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May 31, 2023

Large Cap Metal Stock Sets Record Date For 250% Final Dividend

APL Apollo Tubes is a large-cap metal company with a market valuation of Rs 42,901.69 Cr as of Friday's close. APL Apollo Tubes Limited is India's largest maker of Structural Steel Tubes, with a

APL Apollo Tubes is a large-cap metal company with a market valuation of Rs 42,901.69 Cr as of Friday's close. APL Apollo Tubes Limited is India's largest maker of Structural Steel Tubes, with a capacity of 3.6 million tonnes per year. APL Apollo, headquartered in Delhi NCR, has an extensive distribution network of warehouses and branch offices in 29 cities across the country, servicing to both domestic and international markets.

The Board of Directors of the company have recommended a final dividend of Rs 5/- per equity share of face value of Rs 2/- each (250%) for the financial year ended 31st March 2023. While announcing the record date, APL Apollo Tubes informed stock exchanges that "The Company has fixed Saturday, September 2, 2023 as the "Record Date" for determining entitlement of members to final dividend for the financial year ended March 31, 2023.

The Dividend, if declared at the Annual General Meeting, will be paid after 9th September, 2023, to the Members whose names are recorded in the Company's Register of Members or as Beneficial Owners in the records of the Depositories on September 2, 2023 or to their mandates."

The firm recorded the largest quarterly sales volume of 661,501 tonne in Q1FY24, up from 422,788 tonne in Q1FY23 and 649,726 tonne in Q4FY23. The value-added segment's contribution climbed to 57% in Q1FY24 from 54% in Q4FY23.

According to an exchange report, the company's net profit grew by 60.45% year on year to Rs 193.62 crore in the June quarter. Revenue jumped by 32.48% to Rs 4,566.57 crore, while Ebitda soared by 58.42% to Rs 307.23 crore.

"The Company reported highest ever quarterly sales volume and healthy EBITDA in Q1FY24. This was supported by our continuous focus on adding value added products (VAP) in our portfolio. The VAP contributed 57% to our overall sales volume in Q1FY24. Moreover the ramp up from our greenfield plant in Raipur will support sales volume/EBITDA growth in coming quarters. We continue to remain prudent with our working capital management which remains best in the building material sector," said Sanjay Gupta, Chairman, APL Apollo.

On Friday, the shares of Apl Apollo Tubes closed on the BSE at Rs 1546.95 apiece down by 0.76% over the previous close of Rs 1558.75. The stock made a 52-week-high of Rs 1,637.45 on (16/08/2023) and a 52-week-low of Rs 942.90 on (30/08/2022).