Shares of APL Apollo Tubes hit an all-time high on the bourses today!

Indian benchmark indices were trading higher, with the most of BSE Sensex constituents registering gains except Jio Financial Services Ltd, whose shares were locking at 5% lower circuits in back-to-back trading sessions. Considerable gains were observed in the utilities, power, and real estate sectors, demonstrating upbeat investor sentiments. Broader indices gained alongside the main indices. 

APL Apollo Tubes Ltd has garnered notable investor attention, with its shares experiencing substantial buying interest and reaching an all-time high on the bourses today. Currently, the shares are trading at around Rs 1,662 per share on the BSE, having witnessed a remarkable ascent of nearly 15% over the past month. 

Taking into account the quarterly performance, on a consolidated basis, it reported a healthy growth of 32.17% from Rs 3,438.55 crore registered in Q1FY23, recording total revenue of Rs 4,544.90 crore in Q1FY24. It has reported strong operating profit growth of 62.63%. Compared to the same quarter last year, the net profit for the first quarter of FY24 climbed 60.45%, from Rs 120.67 crore to Rs 193.62 crore. 

For Q1FY24, the company reported the highest quarterly sales volume of 6,61,501 tons compared to 4,22,788 tons in Q1FY23 and 6,49,726 tons in Q4FY23. As per the company’s statement, the increase in sales volume was driven by a higher concentration of value-added products. 

With its headquarters in Delhi NCR, APL Apollo Tubes Ltd is the largest producer of structural steel tubes in India. The company has entered into Memorandums of Understanding (MoUs) with its key distributors, outlining the sale of 2.4 million tons of structural steel tubes during the financial year 2024. Furthermore, the company remains committed to achieving a completely organic capacity expansion and aims to eliminate its debt entirely by the end of the financial year 2024. 

Keep a close eye on this stock for the upcoming 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.