Shares of APL Apollo Tubes fell nearly 2 percent at open on the NSE on December 2 after the company reported a 0.2 percent decline in Q3FY24 sales volume to 6.04 tonnes on January 1. At 9:20am, the stock was trading at Rs 1,501.85.
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In a company update, APL Apollo Pipes reported Q3FY24 sales volumes of 6.03 tonnes down from 6.05 tonnes in Q3FY23. On a quarter-on-quarter basis, volumes were down 10.5 percent from 6.74 tonnes in Q2FY24. The Q3FY24 sales volume declined QoQ due to channel de-stocking in anticipation of steel price correction.
Also read: Buy APL Apollo Tubes; target of Rs 2000: Sharekhan
For Q2FY24, the company reported a 35 percent YoY increase in consolidated net profit to Rs 202.87 crore in September 2023. Total income rose to Rs 4,650.01 crore from Rs 3,980.81 crore a year ago. Expenses were at Rs 4,373.35 crore as against Rs 3,778.55 crore. Delhi-NCR based APL Apollo Tubes is a structural steel tube manufacturer with a total capacity of 3.6 million tonnes. It has around 11 manufacturing units and is present in around 20 countries globally.
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