External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>APL Apollo Tubes numbers stood below our and the street's estimates.</li><li>Revenue grew by 32%/3% YoY/QoQ but missed ours and consensus estimates by 2% led by lower-than-expected sales realisation.</li><li>EBITDA stood at Rs 307 Cr, up 58% YoY but declined by 5% QoQ, missing our and consensus estimates by 10%/6% respectively. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

APL Apollo Tubes numbers stood below our and the street's estimates.Revenue grew by 32%/3% YoY/QoQ but missed ours and consensus estimates by 2% led by lower-than-expected sales realisation.EBITDA stood at Rs 307 Cr, up 58% YoY but declined by 5% QoQ, missing our and consensus estimates by 10%/6% respectively. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

APL Apollo Tubes - Q1 Misses Our Estimates

Thematic (Sector/Industry)

<div><div><div><div><ul><li>Steel Q1FY24 Preview: For steel companies under our coverage (Tata Steel and SAIL), we expect margins to contract QoQ due to lower sales volume and elevated input coking coal consumption costs, offsetting higher realisations.</li><li>On a YoY basis, too, margins are expected to contract despite higher volumes YoY (on a low base) as HRC prices are now down by 15% YoY from the near peak of the last year.</li><li>We expect revenues to decline QoQ on account of lower sales which will offset the slightly higher realisations on a QoQ basis. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Steel Q1FY24 Preview: For steel companies under our coverage (Tata Steel and SAIL), we expect margins to contract QoQ due to lower sales volume and elevated input coking coal consumption costs, offsetting higher realisations.On a YoY basis, too, margins are expected to contract despite higher volumes YoY (on a low base) as HRC prices are now down by 15% YoY from the near peak of the last year.We expect revenues to decline QoQ on account of lower sales which will offset the slightly higher realisations on a QoQ basis. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>APL Apollo Tubes (APAT) is a leading structural steel tube brand, operating with 14 brands in 4 product categories.</li><li>It has 55% market share in structural steel tubes in India with 3.6MTPA structural steel tube capacity.</li><li>The product type includes pre-galvanised tubes, Galvanised tubes, Structural ERW tubes, MS Black pipes and Hollow sections. The Company operates 11 manufacturing facilities.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

APL Apollo Tubes (APAT) is a leading structural steel tube brand, operating with 14 brands in 4 product categories.It has 55% market share in structural steel tubes in India with 3.6MTPA structural steel tube capacity.The product type includes pre-galvanised tubes, Galvanised tubes, Structural ERW tubes, MS Black pipes and Hollow sections. The Company operates 11 manufacturing facilities.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>APL Apollo tubes delivered a good set of results.</li><li>Despite a higher share of general products (46% vs. 44% QoQ), EBITDA/t improved to Rs 4,970/t (up 3%/10% YoY/QoQ) a 2% beat vs. consensus.</li><li>The beat was driven by 1) Higher EBITDA/t of general products (up 14% QoQ) as primary steel demand for structural tubes improves and channel destocking stops as the HRC prices stabilize</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

APL Apollo tubes delivered a good set of results.Despite a higher share of general products (46% vs. 44% QoQ), EBITDA/t improved to Rs 4,970/t (up 3%/10% YoY/QoQ) a 2% beat vs. consensus.The beat was driven by 1) Higher EBITDA/t of general products (up 14% QoQ) as primary steel demand for structural tubes improves and channel destocking stops as the HRC prices stabilizeContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

APL Apollo Tubes - Structural Growth Story Continues; Maintain BUY

<ul><li>Tata Steel reported its provisional sales volumes for Q4FY23.</li><li>Its Indian operations sales stood at 5.15MT, up marginally by 0.5% YoY and a robust 9% QoQ.</li><li>Tata Steel Europe’s sales volume declined to 2.13 MT, down 11% YoY, but recovered by 7% QoQ, indicating an improving demand environment.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Tata Steel reported its provisional sales volumes for Q4FY23.Its Indian operations sales stood at 5.15MT, up marginally by 0.5% YoY and a robust 9% QoQ.Tata Steel Europe’s sales volume declined to 2.13 MT, down 11% YoY, but recovered by 7% QoQ, indicating an improving demand environment.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

APL Apollo Tubes Ltd. manufactures and exports galvanized steel tubes, galvanized steel pipes, and welded black pipes and tubes.

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Apl Apollo Tubes (APAT IN)

APL Apollo Tubes - Q1 Misses Our Estimates

Revenue grew by 32%/3% YoY/QoQ but missed ours and consensus estimates by 2% led by lower-than-expected sales realisation.

Axis Direct

Metals - Q1FY24 Earnings Preview

On a YoY basis, too, margins are expected to contract despite higher volumes YoY (on a low base) as HRC prices are now down by 15% YoY from the...

Axis Direct

Pick of the Week - APL Apollo Tubes

APL Apollo Tubes (APAT) is a leading structural steel tube brand, operating with 14 brands in 4 product categories. It has 55% market share in...

Axis Direct

APL Apollo Tubes - Structural Growth Story Continues; Maintain BUY

Despite a higher share of general products (46% vs. 44% QoQ), EBITDA/t improved to Rs 4,970/t (up 3%/10% YoY/QoQ) a 2% beat vs. consensus.

Axis Direct

Metals - Q4FY23 Earnings Preview

Tata Steel Europe’s sales volume declined to 2.13 MT, down 11% YoY, but recovered by 7% QoQ, indicating an improving demand environment.

Axis Direct

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