APL Apollo Tubes shares fall 1.7% on 0.2% Q3 sales volume decline

2 Jan 2024 , 01:47 PM

APL Apollo Tubes’ stock dropped by about 2% at opening on December 2 on the NSE following the company’s announcement on January 1 of a 0.2 percent drop in Q3FY24 sales volume to 6.04 tonnes. The stock was trading at Rs 1,501.85 at 9:20 a.m.

APL Apollo Pipes revealed in a business update that Q3FY24 sales volumes were 6.03 tonnes, which was a decrease from 6.05 tonnes in Q3FY23. Volumes decreased 10.5% on a quarterly basis from 6.74 tonnes in Q2FY24. Sales volume decreased QoQ in Q3FY24 as a result of channel destocking ahead of a fall in steel prices.

In September 2023, the company announced a 35% YoY rise in total net profit of Rs 202.87 crore for Q2FY24. From Rs 3,980.81 crore to Rs 4,650.01 crore last year, total income increased. As opposed to Rs 3,778.55 crore, expenses came to Rs 4,373.35 crore. APL Apollo Tubes, a structural steel tube maker with a 3.6 million-ton capacity, is situated in Delhi-NCR. It is present in over 20 countries worldwide and has about 11 industrial facilities.

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