company disclosed a sales volume of 1,336,262 tons, representing a substantial year-on-year increase of 30%.

While experiencing robust sales growth in the heavy structural steel tubes segment, the company also indicated that the sales mix is expected to shift towards 70% for value-added products over time. Furthermore, the management anticipates a continual enhancement in the sales mix in the upcoming quarters, driven by a growing contribution from innovative products in the company’s portfolio.

On Thursday, during intraday trading, shares of APL Apollo Tubes Ltd surged around 2.65%, reaching a day’s high of Rs 1,644.80 per share on the BSE. Shares of the company have climbed by more than 37% in the past six months.

APL Apollo Tubes Ltd holds the distinction of being India’s leading manufacturer of structural steel tubes. The company boasts an extensive product portfolio comprising more than 2,500 varieties tailored for a wide range of structural steel applications in the building materials sector. These applications cater to diverse industries, including urban infrastructure and real estate development, rural housing projects, commercial construction ventures, greenhouse structures, and various engineering applications.

Keep a close eye on this stock for the upcoming trading sessions!

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.