APL Apollo Tubes trades in red as investors book profit after Q2 net spikes 35%

APL Apollo

Shares of APL Apollo Tubes lost more than 1 percent as investors rushed to take some money off the table early on October 31 even after the company reported a 35 percent annual growth in profit at Rs 202.9 crore.

At 9:47am, the APL Apollo Tubes stock was trading 1.21 percent lower at Rs 1587 on the NSE.

APL Apollo Tubes, the structural steel tubing company, has recorded a 35 percent on-year growth in profit at Rs 202.9 crore for the July-September period of FY24, driven by healthy operating profit. Revenue from operations grew by 16.65 percent to Rs 4,630 crore over the corresponding period last fiscal.

Follow our live blog for all the market action

Headquartered in Delhi-NCR, APL Apollo operates 11 manufacturing facilities at various locations in India with a total capacity of 3.6 million tonne.

Also Read: APL Apollo Tubes reports Rs 203 crore profit in Q2

Brokerage firm Motilal Oswal has given a ‘buy’ rating to the APL Apollo Tubes stock with a target price of Rs 1,930, signifying a potential upside of 20 percent in a report released post results. The report further stated that, “The earnings are in line with our estimates ramped up by healthy volume and Raipur plant ramp-up drive.”

APL Apollo Tubes stock has given a return of 34.67 percent over the last six months. The benchmark Nifty50 index has given a return of 5.79 percent over the same duration.