APL Apollo Tubes climbs over 4% as firm reports highest-ever quarterly sales volume

Shares of steel tube manufacturer APL Apollo Tubes rallied over 4 per cent at Rs 1,082 in Monday’s trade as the company registered the highest-ever quarterly sales volume of 6.02 lakh tonnes in Q2FY23, up 41 per cent on a yearly basis.

The sales volume of the steel tube maker for the first half of FY23 was 10.25 lakh tonnes compared to 8 lakh tonnes in the same period last year.

At 9:59 am, the scrip was trading 3 per cent higher at Rs 1,072 over its previous day’s closing price of Rs 1,036 a piece. The stock has risen nearly 23 per cent in the last year, while it has surged about 13 per cent year-to-date.

As per Trendlyne data, the highest target for APL Apollo Tubes goes up to Rs 1,104, showing an upside of the potential of around 3.6 per cent from current levels.

Out of the 13 analysts covering the stock, 11 have a strong buy and one has a buy rating while only one has a strong sell rating.

For the quarter ended June 30, 2022, the company reported consolidated net sales of Rs 3,438.55 crore, up 36 per cent from the year-ago quarter's net sales of Rs 2,534.28 crore. The company reported a net profit of Rs 120.67 crore for the latest quarter.

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