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.
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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 Views
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.”
Stock Performance
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.
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