APL Apollo Tubes Limited (APL Apollo), India's leading branded structural steel tube company, today announced its sales volume performance for the quarter ending June 30, 2022. The Company registered a sales volume of 422,788 Ton in Q1FY23 compared to 373,124 Ton in Q1FY22.
The quarterly sales volume declined QoQ because the industry witnessed channel de-stocking due to domestic steel price correction. This was triggered by the imposition of duty on steel exports in May 2022. The domestic steel prices have corrected by 21% in Q1FY23.
APL Apollo is confident of achieving 1mn ton of sales volume in H1FY23. As per industry experts, the steel prices are near stability. This should lead to channel re-stocking in coming months. APL Apollo has demonstrated similar performance in H2FY22 with achieving Q4FY22 sales volume of 551,723 Ton following weak volume of 402,729 Ton in Q3FY22.
APL Apollo's largest ever 'New Raipur' plant is commissioning on the expected lines. APL Apollo expects significant contribution from this plant to start from Q3FY23 onwards.
The value added products contributed 61% in Q1FY23. APL Apollo expects this sales mix to improve further in coming quarters with the ramp-up of new Raipur plant. The sales mix would eventually move towards 75% for value added products.
Shares of APL Apollo Tubes Limited was last trading in BSE at Rs. 846.20 as compared to the previous close of Rs. 849.80. The total number of shares traded during the day was 6093 in over 899 trades.
The stock hit an intraday high of Rs. 859.00 and intraday low of 837.10. The net turnover during the day was Rs. 5153376.00.