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IDBI Capital Report
APL Apollo Tubes Ltd.'s Q3 FY23 profitability was slightly weaker than our estimate although sales was higher than our forecast. Ebitda/tonne fell by 10% YoY to Rs 4,510 due to weaker product mix despite higher volume growth (up 50% YoY to 605,000 tonnes).
Nevertheless, Ebitda/tonne over Rs 5,000 is likely to be sustainable over the longer term in our view; APL Apollo targets over 20% compound annual growth rate volume growth over FY22-25 backed by 1.5 million tonnes capacity expansion at Raipur.
We have cut our FY24 Ebitda estimate by 6% and introduce FY25 forecast in this report.
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