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IDBI Capital Report
APL Apollo Tubes Ltd.'s Q3 FY22 Ebitda was slightly weaker than our forecast. Ebitda stood at Rs 2,023 million (4% below our forecast). Ebitda/tonne expanded by 5% YoY to Rs 5,023, although sequentially it fell 3%.
Volumes fell sharply to 402 kilo tonne (down 17% YoY, down 6% QoQ).
Nevertheless, Ebitda/tonne over Rs 5,000 is likely to be sustainable over the coming one year in our view; APL Apollo Tubes targets over 20% compound annual growth rate volume growth over FY22-25 backed by 1.5 million tonne capacity expansion at Raipur and it aims to be net debt free after by the end of FY23.
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